According to Nirmala Sitharaman, unclaimed monies are moved from banks to the RBI for deposits and from SEBI to the IEPF for shares and other assets, depending on the kind of asset.
Financial assets worth Rs 1.84 lakh crore were languishing unclaimed with banks and regulators on Saturday, according to Union Finance Minister Nirmala Sitharaman, who asked authorities to make sure the money reached its rightful owners, according to PTI.
Sitharaman urged authorities to concentrate on “Awareness, Access, and Action” in order to assist individuals in recovering their money as he launched the three-month “Apki Poonji, Apka Adhikar” (Your Money, Your Right) campaign in Gandhinagar.
The RBI, the banks, or the Investor Education and Protection Fund (IEPF) all hold unclaimed funds. Finding the legitimate owners and claimants of those cash is essential, and we must give them the money,” Nirmala Sitharaman said.
The minister of finance promised that the funds were safe. According to the Department of Financial Services (DFS), there are Rs 1,84,000 crore in there. It is secure. It is very safe, I promise. You arrive when you would like with the appropriate paperwork. You will get money. It is in the custody of the government,” Sitharaman said.
According to Nirmala Sitharaman, unclaimed monies are moved from banks to the RBI for deposits and from SEBI to the IEPF for shares and other assets, depending on the kind of asset.
“The minute you claim it, you receive it,” Sitharaman said, referring to the RBI’s UDGAM (Unclaimed Deposits Gateway to Access Information) platform. Therefore, I really believe it is time for us all to tell everyone about it.
She asked authorities to contact those who had unclaimed insurance policies and deposits in order to raise “awareness.” “Awareness is the first A. Raise awareness. She responded, “Tell them that your money is lying there, bring this paper, and grab it.” “The third A is action,” she said, “where you act on whatever you have, like little pieces of paper.”
Prime Minister Narendra Modi personally spearheaded the move, according to Sitharaman, who asked the ministry to “bridge the gap and make sure people can take it.”
She also commended Gujarat Gramin Bank for pledging to go to all of the state’s villages in order to find the legitimate owners of unclaimed deposits.