{"id":2468,"date":"2023-09-05T08:14:56","date_gmt":"2023-09-05T08:14:56","guid":{"rendered":"https:\/\/jammubulletin.com\/site\/?p=2468"},"modified":"2023-09-05T08:14:56","modified_gmt":"2023-09-05T08:14:56","slug":"fm-asks-financial-entities-to-ensure-customers-nominate-heirs","status":"publish","type":"post","link":"https:\/\/jammubulletin.com\/site\/fm-asks-financial-entities-to-ensure-customers-nominate-heirs\/","title":{"rendered":"FM asks financial entities to ensure customers nominate heirs"},"content":{"rendered":"

MUMBAI: The Union Finance Minister<\/a>, 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\u00a0the\u00a0banking\u00a0industry\u00a0alone,\u00a0there\u00a0are\u00a0apparently\u00a0around\u00a0Rs\u00a01\u00a0lakh\u00a0crore\u00a0in\u00a0unclaimed\u00a0funds,\u00a0and\u00a0there\u00a0are\u00a0approximately\u00a0Rs\u00a035,000\u00a0crore\u00a0in\u00a0unclaimed\u00a0deposits.The\u00a0finance\u00a0minister\u00a0also\u00a0emphasised\u00a0the\u00a0importance\u00a0of\u00a0a\u00a0stable\u00a0financial\u00a0system,\u00a0warning\u00a0that\u00a0one\u00a0laggard\u00a0might\u00a0cause\u00a0a\u00a0disruption. According\u00a0to\u00a0Sitharaman,\u00a0tax\u00a0<\/a>havens\u00a0and\u00a0money\u00a0laundering\u00a0pose\u00a0a\u00a0threat\u00a0to\u00a0an\u00a0ethical\u00a0financial\u00a0ecosystem. She\u00a0advised\u00a0fintech\u00a0companies\u00a0to\u00a0invest\u00a0in\u00a0cybersecurity\u00a0and\u00a0emphasised\u00a0the\u00a0value\u00a0of\u00a0trust.<\/p>\n

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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 […]<\/p>\n","protected":false},"author":2,"featured_media":2469,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6,67,89,54],"tags":[],"class_list":["post-2468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-header","category-national","category-political"],"gutentor_comment":0,"yoast_head":"\nFM asks financial entities to ensure 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