Nomination address for all Bank accounts – Appeal of Finance Minister to ensure designated beneficiaries

Nomination address for all Bank accounts – Appeal of Finance Minister to ensure designated beneficiaries –

On Tuesday, while addressing at the Global Fintech Fest, the Finance Minister appealed to the banking and market system to ensure designated beneficiaries – Salutary appeal

It is said that as in February, 2023, an amount of Rs.35,000/- bank deposits were transferred to RBI and 117 crore unclaimed (of Rs.40,000 crores) are in Investor Education and Protection Fund.

Prevention is better than cure, inasmuch as, such unclaimed bank deposits are increasing every year.   Moreover, drive to settle unclaimed deposits is undertaken at the cost of human resources and public exchequer\

To my mind, it is essential to make nomination to all the accounts as mandatory as is done in KYC rather than finding out the beneficiaries of unclaimed deposits, dividends or shares.