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Union Finance Minister Nirmala Sitharaman has asked banks and financial institutions to ensure that their customers nominate heirs, which can help reduce the quantum of unclaimed money. 

She said ‘I want banking system, the financial ecosystem (including) the mutual funds, stock markets... everybody to keep in mind that when someone deals with his (customer's) money, the organisations will have to think about the future and ensure that they (customers) nominate their heir, give the name and address’. 

The minister also said that it is essential to build a responsible financial ecosystem, and added that one laggard can cause a disruption. She also said that tax havens and round tripping of money are a threat to responsible financial ecosystem. She asked fintech companies to invest in cybersecurity and said that trust is very important.