PM Modi presented shocking figures on unclaimed money, ‘About ₹78,000 crore of citizens’ money is in banks…’
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PM Modi Unclaimed Funds Statement: Prime Minister Narendra Modi revealed for the first time that his government is working to return the unclaimed money lying in the country’s banks to its rightful owners. Speaking at the HT Summit, PM Modi said it has always been believed in the country that once something is given to the government, it becomes a ‘one-way street’ and never comes back. Explaining how things work when there is strong trust between the government and the public, the PM mentioned the campaign to return unclaimed funds to their rightful owners.
Shocking figures revealed by PM Modi
PM Modi revealed that around ₹78,000 crore of citizens’ money is lying unclaimed in the country’s banks. He said about ₹14,000 crore is with insurance companies, ₹3,000 crore is in mutual funds, and ₹9,000 crore is in the form of unclaimed dividends. This money belongs to poor and middle class families whose owners have forgotten about it… Our government is now searching for them all over the country. Our government is committed to reaching out to the real owners.
Refunding money through special camps
Regarding self-attestation, the Prime Minister said that earlier, citizens had to get their documents stamped by a government official. His government has ended this distrust, and self-attestation is now considered sufficient. Earlier, banks used to ask for guarantee even for small loans (like ₹1000) because the level of distrust was very high. PM Modi said that his government has broken this vicious cycle of distrust through the ‘Mudra Yojana’ scheme. He said that under this scheme, loans worth Rs 37 lakh crore have been given to the citizens so far without any guarantee. This amount has given the youth the confidence to become entrepreneurs. Now, even roadside vendors are getting loans from banks without any guarantee.
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