A staggering ₹51.37 crore is currently lying dormant and unclaimed in various bank accounts across Idukki district. But there’s good news! A dedicated district-level camp is being organized on November 3rd to help individuals and families reclaim these forgotten funds.
This important initiative is part of a broader national campaign targeting unclaimed accounts, and it’s being spearheaded by the lead bank for Idukki (State Bank of India) in collaboration with all banks operating within the district. The camp will be held at Pappootty Hall, conveniently located near BMH Hospital in Thodupuzha.
Varghese M. Mathew, the Idukki district lead bank manager, emphasized that this program aims to simplify the process of reuniting rightful owners or their heirs with their money. “The event will offer direct, on-the-spot facilitation to assist the public in identifying and settling unclaimed deposits, dormant accounts, unreceived insurance proceeds, and even outstanding pension-linked dues,” explained Mr. Mathew.
Often, bank accounts become inactive for various reasons: a depositor might pass away, move overseas, or simply stop transacting, leaving their legal heirs unaware of the existing funds. Accounts that have shown no activity for over ten years are officially classified as ‘unclaimed’ and fall under the vigilant oversight of the Reserve Bank of India (RBI).
While banks typically make efforts to reach out to account holders or their beneficiaries using available contact information, these attempts aren’t always successful. That’s why public outreach camps like this are crucial. Guided by the RBI and the Government of India, these events provide a vital platform for claimants to come forward and successfully recover their long-lost funds.
Beyond facilitating claims, the camp will also serve as an informative hub, providing essential details about unclaimed deposits and guiding attendees on how to utilize the UDGAM portal – a powerful tool for searching and tracking such funds.