RBI says J&K has 17.2 lakh unclaimed accounts worth ₹466 crore
RBI’s Chandra Shekhar Azad said Jammu district alone holds 2.94 lakh unclaimed accounts, together valued at about ₹107 crore.
Jammu: Jammu and Kashmir has over 17.20 lakh unclaimed bank accounts with an outstanding value of ₹465.79 crore, a figure that has prompted the Reserve Bank of India (RBI) to push banks to reach out to the rightful owners and ensure these long-forgotten funds are returned without delay.
RBI Regional Director Chandra Shekhar Azad revealed that Jammu district alone has 2,94,676 unclaimed accounts, together holding ₹107.27 crore. He noted that the numbers are a reminder of how many individuals or families may be unaware of deposits left behind due to shifting addresses, old savings accounts, or accounts belonging to deceased relatives that were never claimed.
Across the Union Territory, the total number of unclaimed accounts stands at 17,20,878, all of which have remained inactive long enough to be classified as inoperative. Azad urged banks to take a proactive approach—locating depositors, tracing rightful claimants, and ensuring timely settlement so that the money can be returned to those it belongs to.
Will receive a differential payout of up to 7.5% of the balance in an unclaimed or inoperative account or ₹25,000, whichever is lower. The incentive will be available for claims settled and accounts reactivated between October 1, 2024, and September 30, 2026. The RBI hopes the incentive will motivate banks to speed up identification and settlement, as unclaimed deposits often pile up due to delays in verification and documentation.
Mega Settlement Camps Held Across J&K
To make the process easier for the public, the J&K Union Territory Level Bankers’ Committee (UTLBC) conducted mega settlement-cum-awareness camps simultaneously in Jammu and Srinagar. These camps were designed as one-stop help centres where the public could verify their identity, confirm account details, and settle claims on the spot.
The initiative brought together representatives from banks, insurance firms, pension funds, mutual fund houses, and dividend-paying institutions—allowing individuals to check for unclaimed assets across multiple financial sectors in one place.
Officials said that many people were surprised to discover forgotten deposits, long-dormant accounts, or policy benefits belonging to family members. The camps are likely to be held again, as banks expect more claimants to come forward in the coming months.