As per reports available on the internet huge amount of money is lying with the Banks in inoperative and unclaimed account. Similar is the case with the insurance companies with whom the money is lying in the shape of lapsed policies and maturity claims neither claimed by the policy holder nor by their legal or nominated heirs. Basic reason behind the scene is that in India due to illiteracy or some other social factors the information is not available with the legal or nominated heirs. How much valuables in terms of money value are lying in bank lockers, not operated for years together, is beyond guess. RBI has come out with guidelines to display the information of inoperative bank accounts on the websites of the respective banks. If legal heirs claim all such lapsed or matured insurance policies with the government of private insurance companies or the amounts lying in bank's inoperative accounts, the insurance companies and banks may find them in a dilemma or face liquidity crunch. Big corporate like Reliance Industries, Tata, Infosys, TCS are also flourishing on the cheap money, carrying no interest cost running into thousands or crores, in the shape of unclaimed dividends. After all what happens to such unclaimed dividend or unclaimed fixed deposits with the corporate world.
