Unclaimed funds with banks, insurance companies near Rs 50,000 crore

In case of banks, change of residence is seen to be a major source of funds lying idle as an account holder may not go back to another city to transact. Funds have been a perennial problem as several policyholders or their family members do not claim the maturity amount from insurance companies for multiple reasons.

from Banking/Finance-Industry-Economic Times https://ift.tt/3j1st7k