The Supreme Court agreed on Monday to review a public interest litigation addressing unclaimed financial assets valued at approximately 3.50 lakh crore rupees across India. Justices Vikram Nath and Sandeep Mehta issued notices to the Centre, SEBI, IRDAI, EPFO, and the National Saving Institute, requesting responses about creating a unified system for identifying and returning these assets to rightful owners.
The petition argues that dormant bank accounts, unclaimed dividends, matured insurance proceeds, and unpaid provident fund balances remain scattered across financial institutions without centralized tracking mechanisms. Petitioners contend this situation violates constitutional guarantees under Articles 14, 19, and 21, which protect dignity, welfare, and access to information.
The litigation demands that authorities establish comprehensive legal frameworks with mandatory nominee requirements and a centralized portal where citizens can access financial asset information through Know Your Customer verification. Economically disadvantaged populations face particular hardship without efficient systems to recover inherited or personal financial holdings.
The petition argues that dormant bank accounts, unclaimed dividends, matured insurance proceeds, and unpaid provident fund balances remain scattered across financial institutions without centralized tracking mechanisms. Petitioners contend this situation violates constitutional guarantees under Articles 14, 19, and 21, which protect dignity, welfare, and access to information.
The litigation demands that authorities establish comprehensive legal frameworks with mandatory nominee requirements and a centralized portal where citizens can access financial asset information through Know Your Customer verification. Economically disadvantaged populations face particular hardship without efficient systems to recover inherited or personal financial holdings.
