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New Delhi: The Reserve Bank of India (RBI) has issued its newest tips on inoperative accounts/ unclaimed deposits in banks.
RBI has stated, the amended directions shall come into drive with quick impact.
In the newest notification –Inoperative Accounts/ Unclaimed Deposits in Banks – Revised Instructions (Amendment) 2025 — the RBI says {that a} financial institution shall make to be had the power of updation of KYC for activation of inoperative accounts and unclaimed deposits in any respect branches (together with non-home branches).
Further, a financial institution shall endeavour to give you the facility of updation of KYC in such accounts and deposits via Video-Customer Identification Process (V-CIP).
“The V-CIP similar directions underneath Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as up to date every now and then) will probably be adhered to through the financial institution. Additionally, the products and services of an authorized Business Correspondent of the financial institution could also be applied for activation of inoperative accounts as prescribed in paragraph 38(a)(iia) of the above Master Direction,” RBI stated.
In a round dated January 1, 2024 RBI had stated the credit score steadiness in any deposit account maintained with banks, that have no longer been operated upon for ten years or extra, or any quantity final unclaimed for ten years or extra, as discussed in paragraph 3(iii) of the “Depositor Education and Awareness” (DEA) Fund Scheme, 2014, are required to be transferred through banks to DEA Fund maintained through the Reserve Bank of India. There is a want to permit Business Correspondents to facilitate updation of KYC.
