The Indian government is set to revolutionize how citizens reclaim their lost or forgotten financial assets. The finance ministry, in collaboration with the Reserve Bank of India (RBI), is developing a unified digital portal that will serve as a one-stop solution for searching and claiming unclaimed assets across various financial sectors.
A Single Window for Multiple Assets
M Nagaraju, Secretary of the Department of Financial Services (DFS), announced this significant initiative on Thursday. He revealed that the new platform will integrate access to unclaimed bank deposits, pension funds, shares, dividends, and other financial instruments. The portal is being designed to be coordinated by the RBI and will bring together all financial regulators under one digital roof.
While separate portals like the RBI's UDGAM, Sebi's MITRA, and Irdai's Bima Bharosa already exist, this new system aims to eliminate the need for citizens to navigate multiple websites. The integrated portal promises greater convenience and transparency, making it significantly easier for individuals to locate funds they may have lost track of.
Driving Awareness and Recovery
The push for this unified system stems from a critical issue: a massive amount of unclaimed assets remains idle in accounts due to low public awareness. Nagaraju highlighted that outreach efforts have already yielded impressive results, with Rs 1,887 crore successfully returned to their rightful owners or nominees so far.
This initiative is a core part of the ongoing 'Aapki Poonji Aapka Adhikar' nationwide awareness drive, which was launched by Finance Minister Nirmala Sitharaman on October 4. This three-month campaign focuses on financial inclusion and education, actively helping people reclaim what is rightfully theirs.
On-the-Ground Support for Citizens
The government is not relying solely on digital means. As part of the campaign, mega camps are being organized across the country, like the recent Punjab National Bank event. At these camps, citizens receive on-the-spot assistance to search for their unclaimed assets, update their KYC (Know Your Customer) details, and complete the entire claim procedure. Digital demonstrations are also provided to guide people through the process.
Unclaimed assets typically include bank deposits that have been inactive for long periods, insurance proceeds that were never collected, unpaid dividends, and shares or mutual fund redemption amounts. These often go unsettled because of outdated contact records or a simple lack of knowledge that such funds exist.
With the launch of the new unified portal and the continued expansion of digital access and facilitation camps, the government expects the rate of settlements to increase substantially, putting billions of rupees back into the hands of Indian citizens.
