Banks sitting on Rs 1,723 cr unclaimed deposits

The government on Friday informed the Parliament that around Rs. 1,723.24 crore (Rs. 17.232 billion) of depositors' money is lying as unclaimed with commercial banks.

"The Reserve Bank has informed that as on December 31, 2010, a total amount of around Rs. 17,23.24 crore (Rs. 17.232 billion) in 1.03 crore accounts is lying as unclaimed deposits with the scheduled commercial banks," Finance Minister Pranab Mukherjee said in the Lok Sabha.

On the total amount, he said, Rs. 1,467 crore (Rs. 14.67 billion) is lying as unclaimed deposits with the public sector banks and the rest is with private and foreign banks.

Private banks are sitting on unclaimed amount of Rs. 195.9 crore (Rs. 1.959 billion) and foreign banks have around Rs. 60 crore (Rs. 600 million) till December, 2010, he said.

State Bank of India and its associates have Rs. 279.7 crore (Rs. 2.797 billion) unclaimed deposits, followed by Canara Bank at Rs. 274.6 crore (Rs. 2.746 billion) and Union Bank of India at Rs. 163.6 crore (Rs. 1.636 billion).

Among private sector banks, ICICI Bank has Rs. 74.2 crore (Rs. 742 million) and ING Vysya Bank has Rs. 30.12 crore (Rs. 301.2 billion) as unclaimed deposits.