The country’s banks, mutual funds and insurance companies have lost Rs 82,000 crore. Unclaimed amount in banks mutual funds and provident fund costs 82000 crore
Banks | If all this money is used to fund the MGNREGA scheme, the central government can save Rs 8,000 crore in the current financial year. If the annual interest is 6 per cent, the fund will have to pay Rs 4,900 crore a year.
New Delhi: Union Finance Minister Nirmala Sitharaman has allocated Rs 74,000 crore for the MGNREGA scheme in this year’s annual budget. While this is definitely a big number, more money is flowing into banks, mutual funds, insurance companies and PF funds. If all this money is used to fund the MGNREGA scheme, the central government can save Rs 8,000 crore in the current financial year. If the annual interest is 6 per cent, the fund will have to pay Rs 4,900 crore per annum. In the last three years, the authority has disposed of unclaimed cases worth Rs 18,000 crore.
The total unclaimed amount in banks, mutual funds, insurance companies and PF funds is as high as Rs 82,000 crore. Often individuals invest money in a government scheme or in a bank. However, due to untimely death, no one comes forward to claim this money. So this money stays lying around.
26,500 crore in the Provident Fund
At present, about Rs 26,500 crore is lying in the provident fund due to no claim. As per PF rules, the concerned PF account is closed if the money is not withdrawn within three months after retirement. If no one claims this money for seven years, all the money is diverted to the Senior Citizens Welfare Fund.
18,000 crore in banks
According to the Reserve Bank of India, Rs 18,131 crore is lying unclaimed in Indian banks. If a person’s bank account has not been in use for more than 10 years, the money is diverted to the Investor Education Fund. About Rs 5 crore is lying in closed savings accounts in banks across the country. In various financial schemes, the undisclosed amount is Rs 4,820 crore even after maturity.
15,000 crore to insurance companies
The country’s insurance companies have lost Rs 15,000 crore as no one has filed a claim. Despite the expiration of many schemes, no one has claimed this amount. Of this, LIC alone has Rs 7,000 crore. Similarly, Rs 18,000 crore invested in mutual funds has fallen in the same way.
What happens to this money?
According to the Reserve Bank’s rules, it is mandatory for banks to report to the RBI if money has been lying around for a long time. If your money is stuck in an old bank account, you can get it back by providing the correct information. Also, in case of death of a person, his heir can claim the amount in the bank account. However, this process is extremely complicated.
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