The Finance Minister said – the need for global cooperation to deal with the challenges. Loktej Business News
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Mumbai / New Delhi, 05 September (HS). Union Finance Minister Nirmala Sitharaman on Tuesday called upon global leaders to promote cooperation to create a responsible financial system. He asked banks and financial institutions to ensure that their customers nominate their successors, which would help in reducing the amount of unclaimed money.
Sitharaman said this while addressing the inaugural session of the 4th edition of Global Fintech Fest (GFF) 2023 here. Addressing a session on ‘Global Cooperation for a Responsible Financial Ecosystem: Inclusive, Resilient and Sustainable’, he said that whether it is strategic issue, economy issue or any other, global cooperation is needed to deal with all. The Finance Minister urged fintech companies to invest in cyber security and said that trust is extremely important.
The Finance Minister asked banks and financial institutions to ensure that their customers nominate their successors, which would help in reducing the amount of unclaimed money. He said that the number of demat accounts in the country has increased from 4.1 crore in FY 2019-20 to 10 crore in FY 2022-23. Along with this, a record number of mutual funds and SIPs have also been registered.
In fact, according to a report, there is more than Rs 35,000 crore unclaimed unclaimed money in the banking system alone, while the total amount is said to be more than Rs one lakh crore.
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