Banking

Finance Minister Nirmala Sitharaman on Saturday unveiled a major national campaign aimed at returning nearly ₹1.84 lakh crore worth of unclaimed financial assets to their rightful owners. These funds are currently lying idle across banks, the Reserve Bank of India (RBI), insurance companies, mutual funds, provident fund accounts, and other financial institutions. The three-month-long initiative focuses on creating public awareness and simplifying the process for individuals and families to reclaim their lost or forgotten assets. “These unclaimed amounts are not the government’s property — they belong to citizens,” Sitharaman emphasized, noting that people have long demanded action to recover such funds from entities like the RBI or the Investor Education and Protection Fund (IEPF). Explaining the reasons behind unclaimed assets, she said they often result from missing documents, untracked policies, or lack of awareness, describing the situation as “a ripe fruit hanging within reach but not yet claimed by those it belongs to.” The campaign is structured around three core pillars — Awareness, Access, and Action. Awareness: Educating citizens about the existence of unclaimed money. Access: Enabling easier tracking through the RBI’s UDGAM portal. Action: Ensuring officials follow up on even the smallest clues to help people reclaim their assets. Reassuring the public, the Finance Minister said the funds remain safe and are merely held in custody by the government and financial institutions, not owned by them. “Whether with banks, SEBI, or any other body, the money is securely maintained,” she said. Unclaimed deposits are transferred to the RBI, while unclaimed shares and securities are moved to the IEPF. The government aims to use this drive to reconnect individuals with their financial assets and enhance public trust in the country’s financial ecosystem. Source: TNN