Union Finance Minister Nirmala Sitharaman on Tuesday asked banks and financial institutions to ensure that their customers nominate their successors, to help reduce the amount of unclaimed money.
“I want the banking system, the financial ecosystem (including) mutual funds, stock markets… everyone to keep in mind that when someone uses their (customer’s) money,” Sitharaman said at the Global Fintech Fest (GFF) here. Transactions, organizations have to think about the future and ensure that they (customers) nominate their successor, give their name and address.”
