J & K Has 17.2 Lakh Unclaimed Accounts Worth ₹466 Crore

2025-11-15 12:03:26

(MENAFN- Kashmir Observer) Jammu ~ Jammu and Kashmir has logged more than 17.2 lakh unclaimed bank accounts holding ₹465.79 crore, prompting the Reserve Bank of India to push lenders to trace depositors and expedite settlements.

RBI Regional Director Chandra Shekhar Azad said Jammu district alone accounts for 2.94 lakh dormant accounts with balances totalling ₹107.27 crore.

Azad urged banks to“proactively contact and trace” rightful claimants to ensure timely payouts. He noted that the RBI has launched the“Scheme for Facilitating Accelerated Assets Pay-out – Inoperative Accounts and Unclaimed Deposits”, offering banks an incentive of up to 7.5% of the account balance or ₹25,000, whichever is lower, for reactivating inoperative accounts and settling unclaimed deposits between 1 October 2024 and 30 September 2026.

To aid the process, the J&K UTLBC has held settlement-cum-awareness camps in Jammu and Srinagar, enabling on-the-spot identification, verification and disbursement of unclaimed financial assets across banks, insurers, pension funds, mutual funds and dividend accounts.

MENAFN15112025000215011059ID1110347521

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.