Diet targets dormant bank accounts

JIJI

A nonpartisan group of Diet lawmakers will discuss a proposal to have the prime minister designate an organization for exclusively managing deposits left in dormant bank accounts, sources said.

Under the plan, the deposits would first be transferred to the Deposit Insurance Corp. of Japan and then to the proposed entity. Dormant accounts are those that have seen no deposits or withdrawals for at least 10 years.

The proposal would supposedly free up about ¥50 billion in such accounts each year.