News India Live, Digital Desk: There are crores of rupees deposited in the banks and insurance companies of our country for which no heir has come forward. Now the country’s largest court, the Supreme Court, has taken a tough stance on this serious issue. The Court has asked the Central Government and the Reserve Bank of India (RBI) what concrete steps are being taken to deliver the ‘unclaimed funds’ deposited in a person’s bank accounts or insurance policies to his legal heirs after his death. Funds worth crores of rupees are ‘unclaimed’. According to a data, thousands of crores of rupees are lying in various banks and financial institutions which have not been claimed by anyone for years. Often, after the sudden death of the account holders, their family members are not aware of these accounts or investments, due to which this money remains lying in the government treasury or special fund. The Supreme Court has emphasized on simplifying the process of sending this money to its rightful owners. What is ‘Centralized Tracking System’? In the petition filed in the Supreme Court, a demand has been made to create a ‘Centralized Tracking System’. All the information at one place: Through this system, any person will be able to check in which banks or companies their money is deposited by entering the name, PAN card or Aadhaar number of their deceased family member. Transparency: With this, the nominee will not need to wander from door to door and the entire process will become transparent. RBI’s ‘UDGAM’ portal: Although RBI has started the ‘UDGAM’ portal, the court is in favor of making it more comprehensive and accessible. Preparations to make the nomination process mandatory and strict. The court also expressed concern that the information of the nominee in many old accounts is not updated. Experts believe that in the future: Giving the name of the nominee while opening a bank account will be made mandatory and more effective. Banks can be instructed to become proactive and contact the heirs as soon as the death certificate is received. Identification of unclaimed money will be expedited through e-KYC. Why is this decision important for the general public? This news is important for every person who has made a fixed deposit. (FD), savings account or life insurance. After the strictness of the court, now it will be difficult for banks to hide how much money is unclaimed in which account. The government will now have to provide a system so that the common man does not have to get entangled in legal complications to get his inheritance.