J&K has 17.2 lakh unclaimed accounts holding Rs 465.79 crore: RBI

has reported more than 17.20 lakh unclaimed bank accounts carrying an outstanding amount of Rs 465.79 crore, prompting the Reserve Bank of India (RBI) to direct banks to fast-track the process of tracing rightful claimants.

RBI Regional Director Chandra Shekhar Azad said Jammu district alone accounts for 2,94,676 such inoperative accounts holding Rs 107.27 crore. Across the Union Territory, the total number of unclaimed accounts stands at 17,20,878. He urged banks to proactively contact depositors or their legal heirs and ensure timely settlement of pending claims.

To further accelerate the clean-up, the RBI has introduced an incentive-based initiative titled the Scheme for Facilitating Accelerated Assets Pay-out – Inoperative Accounts and Unclaimed Deposits.

Under the scheme, banks will receive a differential pay-out of up to 7.5 per cent of the account balance or Rs 25,000, whichever is lower, for every reactivated inoperative account or settled unclaimed deposit.

The scheme will remain in force from 1 October 2024 to 30 September 2026.

Azad said the initiative is intended to expedite verification processes, clear long-pending dues, and return funds to their rightful owners without avoidable delays.

As part of the outreach, the J&K Union Territory Level Bankers’ Committee (UTLBC) organised large-scale settlement and awareness camps in Jammu and Srinagar. These camps enabled citizens to check unclaimed financial assets, complete verification procedures, and receive disbursements on the spot.

Banks, insurance providers, pension funds, mutual funds and institutions managing dividend pay-outs participated in the drive. Officials said the camps will help reclaim funds lying idle in dormant accounts across the Union Territory, adding that more such programmes will be held to ensure unclaimed deposits reach legitimate beneficiaries swiftly.

With PTI inputs