Mint Quick Edit | Returning unclaimed Indian savings would serve both justice and the economy well

Not only is this unfair to those who rightfully have a claim on it, but it’s also an economic loss to the extent some of this money could be deployed more productively.

The finance ministry deserves credit for attempting to return it. Launching a programme for it on Saturday, finance minister Nirmala Sitharaman said such amounts total ₹1.84 trillion. That is a substantial sum. If fully unlocked, it wouldn’t just grant recipients greater financial agency, but perhaps also spur consumption as they find themselves better off.

It’s dismaying that all this unclaimed money got accumulated in the first place. Incomplete nominations and other missing documentation may be to blame. But in today’s age of digital ID verification, procedural gaps should not lead to economic injustice.

True, the government has been nudging savers to update their ID documents, but let’s hope this new programme sees active efforts to give people what’s theirs. Maybe claim processes need to be rebalanced in favour of claimants over retention.