In order to reduce the number of dormant accounts, Banks must carry out an annual review of such accounts and contact the customers through letters, telephone calls, SMS alerts and emails as feasible, and advise them of the dormancy and the need to activate the account.
Banks must evolve suitable systems so that the customers do not face difficulty in closing a dormant account or re-activating it for normal operations. No fee or charges should be levied for re-activation or closing such accounts.
All dormant accounts and unclaimed balances accounts must be fully reconciled on a monthly basis (at least) and be subject to review by the external auditor annually.