Sucheta Dalal explains why India's new Unclaimed Assets Portal falls short of the centralised database promised to the Supreme Court.
The Government has launched the Unclaimed Assets Portal, describing it as a unified platform to help citizens trace unclaimed bank deposits, insurance claims, mutual funds, shares and dividends.
But is it really the centralised database that was promised to the Supreme Court in response to the PIL filed by Moneylife Foundation founder-trustee Sucheta Dalal?
In this audio, Sucheta Dalal explains what the new portal does, what it doesn't do, and why claimants and legal heirs continue to face a fragmented and document-heavy process despite recent reforms by RBI, SEBI, IRDAI and IEPFA.
The portal is a positive first step. However, the real objective remains the creation of a searchable, integrated database that can help reunite rightful owners with more than ₹2 lakh crore of unclaimed financial assets.
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