FM asks financial entities to ensure customers nominate heirs

Finance Minister Nirmala Sitharaman has 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 Mumba on Tuesday. She said that India is making sure that its financial ecosystem is inclusive.Not just the Tier-1 or the Metropolitan cities, the Fintech revolution has reached even the cities beyond Top-30 cities, Sitharaman said. 

India is making sure that its financial ecosystem is inclusive.

Not just the Tier-1 or the Metropolitan cities, the Fintech revolution has reached even the cities beyond Top-30 cities.

The Top 30 cities of India are usually expected to be ahead in formal savings. However, in… pic.twitter.com/YPFqyvvJoH

— Nirmala Sitharaman Office (@nsitharamanoffc) September 5, 2023

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