Union Finance Minister Nirmala Sitaraman told Rajya Sabha today that about 24,356 crore rupees is lying dormant in the accounts of the scheduled commercial banks in which no transaction has been made for over ten years. In a written reply, she said urban cooperative banks have also reported 2341 crore rupees in the dormant accounts.
She said such money with its accrued interests are being transferred to the ‘Depositors Education and Awareness Fund (DEAF) Scheme, 2014’ to promote the interests of the depositors. She added, when an account holder claims his money back at a later stage, the banks need to pay them with the interests accumulated, which can be drawn back by the banks from the DEAF fund.
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