DBOD.No.BC.3/12.03.001/97-98
January 10, 1998
Pausha 20, 1919 (Saka)
All Commercial Banks
Dear Sir,
Section 26 of Banking
Regulation Act. 1949 - submission of Return in Form IX-Unclaimed Deposits
As you are aware that in terms of
Section 26 of Banking Regulation Act, 1949 every banking company is required to
submit within thirty days after the close of each calendar year a return in prescribed
form (form IX) and manner to the Reserve Bank of India as at the end of such
calendar year of all accounts in India, which have not been operated upon for
ten years.
2. In this connection, it is
observed that many banks are not adhering to the prescribed time schedule which
results in late submission of consolidated statement of unclaimed deposits to
Government of India. You are, therefore advised to submit the return within the
stipulated period, to the concerned regional office of this department and to
us.
3. Non-compliance of our above
instructions in the matter will be viewed seriously.
Yours faithfully
(D.V. Jhaveri)
General Manager