Search result for 'inoperative accounts'

India's Pradhan Mantri Jan Dhan Yojana (PMJDY) has 11.30 crore inoperative accounts with a balance of Rs 14,750 crore as of November 20, 2024. The government is taking steps to reduce the number of...

SBI has written to the RBI, urging the consideration of non-financial transactions, like balance checking, for tagging an account as operative, highlighting the issue of dormant accounts under...

The RBI has directed banks to reduce inoperative accounts urgently, citing concerns about rising unclaimed deposits. Banks must report their progress quarterly.

State Bank of India (SBI) has launched a nation-wide drive to raise awareness about the importance of inoperative account activation. The bank emphasized the need for Re-KYC and regular...

The total amount in inoperative EPF accounts has jumped over fivefold to Rs 8,505.23 crore in FY 2023-24. Learn about the reasons for this surge and the steps EPFO is taking to address the issue.

India's Finance Ministry will meet with Public Sector Bank CEOs to review progress on financial inclusion schemes like PM Vishwakarma, Jan Suraksha, and Mudra Yojana.

Unclaimed deposits with banks surged 26% to ₹78,213 crore in FY24. The RBI's annual report reveals the increase, driven by deposits remaining inactive for over 10 years. The central bank has...

The Reserve Bank of India (RBI) has issued guidelines for banks to periodically undertake special drives to locate customers with unclaimed deposits and reduce their volume. The new rules,...

About 20% of the 51.11 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts are inoperative, Minister of State for Finance Bhagwat K Karad said in Rajya Sabha. The inoperative accounts hold a...

India's Financial Services Secretary urges private banks to step up their participation in financial inclusion schemes, citing lower involvement compared to public sector banks. He emphasizes the...

DFS Secretary Vivek Joshi commends J&K Bank for effectively implementing government schemes, highlighting the bank's role in empowering entrepreneurs and beneficiaries in Jammu and Kashmir.