FM asks financial entities to ensure customers nominate heirs

Mumbai: Union Finance Minister Nirmala Sitharaman on Tuesday asked banks and financial institutions to ensure that their customers nominate heirs, which can help reduce the quantum of unclaimed money.

“I want banking system, the financial ecosystem (including) the mutual funds, stock markets… everybody 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 they (customers) nominate their heir, give the name and address,” Sitharaman said at the Global Fintech Fest (GFF) here.

As per a report, the banking system alone has over 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

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