J&K Records Over 17 Lakh Unclaimed Accounts Worth Rs 465 Crore: RBI

Jammu and Kashmir has recorded more than 17.20 lakh unclaimed accounts with an outstanding amount of Rs 465.79 crore. The Reserve Bank of India (RBI) has asked all banks to contact rightful claimants in a time-bound manner and help them get their deposits back.

RBI Regional Director Chandra Shekhar Azad said Jammu district alone has 2,94,676 unclaimed accounts that hold Rs 107.27 crore. He said the Union Territory has a total of 17,20,878 such accounts. He directed banks to trace depositors and rightful heirs to settle the pending amounts without delay.

RBI Launches Incentive Scheme for Faster Settlement

Azad said the RBI has launched a new incentive plan called the “Scheme for Facilitating Accelerated Assets Pay-out – Inoperative Accounts and Unclaimed Deposits.”

Under this scheme, banks will receive a differential pay-out of up to 7.5 per cent of the account balance or Rs 25,000, whichever amount is lower. This benefit will apply to banks that reactivate inoperative accounts or settle unclaimed deposits. The scheme will remain active from October 1 to September 30, 2026.

He said the initiative aims to clear pending dues and speed up the verification process for eligible claimants.

The J&K Union Territory Level Bankers’ Committee (UTLBC) organised mega settlement and awareness camps in Jammu and Srinagar to help people identify and claim their unclaimed financial assets. These camps allowed citizens to complete verification and receive disbursements on the spot.

Banks, insurance companies, pension funds, mutual funds and organisations handling dividends joined the event. Officials said these camps will help people recover money lying in inactive accounts across the Union Territory. They added that more such camps will be held to ensure that unclaimed deposits and financial assets reach their rightful owners quickly.

(Inputs from agency) 

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