Nationwide Drive to Help Citizens Reclaim Dormant Funds
A significant public awareness campaign has been launched to address the massive issue of unclaimed assets lying dormant with India's financial institutions. The initiative, titled 'Aapki Poonji, Aapka Adhikar' (Your Money, Your Right), is a three-month nationwide effort spearheaded by the Department of Financial Services (DFS) under the Union Ministry of Finance.
The campaign aims to guide the public on how to search for and claim their rightful share of an astonishing Rs 1.82 lakh crore in unclaimed funds. This money is currently held by various regulators and financial entities.
Practical Steps for Claiming Your Money
At a recent meeting in the Ludhiana Zone, key officials outlined the methods available to the public. The chief guest, Jeevandeep Singh, urged attendees to spread awareness within their families and communities. "Many people may have old documents or papers that can help them recover their rightful money," he stated, explaining the practical avenues for claiming these funds.
A critical focus of the campaign is on preventive measures. Officials strongly emphasised the importance of two key actions: completing Re-KYC and adding nominations to bank accounts and other financial instruments. Regularly updating Know Your Customer (KYC) details and ensuring a nominee is in place can prevent immense complications for families when settling claims, especially in the unfortunate event of an account holder's demise.
A Coordinated Effort Across Financial Regulators
This is not an isolated effort but a massive, coordinated drive involving India's top financial regulators. The campaign, which runs from October to December, is being conducted in collaboration with the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI), the Securities and Exchange Board of India (SEBI), and the Investor Education and Protection Fund Authority (IEPFA).
The primary goal is to empower ordinary citizens by providing clear guidance on how to search for unclaimed deposits, insurance benefits, and shares, update their records with financial institutions, and successfully navigate the claim procedures to get their money back.
