Panaji: In line with the Reserve Bank of India’s directive, the State Level Bankers’ Committee (SLBC) has told banks in Goa to locate customers who have unclaimed deposits in branches in each district within hundred days so that the money can be disbursed.
Banks have also come across unclaimed government funds lying in accounts that date back to more than two decades. Goa’s banks have been given till September to try to disburse these unclaimed funds but identifying the account holders has proved to be difficult.
“The PWD, the electricity department, and some other departments had created accounts for certain projects and now the projects have been closed but the money is still in the accounts,” a deputy general manager of a leading public sector bank told TOI. The official added, “The junior engineer or the executive engineer concerned has retired or gone to another place and nobody knows what to do with this money.”
The official said, “We have asked the government departments for help. Someone has to come forward and claim the amounts.” Many of these accounts go back to the period when there were no emails and mobile phones linked to bank accounts, the official said. “When we send intimation letters to the listed address, very often the letter comes back,” the official added.
Funds in savings or current accounts, which are not operated for 10 years, or term deposits not claimed within 10 years from the date of maturity, are classified as unclaimed deposits. These amounts are transferred to the RBI’s ‘Depositor Education and Awareness Fund.’
Recently, the RBI announced the establishment of an online portal for the public to search for unclaimed deposits across multiple banks.
This issue was discussed at the recent SLBC meeting, which was convened to take stock of the quarterly performance of banks.
Finance secretary V Candavelou, who was present for the SLBC meeting, also cautioned banks about the drop in the implementation of government security schemes.
Candavelou said it is “disturbing to see a decline” as the performance of these schemes is monitored “from the top by the central government.” The finance secretary said that efforts must be made to pass on the benefits of government schemes to eligible individuals.
The finance secretary also urged banks to set realistic and pragmatic targets. He said that the RBI has launched a campaign called “100 Days 100 Pays “to encourage banks to locate and pay the top 100 unclaimed deposits from each bank in each district in the nation and banks should take the necessary steps to achieve the target.”
