₹1 Lakh crores stuck in government fund for years; one fix cut wait times considerably: Sanjeev Sanyal
Sanjeev Sanyal of the Economic Advisory Council revealed that ₹1 lakh crore in unclaimed shares and dividends was trapped in a government fund due to a complex 25-step recovery process. By using APIs to integrate three previously disconnected portals, the government has significantly streamlined the retrieval process for citizens.
Unclaimed shares and dividends valued nearly ₹1 lakh crore remained locked in a government fund, even as claimants had to go through a cumbersome ‘25-step’ process, requiring an average of about three years to recover, according to Sanjeev Sanyal, a Member of the Prime Minister’s Economic Advisory Council (EAC).
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