[ad_1]
Unclaimed Deposits: In a bid to address the growing issue of unclaimed deposits, shares, dividends, mutual funds and insurance policies, Finance Minister Nirmala Sitharaman has asked all financial regulators to launch a special drive. The objective of the government is to identify the nominated persons and provide them with the benefits of these unclaimed financial instruments.
During the Financial Stability and Development Council meeting, it was decided that a drive would be launched to provide information within a specified time frame to nominated persons, where their details are available but not known to them.
As of FY 2021-22, unclaimed deposits in banks have crossed Rs 48,262 crore. According to Reserve Bank of India (RBI) annual report, unclaimed deposits of Rs 39,264 crore were found in 2020-21. According to the Reserve Bank of India, banks in Tamil Nadu, Punjab, Gujarat, Maharashtra, Bengal, Karnataka, Bihar, Telangana and Andhra Pradesh have the highest amount of unclaimed deposits.
Information available from SEBI shows that mutual funds had Rs 1590 crore as unclaimed amount as on March 31, 2021. This includes unclaimed redemption of Rs 671.88 crore and unclaimed dividend of Rs 918.79 crore. The number of unclaimed shares is also staggering, with an estimated 117 crore shares transferred to the Investor Education and Protection Fund (IEPF), including Rs 5700 crore in these shares along with dividends of around Rs 50,000 crore.
note: You can download our app to read breaking news in Punjabi. You can also follow Pro Punjab TV on social media platforms Facebook, Twitter and Instagram.
TV, FACEBOOK, YOUTUBE from First every the news to read for Download do PRO PUNJAB TV APP
APP Download to do for Link ‘on Click do:
Android: https://bit.ly/3VMis0h
[ad_2]
Source link