Union Finance Minister Nirmala Sitharaman stressed on global cooperation. She said that we are living in a world which is facing many challenges. In such a situation, there is a need for global cooperation.
Actually, Finance Minister Sitharaman had reached the inaugural session of the fourth edition of Global Fintech Fest 2023. On this occasion, she said that we are living in a very multi-polar, very dynamic and strong world, which is facing many crises. In such a situation, there is a great need for global cooperation. She said that whether it is a strategic issue, economic issue or anything else. Tackling them all requires global cooperation.
Union Finance Minister Nirmala Sitharaman on Tuesday asked banks and financial institutions to ensure that customers always nominate their successors. This will avoid a situation in which unclaimed money will be reduced.
At the Global Fintech Fest, Sitharaman said that I want everyone in the financial ecosystem including the banking system, mutual funds, stock markets to keep in mind that when a customer transacts money, organizations have to think about the future and this. Must ensure that they (customers) nominate their successor, provide name and address.
In fact, many times people do not nominate an heir, due to which there is no one to claim the wealth after their demise. According to a report, there are more than Rs 35,000 crore of unclaimed deposits in the banking system alone, while the total amount of unclaimed money is more than Rs 1 lakh crore.
The Finance Minister said that it is necessary to build a responsible financial ecosystem. In such a situation, even a small carelessness can cause trouble. She asked fintech companies to invest in cyber security.
