RBI asks banks to allot different product code to dormant a/c

The Reserve Bank today advised banks to allot a different product code in their core banking solution to accounts that were dormant or inoperative for over two years as central and state governments were facing difficulties to transfer social benefits in such accounts. 

State and central governments have expressed difficulties in crediting cheques/Direct Benefit Transfer/Electronic Benefit Transfer/scholarships for students, Zero Balance Accounts, into accounts opened for the beneficiaries under various central/state government schemes but had been classified as dormant/inoperative due to non-operation of the account for over two years, RBI said in a notification. 

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