RBI asks banks to locate 1.2 crore inoperative accounts: Government

“RBI has advised all SCBs to play a more pro-active role in finding the whereabouts of the account holders whose accounts have remained inoperative,” Minister of State for Finance Namo Narain Meena said.

The Reserve Bank of India (RBI) has asked banks to be pro-active in locating about 1.2 crore account holders whose accounts are inactive for more than 10 years, the government has said.

“Keeping in view public interest, the RBI has advised all SCBs (scheduled commercial banks) to play a more pro-active role in finding the whereabouts of the account holders whose accounts have remained inoperative,” Minister of State for Finance Namo Narain Meena told the Lok Sabha in a written reply.

As per the RBI, he said, the number of accounts with SCBs which have not been operated upon for more than 10 years (as on 21 March 2011) is 1,12,49,844.
The RBI has also asked the banks to display the list of inoperative accounts, which are inactive or inoperative for 10 years or more, on their websites by 30 June 2012.

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India’s gold imports may fall 56% to 125 tonnes in January-March

The jewellers have reportedly incurred a loss of about Rs10,000 crore during the strike

Jewellers’ strike coupled with lean season have taken a toll on gold imports during January-March, which is likely to drop by over 56% to 125 tonnes compared to the same period last year.

“It is March, which is a lean period for jewellery business. Moreover the loss in sales incurred during the 10 days of ongoing strike by jewellers will hit imports. It is likely to be less than 125 tonnes in the January-March period,” Bombay Bullion Association president, Prithivraj Kothari, told PTI.

The gold imported during January-March 2011 was 283 tonnes and a total of 969 tonnes was imported from January-December 2011, according to World Gold Council.

The jewellers have reportedly incurred a loss of about Rs10,000 crore during the strike.

Jewellers went on an indefinite strike on 17 March 2012 to protest the Budget proposal to levy excise on unbranded jewellery and to raise the customs duty to 4% from the current 2%. India is the world’s largest importer and consumer of the precious metal.

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Examine issues about N-plants, GM crops

Dr Manmohan Singh’s hard-selling of nuclear plants and genetically modified (GM) crops and...

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