As per the Reserve Bank of India (RBI) guidelines, a savings as well as current account should be treated as inoperative/dormant, if there are no customer-induced transactions in the account for over a period of two years. The reasons for the account turning inoperative can be many and it has no direct co-relation to the account-holder being untraceable.
The minister added that UCO Bank lodged an FIR with CBI on November 15, 2023, regarding a transfer/deposit of Rs 820 crore to a different account from UCO Bank
The Finance Ministry has issued a clarification, saying that this is a parliamentary committee on subordinate legislation, and it has no connection whatsoever with the policies of bank mergers.