It is necessary to reduce unclaimed deposits, banks and financial institutions should take these steps: Finance Minister Nirmala Sitharaman
FM Nirmala Sitharaman: On behalf of Finance Minister Nirmala Sitharaman, banks and financial institutions have been asked to add nominees to people's accounts and investments made on their behalf. According to a report, there is unclaimed money of more than Rs 1 lakh crore in the country, and out of this, more than Rs 35,000 crore is deposited in the banking system.
Finance Minister Nirmala Sitharaman on Tuesday asked banks and financial institutions to ensure that all customers register nominees in their accounts and investments so that the problem of unclaimed amounts can be reduced.
Addressing the Global Fintech Fest, Finance Minister Nirmala Sitharaman said that I want to tell the banking system, financial ecosystem (mutual funds and stock market), and all the institutions dealing with money from the public that everyone should keep the future in mind and It should be confirmed whether his customer has registered the name and address of his nominee or not.
According to a report, there is unclaimed money of more than Rs 1 lakh crore in the country, and out of this, more than Rs 35,000 crore is deposited in the banking system.
The Finance Minister further said that it is very important that we create a responsible financial ecosystem in the country and this one shortcoming can cause disruption to the entire system.
Along with this, he asked fintech companies to invest in cyber security, because customer trust is very important. Tax havens and round-tripping of money are a threat to any good financial system.
To settle unclaimed deposits, banks were asked by RBI to publish the list of unclaimed deposits and inoperative accounts. For this, RBI has also launched the UDGAM portal. Through this, you can find out the unclaimed amount.
