India's Department of Financial Services is collaborating with the Reserve Bank of India to create a comprehensive digital platform that will consolidate all types of dormant financial holdings, including bank deposits, insurance claims, mutual fund investments, shares, and dividend payments. The current system of multiple separate portals for different asset categories creates confusion among citizens. The new consolidated platform will serve as a one-stop solution coordinated by the RBI, bringing together information from all financial sector regulators into a single searchable interface.

 

Recent statistics reveal that approximately 1.08 lakh crore in unclaimed funds are sitting idle across banks, mutual funds, insurance providers, and unpaid dividend accounts. The fragmented nature of existing systems—where customers must navigate different platforms depending on whether their assets fall under banking, insurance, or securities regulations—often discourages people from pursuing their rightful claims.

 

Currently, individuals seeking to recover dormant assets must use separate mechanisms: the RBI's UDGAM portal for bank deposits, SEBI's MITRA platform for securities, IRDAI's Bima Bharosa for insurance, the Ministry of Corporate Affairs' Investor Education and Protection Fund, and various EPFO systems for provident fund claims.

 

The government launched a three-month nationwide awareness initiative in October called "Aapki Poonji Aapka Adhikar" (Your Money, Your Right), spearheaded by Finance Minister Nirmala Sitharaman. This campaign, running through December, involves coordination among the Department of Financial Services, RBI, IRDAI, SEBI, and IEPFA.

 

Through outreach camps and facilitation efforts organized across districts, the campaign has already helped return 1,887 crore to legitimate claimants and their nominees. While Nagaraju acknowledged these figures may seem modest, he emphasized they represent the initial impact of awareness building, with expectations of many more families coming forward.

 

The unified portal aims to deliver greater convenience, transparency, and trust while reducing customer friction. This is particularly beneficial for families dealing with legacy accounts or individuals attempting to trace forgotten investments. The platform will eliminate the need to match old records against multiple institutional databases.

 

According to existing RBI guidelines, financial institutions must process claims for unclaimed assets worth 15 lakh or more within 15 days of receiving proper documentation. The new portal is expected to accelerate settlement timelines as digital access improves and more awareness camps are conducted.

 

Many financial assets remain unclaimed primarily due to lack of awareness or outdated contact information in account records. The ongoing campaign provides citizens with on-site assistance for searching dormant assets, updating records, and completing claim procedures. Digital tools and step-by-step demonstrations are also being showcased at these events.

 

By merging scattered databases into one national platform, the government seeks to enhance transparency, reduce duplication, and enable regulators to track dormant accounts more effectively. The consolidated system represents a significant step toward financial inclusion and helping citizens reclaim their rightful savings.

 

The portal launch is expected shortly, marking a major reform in how India handles unclaimed financial resources.