Finance Minister Asks Financial Entities To Ensure Customers Nominate Heirs
NDTV
The portal, launched by RBI Governor Shaktikanta Das, has been developed by the central bank to help the public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks in one place.
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.
"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).
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.
