Over Rs 51,576 crore lying unclaimed in India- Sitharaman

The Government informed that over Rs 51,576 crore  lying unclaimed with the banks, mutual funds, provident funds, and insurance companies in the country. Replying to a question in the Rajya Sabha, Finance Minister Nirmala Sitharaman said that according to the RBI, 24 thousand 356 crore rupees in over Eight Crore 13 lakh inoperative accounts in various Scheduled Commercial Banks and Two thousand 341 Crore rupees in 77 lakh inoperative accounts with Urban Cooperative Banks are lying unclaimed as on the end of December 2020.
Minister said, according to the Insurance Regulatory and Development Authority of India, IRDAI, as of 31st of March this year, 22 thousand 43 crore rupees of deposits in various Life insurance companies and One thousand 241 crore rupees in non-life insurance companies are lying unclaimed.  Similarly, she said that according to the SEBI, in the form of unclaimed redemptions and dividends a One thousand 590 crore rupees lying unclaimed in Mutual Funds, as of March 31 this year.