Unified Portal to Help Indians Reclaim Lost Savings
The Indian government and Reserve Bank of India are developing a unified portal that will allow citizens to easily search and claim unclaimed financial assets across multiple sectors.
Key Takeaways
- Single platform for unclaimed deposits, shares, insurance, and dividends
- Integration of existing portals like UDGAM, MITRA, and Bima Bharosa
- Rs 1,887 crore already returned to rightful owners through outreach
What the New Portal Will Offer
Department of Financial Services Secretary M Nagaraju announced that the finance ministry and RBI are creating an integrated system to help citizens locate idle savings. “The Department of Financial Services is working with the Reserve Bank of India (RBI) to develop a unified integrated portal… for across all the regulators and to be coordinated by the RBI,” Nagaraju stated.
While separate portals already exist including RBI’s UDGAM, Sebi’s MITRA and Irdai’s Bima Bharosa, the new unified platform will provide greater convenience and transparency for users searching for unclaimed funds.
Addressing the Unclaimed Assets Challenge
Low awareness has left substantial amounts of unclaimed assets idle in accounts across various financial instruments. Unclaimed assets — including bank deposits, insurance proceeds, dividends, shares and mutual fund redemption amounts — often remain unsettled due to outdated records or lack of awareness.
Finance Minister Nirmala Sitharaman launched a three-month nationwide awareness drive titled ‘Aapki Poonji, Aapka Adhikar’ on October 4 to streamline recoveries across the financial sector.
Current Progress and Future Outlook
Outreach efforts have already enabled the return of Rs 1,887 crore to rightful owners or their nominees. More settlements are expected as digital access widens and additional facilitation camps are organized.
During the campaign, citizens receive on-the-spot assistance to search for unclaimed assets, update KYC details, and complete claim procedures, with digital demonstrations offered at the camps.
