In a startling revelation from Jharkhand's Palamu district, a massive sum of Rs 48.83 crore belonging to 98,313 account holders has been lying unclaimed in banks for approximately ten years. These funds have now been transferred to the Reserve Bank of India's Depositors Education and Awareness Fund, creating what officials describe as a financial graveyard of forgotten wealth.
The Scale of Forgotten Wealth
Bank officials disclosed these shocking figures during a two-hour program titled 'Apni Poonji, Apna Adhikar' held on Friday. According to Amiya Abhishek, the State Bank of India regional manager in Palamu, these accounts have been officially declared "dead" - meaning they have seen no transactions, either deposits or withdrawals, for an entire decade.
The situation highlights a significant financial oversight affecting thousands of families across the district. "The Jan Dhan Yojna accounts were introduced in 2014 with great enthusiasm. Now, no one talks about them. There is a significant amount of cash stashed in these accounts over these 10 or 11 years," revealed one bank official who preferred to remain anonymous.
Why Accounts Turn Dead
A. Srivastav, the lead bank manager of Palamu district, explained the primary reasons behind this growing problem. "Lack of awareness among family members or the account holders made the accounts turn dead. Families often don't know if there is a bank passbook belonging to someone in the family. The passbook lies cold and abandoned."
The issue extends beyond just savings accounts. Niloy Mazumdar, chief manager of LIC in Daltonganj, clarified that the 'Apni Punji Apna Adhikar' initiative covers various unclaimed assets including:
- Savings accounts
- Term deposit receipts
- Insurance cover
- Mutual funds
Regional statistics reveal the Jharkhand Rajya Gramin Bank alone has more than 1,950 such unclaimed accounts containing slightly over Rs 30 lakh, according to its regional manager Arun Kumar.
Government Initiative and Recovery Challenges
Recognizing the severity of the situation, the Union Ministry of Finance has launched a three-month campaign beginning in October to settle unclaimed assets dating back ten years or more. However, bank officials acknowledge significant challenges in the recovery process.
One relative of a deceased account holder shared their frustration: "My uncle left behind a couple of hundred rupees. The bank asks for his death certificate. Obtaining a death certificate is far more cumbersome than recovering a couple of hundred rupees lying abandoned in the bank."
Bank officials have promised hassle-free settlement of these unclaimed assets with applicable interest accumulated over the past decade. During Friday's awareness program, chief guest Md Jawed Hussain, deputy development commissioner of Palamu, appealed to bankers to conduct customer relation programs monthly to increase awareness.
Despite these efforts, one banker admitted that tracking and settling all 98,313 unclaimed accounts "will take at least a year or so due to inherent challenges and the banks' own preoccupation."
The campaign also specifically targets women's self-help groups, known locally as 'Didi Samuh,' encouraging them to ensure their accounts remain active throughout the year. With 126 bank branches operating across Palamu district, the scale of this financial amnesia presents both a challenge and an opportunity for financial inclusion initiatives in rural India.
