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.
‘Delay in naming IRDAI head causing disruption in India's insurance sector’Insiders claim that the backlog of crucial policy considerations as well as routine clearances are getting delayed even as companies themselves are suffering from a possible lack of regulatory oversight.
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