MUMBAI: The Union Finance Minister, Nirmala Sitharaman, advised banks and financial institutions to make sure that their consumers designate heirs on Tuesday, as this can assist to reduce the quantity of unclaimed money. “I want the banking system, the financial ecosystem, (including) the stock markets, and everyone to remember that when someone deals with his (customer’s) money, the organisations will have to think about the future and make sure that they (customers) nominate their heir, give the name and address,” Sitharaman said. In the banking industry alone, there are apparently around Rs 1 lakh crore in unclaimed funds, and there are approximately Rs 35,000 crore in unclaimed deposits.The finance minister also emphasised the importance of a stable financial system, warning that one laggard might cause a disruption. According to Sitharaman, tax havens and money laundering pose a threat to an ethical financial ecosystem. She advised fintech companies to invest in cybersecurity and emphasised the value of trust.
