New Delhi: Funds lying not claimed by banks and insurance companies approaching the 50,000 rs crore sign, with the addition of RS 5,977 Crore to a bank account for 2020.
While the exact number of insurance policies where money has not been claimed not immediately claimed to be available, the government on Tuesday told parliament that Rs 24,356 Crore lay on more than 8.1 Crore accounts.
This translates to an average balance around Rs 3,000 in each account.
The nationalized banks are close to the average, with Rs 3,030 to the average balance, namely Rs 2,710 in the case of Bank Negara India and Rs 3,340 for private lenders.
Instead, the average foreign bank has RS 9,250 lying not claimed in more than 6.6 lakh accounts.
At Rs 654, the lowest average balance in the case of a small financial bank, while it was only below RS 1,600 for regional BPRs.
Funds that are not claimed to have become an eternal problem because some policy holders or family members they do not claim the amount of maturity from insurance companies for various reasons.
For example, in some cases, family members of policy holders are not aware of the insurance protection purchased.
Likewise, in many cases, both the documents are misplaced or the buyer passes the due date.
In the case of banks, residential changes are seen as the main source of funds lying idle as account holders may not return to other cities to transact.
Also, people with many accounts often leave some money in one of their accounts and don’t claim it.
Furthermore, in terms of accounts or deposits without nominations, heirs often do not complete complicated documents, generate funds lying with the bank.
Of course, the number of dwarves compared to the overall base of bank deposits but is quite large even for regulators to instruct banks to track beneficiaries.
“The RBI has suggested a bank to play a more proactive role in finding the existence of a deposit / account holder that is not claimed,” Minister of Junior to finance Bhagwat Karad said in response to questions in Rajya Sabha.
In terms of banks, the RBI has mandated that the amount that is not claimed must be transferred to depositors and funds for consciousness and then used to promote the interests of depositors and other determined goals.
The regulator has also made it mandatory for banks to provide on their website the search facility for exploration to check whether they have an account that does not operate with the bank.
Insurance companies are asked to transfer policy holders every year that is not claimed for more than 10 years to senior citizen welfare funds, which will be used for schemes to promote the welfare of senior citizens, minister said.
Funds that are not claimed by Bank, COS insurance near Rs 50,000 Crore
