The Reserve Bank of India rules say that unclaimed money in banks can be used to promote the interests of depositors.
About Rs 50,000 crore is lying with the banks and insurance companies of the country which has no claimant. This information has been given by the government in the Parliament.
According to an estimate, an amount of Rs 5,977 crore is attached to the banks during the year 2020 itself. That is, some people forgot to deposit money in banks, while some bought policies but did not claim them.
Replying to a question in the Lok Sabha, Minister of State for Finance Bhagwat Karad told Parliament that as on March 31, 2020, as per the Reserve Bank data, there is an amount of Rs 24,356 crore in the banks of the country on which no one has claimed, whereas insurance companies have a claim amount of Rs 24,586 crore under unclaimed insurance policies at the end of FY 2020, which is lying in 8.1 crore accounts.
According to the Minister of State for Finance, the rules of the Reserve Bank say that unclaimed money in banks can be used to promote the interests of depositors.
On average, Rs 3000 is lying in each account, which no one has claimed till now. In this too, the average balance in the account of government banks is Rs 3030, such as Rs 2,710 in SBI while the average amount is Rs 3,340 lying in private banks. In foreign banks, this average amount is Rs 9,250, which is lying unclaimed in 6.6 lakh accounts. The lowest amount is in small finance banks, it is around Rs 654 while the average of rural banks is Rs 1600.
In the case of insurance, the problem of non-claiming has always been there, as many policyholders or their families do not claim maturity amount from insurance companies, leaving it lying unclaimed for years. Many times it happens that the family of the policyholder does not even know that he has taken a policy so that due to the death of the policyholder or any other reason, they do not claim the amount. Sometimes the policyholder himself loses the policy papers or misses or forgets the maturity date.
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