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Sitharaman Bats For Common KYC
Financial Express Ahmedabad
|June 11, 2025
BANKS, INCLUDING COOPERATIVE, transfer unclaimed deposits of account holders lying in their accounts for 10 or more years to RBI's DEA Fund.
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The finance minister suggested expediting the process by holding special district-level camps, with the drive to be conducted in coordination with RBI, Sebi, the ministry of corporate affairs, PFRDA, and Irdai, along with banks, pension agencies, and insurance companies.
The unclaimed amounts comprise deposits in banks, unclaimed shares and dividends managed by IEPFA, and unclaimed insurance and pension funds with Irdai and PFRDA, respectively.
This story is from the June 11, 2025 edition of Financial Express Ahmedabad.
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