A significant district-level initiative is set to take place in Kochi, aiming to reunite rightful owners with a staggering sum of money lying unclaimed in various banks. A mega awareness camp will be held to identify beneficiaries of unclaimed bank accounts, addressing a critical financial issue in the region.
Massive Scale of Unclaimed Wealth in Ernakulam
Ernakulam district holds the unfortunate distinction of having the highest number of unclaimed bank accounts in the state of Kerala. According to a bank official, the situation is alarming. Six major banks in the district each have over 1 lakh unclaimed accounts. Furthermore, another 17 banks each possess more than 10,000 such accounts.
The cumulative amount lying idle is a colossal Rs 307.69 crore across 11.93 lakh accounts. These funds have remained unclaimed for the past decade across 29 banks operating in the district. The State Bank of India (SBI) reportedly has the highest number of these dormant accounts.
Purpose and Process of the Mega Camp
The camp is scheduled for Monday at 10 am at the Infant Jesus Parish Hall near the Kerala High Court. The event will be inaugurated by T J Vinod, MLA. Its primary objective is to create public awareness and provide a direct platform for claim resolution.
Counters for all 29 banks will be set up at the venue, and officials will be present to address banking-related concerns. Entry is free for all attendees. The camp is organized under the leadership of the lead bank, with cooperation from all other banks, as part of the national 'Your Money, Your Right' campaign.
How Beneficiaries Can Claim Their Money
Individuals who believe they are entitled to funds from an unclaimed account are encouraged to attend. They must carry relevant documents to substantiate their claim. In cases where the original account holder has passed away, a family member can participate.
The required documents include the passbook, Aadhaar card, PAN card, or election ID of the deceased account holder. An official explained the process: "Once the account holder is identified, the relationship with the family member will be established later through supporting documents."
Root Causes and Challenges in Tracing Beneficiaries
Bank officials cite several reasons for the high volume of unclaimed accounts. A common scenario is the sudden demise of an account holder, with family members remaining unaware of the existence of the deposit. Additionally, many older accounts were opened without a nominee, making the tracing process complex.
The absence of mandatory Know Your Customer (KYC) norms in earlier years has further complicated efforts to locate relatives. Banks now rely on technological aids like the Reserve Bank of India's Udgam portal to find matching records and potential claimants for these unclaimed accounts.
This camp represents a crucial step towards ensuring that rightful heirs can access funds that are legally theirs, turning dormant wealth into active financial support for families.
