Supreme Court Seeks RBI's Response on Centralized Financial Assets Portal

The Supreme Court of India has requested responses from the Reserve Bank of India and others regarding a plea for a centralized portal to access all financial assets. The plea claims Rs 3.5 lakh crore remains with entities and seeks guidelines for better nominee data capture and communication for asset holders.

The Supreme Court on Monday called for responses from the Reserve Bank of India (RBI) and various entities on a petition advocating for the creation of a centralized portal to access a detailed list of financial assets, including those that are dormant or inoperative.

A bench comprising Justices Vikram Nath and Sandeep Mehta issued notifications to entities like the RBI and SEBI, among others, in response to the plea filed by Aakash Goel. The plea highlights the plight of small investors and depositors, claiming that Rs 3.5 lakh crore has not been returned to rightful investors.

The petition urges the establishment of a seamless system, in collaboration with other government departments, to enable entities to recognize the demise of asset holders and effectively communicate with family members in cases where nominees aren't designated. The court plans to hear the matter in four weeks.

(With inputs from agencies.)