Expense Account, Mint
Rs1,09,544 crore. According to the Reserve Bank of India (RBI), this is the money inunclaimed deposits in all scheduled commercial banks in India in 2007 . Add another Rs3,800 crore of unwanted money with the Employees Provident Fund. And several thousand crore more of unclaimed funds with the Life Insurance Corp. of India (LIC), for which I do not have any data, but expert estimates say it would be in four digits with a crore sitting comfortably behind. Why would somebody sweat away at work, stay away from kids, lose out on taking holidays and doing what they really loved, fight, scheme, machinate to get money under their belts and then die with all of it lying unwanted in some cold vault in the innards of the Indian financial system?