Delhi HC Rejects PIL on Centralized Asset Portal

A plea was moved in the Delhi High Court seeking directions for a platform where individuals could view a comprehensive list of all their financial assets--active, inactive, dormant, or inoperative--held across entities regulated by relevant authorities.

- TBG NETWORK

A plea was moved in the Delhi High Court seeking directions for a platform where individuals could view a comprehensive list of all their financial assets--active, inactive, dormant, or inoperative-held across entities regulated by relevant authorities. The Division bench led by the acting Chief Justice has recently acknowledged that the petitioner has raised an important issue regarding the creation of a centralized portal for accessing financial assets post-e-KYC. However, the court stated that it does not believe judicial intervention is necessary at this stage, leaving the matter to the concerned authorities for further consideration. The Court noted that large amounts of money are lying in the bank accounts, which are unclaimed. Additionally, there are valuable securities that remain unclaimed. Court also noted that about 9,22,40,295 bank accounts have become inoperative and the average balance in the said accounts is 3,918/-. It is contended that the said amounts belong to persons from poor and lowmiddle-income groups and are lying unclaimed as information regarding the said accounts is not readily available. It was also noted by the Court that in several cases, account holders have expired but their legal heirs may have no knowledge of the balance lying in the said accounts. In the aforesaid backdrop, the petitioner prays that a direction be issued to respondents nos.1 to 6 for issuing guidelines to its regulat