Question: A bank adopted a Board-Approved policy for handling unclaimed deposits and inoperative accounts. The policy included procedures for classifying such accounts, maintaining records reviewing them periodically and resolving customer complaints through a defined grievance redressal mechanism. As per the RBI Master Circular on Customer Service in Banks, 2014, did the bank act in accordance with the prescribed requirements.
Answer: Yes, The RBI Master Circular advises banks to have a Board-Approved policy covering the classification of unclaimed deposits, record keeping a grievance redressal mechanism and periodic review of such accounts. Since the bank implemented these measures, it acted in accordance with the prescribed requirements.

Supporting evidence:
title: rbi.org.in/72MC010714CS.pdf
quote: banks are advised to put in place a Board approved policy on classification of unclaimed deposits; grievance redressal mechanism for quick resolution of complaints; record keeping; and periodic review of such accounts
context: ain only the names of the account holder(s) and his/her address in respect of unclaimed deposits/inoperative accounts. In case such accounts are not in the name of individuals, the names of individuals authorized to operate the accounts should also be indicated. However, the account number, its type and the name of the branch shall not be disclosed on the bank's website. The list so published by the banks should also provide a 'Find' option to enable the public to search the list of accounts by name of the account holder.
Banks should also give on the same website, the information on the process of claiming the unclaimed deposit/activating the inoperative account and the necessary forms and documents for claiming the same. Banks are required to have adequate operational safeguards to ensure that the claimants are genuine.

24.5 Strengthening the Regulatory Framework for Unclaimed Deposits

With a view to further strengthen the regulatory framework for inoperative accounts and unclaimed deposits, banks are advised to put in place a Board approved policy on classification of unclaimed deposits; grievance redressal mechanism for quick resolution of complaints; record keeping; and periodic review of such accounts. The first periodic review of unclaimed deposits/inoperative accounts should be put up to their respective bank Boards by September 30, 2012.

24.6 Treatment of certain savings bank accounts opened for credit of Scholarship amounts and credit of Direct Benefit Transfer under Government Schemes

State and Central Governments have expressed difficulties in crediting cheques/Direct Benefit Transfer/Electronic Benefit Transfer/Scholarships for students, etc. into accounts/Accounts with zero balance 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.
Keeping the above in view, banks are advised that they may allot a different 'product code' in their CBS to all such accounts opened by banks so that the stipulation of inoperative/dormant account due to non-operation does not apply while crediting proceeds as mentioned above.
In order to reduce the risk of fraud etc., in such accounts, while allowing operations in these accounts, due diligence should be exercised by ensuring the genuineness of transactions, verification of signature and identity, etc. However, it has to be ensured that the customer is not inconvenienced in any manner.