Unlocking Wealth: Unclaimed Accounts in Jammu and Kashmir

With over 17.20 lakh unclaimed accounts worth Rs 465.79 crore in Jammu and Kashmir, the RBI is urging banks to contact rightful claimants promptly. A new scheme offers incentives for settling these accounts. Mega camps have been organized to aid in account verification and disbursement across the Union Territory.

Jammu and Kashmir is grappling with a financial mystery of sorts: over 17.20 lakh unclaimed accounts holding Rs 465.79 crore. The Reserve Bank of India (RBI) has swung into action, urging banks to diligently seek out rightful claimants.

RBI Regional Director Chandra Shekhar Azad revealed that Jammu district alone has 2,94,676 of these dormant accounts, valued at Rs 107.27 crore. In a significant bid to settle these funds, the RBI has introduced a special initiative called the "Scheme for Facilitating Accelerated Assets Pay-out".

To expedite the process, the Jammu and Kashmir Union Territory Level Bankers' Committee organized massive settlement and awareness camps in both Jammu and Srinagar, allowing for on-the-spot verification and disbursement of the unclaimed wealth held by various financial entities.

(With inputs from agencies.)