₹1.84 Lakh Crore Lying Unclaimed in Banks, Insurance, and Provident Funds: FM Sitharaman

Gandhinagar, Gujarat:
Union Finance Minister Nirmala Sitharaman on Saturday disclosed that financial assets worth ₹1.84 lakh crore are currently lying unclaimed across banks, insurance companies, provident funds, and regulatory bodies.

She made the announcement at the launch of the three-month campaign “Apki Poonji, Apka Adhikar” (Your Money, Your Right), which focuses on creating awareness about unclaimed financial assets.

“The money is safe, the government is the custodian. If proper documentation is presented, these funds will be returned to their rightful owners,” Sitharaman assured.

Where Does the Unclaimed Money Go?

• Bank deposits: If unclaimed for years, they are transferred from commercial banks to the Reserve Bank of India (RBI).
• Shares, dividends, and similar assets: These move to the Investor Education and Protection Fund (IEPF) under the Securities and Exchange Board of India (SEBI).
• Provident fund and insurance policies: These remain with the concerned institutions until claimed.

To simplify tracking, the RBI has introduced the UDGAM (Unclaimed Deposits Gateway to Access Information) portal, enabling individuals to locate deposits across banks even if they have been transferred. Banks are also setting up assistance stalls for claimants.

The Campaign’s Objective:

The minister outlined the campaign’s focus on “3 A’s – Awareness, Access, and Action.”

1. Awareness – Inform people about their unclaimed assets and the process to reclaim them.
2. Access – Provide platforms like UDGAM and bank helpdesks to make the claims process easier.
3. Action – Officials must proactively reach out, act on available documents, and ensure assets reach rightful owners.

Sitharaman cited the example of Gujarat Gramin Bank, which pledged to send officials to every village to trace deposit holders or their heirs.

Why Assets Remain Unclaimed:

Many financial assets remain unclaimed due to reasons like:

• Death of the account holder without informing nominees,
• Outdated KYC or address details,
• Lack of awareness about matured insurance policies or dividends.

The campaign seeks to bridge this information gap and return money to citizens who may not even know their funds exist.