'Unclaimed deposits of over Rs 2,481 crore in banks till Dec 2011'
About Rs 2,481.40 crore was lying as unclaimed deposits in over 1.12 crore bank accounts till December, 2011 as per information provided by the Reserve Bank, Parliament was informed today.
"The Reserve Bank of India (RBI) has informed that as on December 31, 2011, a total amount of Rs 2,481.40 crore in 1,12,49,844 accounts is lying as unclaimed deposits with the commercial banks," Minister of State for Finance Namo Narain Meena told Lok Sabha in a written reply.
He said in the Banking Laws (Amendment) Act, 2012, a new section has been inserted in the Banking Regulation Act empowering the RBI to establish the 'Depositor Education and Awareness Fund' for the unclaimed deposits lying with any bank for more than 10 years.
"This fund will be utilised for promotion of depositors' interest and for such other purposes which may be necessary for the promotion of depositors' interest as may be specified by the RBI from time to time," the Minister said.
He further said the RBI shall specify an authority or committee to administer the fund.
Meena said, to deal with inoperative and unclaimed deposits accounts, RBI has given detailed instructions to banks such as annual review of inoperative accounts, making
these accounts operative after due diligence, non-levy of charges for activation of inoperative accounts, etc.
They have been advised to find the whereabouts of the customers and their legal heirs, he said.
Also, RBI has instructed banks to play a more proactive role in finding the whereabouts of the account holders of unclaimed deposits/inoperative accounts and also to display the list of unclaimed deposits of inoperative accounts which are not in operation for 10 years or more, on their websites.
Banking fraud total jumped 43% to Rs 52.66 cr in 2012: Govt
The total amount involved in banking fraud rose by 43.4 per cent to Rs 52.66 crore in 2012 from Rs 36.72 crore in the previous year as reported by RBI, Parliament was informed today.
However, the number of total cases in 2012 (calender year) was lower at 8,322 from 9,588 in 2011, Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.
In calendar year 2010, there were a total of 15,018 cases in respect of scheduled commercial banks pertaining to frauds relating to ATMs/Debit Cards/Internet Banking and Credit Cards involving Rs 40.48 crore, the Minister said.
Meena said the Reserve Bank has initiated several steps to strengthen security arrangements by banks.
"On receipt of fraud reports from banks, various aspects related to the frauds are examined and concerned banks are advised to report the case to CBI/police/SFIO, examine staff accountability, complete proceedings against the erring expeditiously, take steps to recover the amount involved in the fraud, claim insurance...and streamline the system as also procedures so that frauds do not recur," the Minister said citing an RBI circular.
He said the RBI has asked banks to take preventive measures to combat frauds relating to skimming or duplication of credit cards.
RBI has also advised banks to set up internal control systems to combat frauds and to take pro-active fraud control and enforcement measures to ensure that credit card operations are run on sound, prudent and profitable lines.
Moreover, it has also cautioned banks on phishing attacks containing details of the modus-operandi on such attacks and minimum set of preventive measures to tackle phishing attacks.
Meena said public is also advised through press releases, notifications not to reveal account details, not to fall prey to fictitious offers of fund transfer, remittance towards participation in lottery, money circulation schemes, and other fictitious schemes such as cheap funds.
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