Srinagar — Jammu and Kashmir has recorded more than 17.20 lakh unclaimed bank accounts with a cumulative outstanding balance of ₹465.79 crore, according to data released by the Reserve Bank of India (RBI). The central bank has urged financial institutions to intensify efforts to identify and reach out to rightful claimants, ensuring that dormant deposits are returned promptly.
The RBI has advised banks to take proactive and time-bound measures to locate account holders or their legal heirs, stressing that these funds rightfully belong to the public and must not remain idle. The regulator has also encouraged individuals to check for unclaimed deposits through the RBI’s designated portal, which allows customers to verify dormant accounts across multiple banks.
The high number of unclaimed accounts in Jammu and Kashmir reflects a nationwide trend of increasing dormant deposits, often resulting from account holders relocating, passing away without proper nomination, or losing track of old accounts.
The RBI reiterated that strengthening public awareness, improving nomination practices, and enhancing bank outreach will be key to reducing the burden of unclaimed funds in the financial system.
