Nirmala Sitharaman has called on banks and capital market institutions to ensure that all accounts have a designated nominee to address concerns over rising unclaimed deposits and investments due to death. Sitharaman also urged fintech companies to lead in the cross-border payments system, given India s market size.
Finance Minister Nirmala Sitharaman today asked banks and other financial institutions to ensure that their customers must update nominees to help resolve the problem of unclaimed money in future.
Finance Minister Nirmala Sitharaman on Tuesday asked banks and other financial institutions to ensure that their customers must update nominees to help resolve the problem of unclaimed money in future. I want the banking system, the financial ecosystem including the mutual funds, stock markets to keep in mind that when someone deals with his (customer s) money, the organisations will have to think about the future and ensure that customers nominate their heirs, give the name and address, Sitharaman said speaking at the Global Fintech Fest (GFF) in Mumbai.
According to a report, the banking system alone has more than Rs 35,000 crore of unclaimed deposits, while the overall quantum of the unclaimed money is said to be more than Rs 1 lakh crore.
Seven banks, including SBI, PNB, Dhanlaxmi Bank, and DBS Bank India, will be part of the first phase. The portal cannot, however, be used to search for inoperative bank accounts.
Here s how you can use RBI s UDGAM portal to locate your unclaimed bank deposits newindianexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newindianexpress.com Daily Mail and Mail on Sunday newspapers.