RBI should educate bank depositors and borrowers - Moneylife

RBI should educate bank depositors and borrowers - Moneylife

Online comments posted on January 22, 2014:

MG Warrier 20 hours ago

Moneylife.in had posted my article on need for a regulator for unclaimed deposits in April 2013. Excerpts:
"The huge accumulations under ‘unclaimed’ category points to the fact that the existing machineries for handling grievances relating to payment of dues and claims are not very effective.

In the absence of any power to fix liabilities and give directions, the Ombudsmen or similar arrangements within organisations remain helpless spectators when complaints about non-payment of money from depositors/savers reach them.

It is in the above context that a statutory body to oversee accounting of the so called unclaimed deposits/payments becomes relevant. Such a body should be made responsible to:

• Track unclaimed deposits with organisations,
• Monitor timely repayment of public funds collected, as in the case of Sahara Corporations,
• Audit accounts of maturity proceeds of policies, deposits, accumulated balances in provident/pension funds remaining undisbursed beyond a reasonable period,
• Receive and handle claims from public relating to such deposits/balances and
• Coordinate among various agencies and government departments for achieving these objectives."

M G Warrier, Thiruvananthapuram


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