Nirmala Sitharaman To Banks: Union Finance Minister Nirmala Sitharaman has given a new order to banks and financial institutions. This order is for crores of customers associated with banks and financial institutions.
In the order given by the Finance Minister, it was asked to ensure that all their customers nominate their successor. This will help in reducing the unclaimed money amount. This order of the Finance Minister comes after the step taken by the RBI recently when the central bank had launched a portal to identify the amount of thousands of crores of rupees lying unclaimed in the banks.
Write the name of the successor and also give the address
Sitharaman said at the Global Fintech Fest (GFF) here, ‘I want the banking system, financial ecosystem, mutual funds, share market, everyone to keep in mind that when a customer transacts money. So organizations have to think about the future and decide where they (customers) nominate their successor, give their name and address.
35,000 crores unclaimed
According to a report, there is an unclaimed amount of more than Rs 35,000 crores in the banking system. While such total money is being told to be more than one lakh crore rupees. Sitharaman also said that ‘tax haven country’ and ’round tripping’ of money are a threat to the responsible financial ecosystem. RBI had also launched the Udgam Portal (UDGAM) to safely return this money to the customers and their heirs.
The purpose of launching this portal was to find out the unclaimed money deposited in banks for a long time. Through the portal launched for the convenience of the public, it will be easy to find the unclaimed amount deposited in different banks. On the portal launched by RBI recently, SBI, PNB, Central Bank of India, Dhanlaxmi Bank Ltd, South Indian Bank Ltd, Information about unclaimed deposits is available in DBS Bank India Ltd and Citi Bank.
