₹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.
Why it matters
This highlights the impact of digital governance and administrative reform in unlocking significant capital for the public.
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).
Speaking at a public policy lecture on economic reforms at MOP Vaishnav College for Women at Chennai, Mr. Sanyal detailed how his team uncovered and fixed the process governing the Investor Education and Protection Fund (IEPF), the repository where unclaimed shares and dividends are transferred when heirs or shareholders fail to claim them in time.
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