PM promotes reclaiming unclaimed funds through national initiative
Massive unclaimed sums lie across banks, insurers, mutual funds
image for illustrative purpose
New Delhi: Prime Minister Narendra Modi on Wednesday said the ‘Your Money, Your Right’ initiative aims to ensure that every citizen can reclaim what is rightfully his or hers, as thousands of crores lie unclaimed in the Indian banks, insurance and mutual fund companies.
In a post shared on the social media platform LinkedIn, PM Modi said that “here is a chance to convert a forgotten financial asset into a new opportunity”, adding that “together, let us build a transparent, financially empowered and inclusive India!” During his speech at the recently held Hindustan Times Leadership Summit here, the Prime Minister shared some startling facts.
“Indian banks are holding Rs78,000 crore of unclaimed money belonging to our own citizens. Insurance companies have nearly Rs14,000 crore lying unclaimed. Mutual fund companies have around Rs3,000 crore, and dividends worth Rs9,000 crore are also unclaimed,” he mentioned.
In his post, PM Modi said these facts have startled a lot of people.
