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Unlocking ₹1 L cr unclaimed bank deposit coffer
The Morning Standard
|December 09, 2024
New Banking Act along with recent RBI circular may make it easier for depositors to claim money stuck with banks
THE Lok Sabha last week passed a slew of amendments to the banking laws, by bringing in as many as 19 amendments to the existing pieces of legislation governing the banking system, including that of the RBI Act. But of the 19 changes introduced, just two of them go a long way in the real service of the common man—those dealing with the inoperative accounts and the unclaimed deposits in banks which together add up to more than ₹1 lakh crore, and those governing the nomination facilities at banks.
This story is from the December 09, 2024 edition of The Morning Standard.
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