ORPHANED ASSETS: THE ART OF WASTING ONE’S OWN SWEAT
Phenomenal Growth Rs 5,124 crores in 2013. Rs 8,864 crores in 2016. Rs 11,300 crores in 2020. And if the Indian government’s statement to the parliament is to be believed, Rs 24,356 crores as on 31 Mar 2021. What a phenomenal growth! No. It is not the statement of the country’s achievements. It is the about the unclaimed money lying in 8.1 crore bank accounts. Each branch of every bank might have orphaned and unclaimed accounts. If the insurance sector is also considered, the orphaned assets could be anywhere near 50,000 crores. The figures do not include assets lying forgotten in vaults and lockers of banks and financial institutions. The story of orphaned assets is incomplete! There is no organised and definite valuation, of real estate across the country lying uncared for and deteriorating due to ownership disputes or ignorance of inheritance. If assessed it will easily put the unclaimed accounts to shame. Who perpetrates such a colossal waste of resources? Who ...