**Executive Summary**
This report details the intensified efforts by India’s financial regulators (RBI, IRDAI, and SEBI) to facilitate the reclamation of unclaimed financial assets. Following the "Your Money, Your Right" campaign (October–December 2025), which restituted ₹5,777 crore, new measures including the Banking Laws (Amendment) Act, 2025, and various digital portals have been introduced to streamline claims. Key provisions include an incentive scheme effective from October 1, 2025, and the development of an integrated search portal.
**Key Points / Main Content**
**Unclaimed Asset Statistics (as of February 2026)**
* Public Sector Banks have transferred ₹60,518 crore in unclaimed deposits to the RBI’s Depositor Education and Awareness (DEA) Fund.
* Unclaimed insurance amounts stand at ₹8,973.89 crore, while unclaimed mutual fund assets total ₹3,749.34 crore.
* The "Your Money, Your Right" campaign successfully settled 22.95 lakh claims across 748 districts.
**Banking Sector Reforms (RBI)**
* **Incentive Scheme:** Effective October 1, 2025, a payout of 5% to 7.5% of the unclaimed deposit amount (subject to a cap) is provided for successful settlements.
* **Regulatory Framework:** Claims are now governed by the consolidated RBI Responsible Business Conduction Directions, 2025.
* **Nomination Changes:** The Banking Laws (Amendment) Act, 2025, allows up to four successive or simultaneous nominations per account.
* **Standardization:** The Indian Banks’ Association (IBA) has introduced a Common Application Form and Standard Operating Procedure (SOP) for all bank portals.
**Insurance and Securities Measures (IRDAI & SEBI)**
* **Mandatory Documentation:** Insurers must now collect proposer and nominee details at the initial proposal stage.
* **Simplified Claims:** SEBI has eased documentation requirements for mutual fund claims up to ₹5 lakh.
* **Operational Efficiency:** Asset Management Companies (AMCs) are required to use image-based processing for claims to improve turnaround times.
* **Proactive Outreach:** Insurers are mandated to send advance intimations to customers regarding due claims and provide FAQs/educational videos on their websites.
**Digital Search Platforms**
* **UDGAM Portal:** Developed by the RBI to allow citizens to search for unclaimed deposits across multiple banks in one location.
* **Specialized Portals:** IRDAI utilizes the "Bima Bharosa" portal, while SEBI uses the "MITRA" platform for tracing assets.
* **Unified Integration:** An Inter-Regulatory Working Group is currently developing a single integrated web portal for all financial assets.
**Impact Analysis**
**Citizens / Rightful Claimants**
**Impact**
Claimants benefit from simplified documentation, multiple nomination options, and centralized digital tools that make tracing and reclaiming deceased relatives' or forgotten assets faster and more transparent.
**Action Required**
Register on the UDGAM, Bima Bharosa, or MITRA portals to search for unclaimed funds and utilize the Common Application Form for bank claims.
**Public Sector Banks and Private Insurers**
**Impact**
Financial institutions are now under stricter mandates to proactively trace depositors, maintain updated lists of unclaimed accounts, and implement faster processing technologies.
**Action Required**
Banks must transfer accounts inactive for 10+ years to the DEA Fund, implement the new 4-nominee system, and conduct periodic awareness drives. AMCs must establish dedicated help desks and implement image-based claim processing.
**Financial Regulators (RBI, IRDAI, SEBI)**
**Impact**
Regulators are tasked with increased oversight and the coordination of cross-sector data to reduce the "fresh accretion" of unclaimed assets.
**Action Required**
The Inter-Regulatory Working Group must complete the development of the single integrated web portal for comprehensive asset searching.
Key Entities Referenced
Reserve Bank of India (RBI): The primary financial regulator coordinating the restitution of unclaimed assets and issuer of the Responsible Business Conduction Directions, 2025.
“Your Money, Your Right” Campaign: A nationwide initiative organized by the Department of Financial Services that resulted in the return of ₹5,777 crore in unclaimed financial assets to claimants.
Depositor Education and Awareness (DEA) Fund: A fund where banks are mandated to transfer credit balances from accounts that have not been operated for 10 years or more.
Banking Laws (Amendment) Act, 2025: Legislative amendment that enables bank account holders to make up to four successive and simultaneous nominations to simplify the claim process.
UDGAM (Unclaimed Deposits – Gateway to Access InforMation): A centralized web portal developed by the RBI to enable citizens to search for unclaimed deposits across multiple banks in one location.
Ministry of Finance
RBI, IRDAI and SEBI Intensify Measures to Help
Citizens Reclaim Unclaimed Deposits
Simplified claim processes, digital portals and regulatory
reforms enhance access, transparency and faster claim
settlement
Unclaimed financial assets amounting to ₹5,777 crore
आपक पँजूी आपका
returned across 22.95 lakh claims under “ ,
अधकार
– Your Money, Your Right” nationwide campaign
Posted On: 24 MAR 2026 4:06PM by PIB Delhi
The Financial Sector Regulators namely, Reserve Bank of India (RBI), Insurance Regulatory and
Development Authority of India (IRDAI), and Securities and Exchange Board of India (SEBI) have
informed that as on 28.02.2026, the unclaimed amount transferred by Public Sector Banks (PSBs) to the
Depositor Education and Awareness (DEA) Fund of RBI is ₹ 60,518 crore (as on 31.1.2026). Further, the
unclaimed insurance amount outstanding with the insurers is ₹ 8,973.89 crore(as on 28.2.2026). Also, the
value of unclaimed amounts in mutual funds under SEBI regulations is ₹ 3,749.34 crore(as on 28.2.2026).
In order to ensure timely identification of rightful claimants, reducing both the existing stock of unclaimed
financial assets as well as the fresh accretion to it and to simplify and expedite the claim process for
citizens, various measures have been undertaken by the Financial Sector Regulators, including, inter alia,
the following:
i. The RBI has issued comprehensive directions on settlement of claims in respect of deceased
customers of banks, now consolidated under the RBI Responsible Business Conduction
Directions, 2025, and an incentive scheme effective from 1.10.2025 providing a payout of 5%
- 7.5% of the unclaimed deposit amount (subject to a cap) for successful settlement of claims.
Banks have also been advised to undertake periodic drives to trace depositors or nominees or
legal heirs, publish lists of unclaimed deposits and conduct awareness campaigns. The
Banking Laws (Amendment) Act, 2025 has enabled multiple nominations in bank accounts,
including successive and simultaneous nominations up to four. Further, the Indian Banks’
Association (IBA) has introduced a Common Application Form and SOP for settlement of
unclaimed deposits through a dedicated portal of banks.
ii. IRDAI has informed that the collection of details of proposer as well as nominee are
mandated and are required to be collected at the proposal stage itself. Insurers have been
advised to initiate all possible measures to reach out to their customer regularly by sending
advance intimation about their claims due and to enhance their efforts in tracing the rightful
recipient of unpaid amounts and ensure efficient disbursement of the same. Further, the SOPs,
FAQs and awareness videos are made available on IRDAI website.iii. SEBI has introduced multiple measures to simplify transmission procedures, including
promotion of nomination, simplified documentation for claims up to ₹5 lakh, and availability
of detailed guidelines, including required forms and documents for various scenarios on the
Association of Mutual Funds in India website. Further, as per as per SEBI’s Master Circular
on Mutual Funds, dated 27.6.2024, AMCs are required to implement the image-based
processing for nominee/joint holder claims to improve turnaround time and establish a
dedicated help desk and webpage to assist investors in the transmission process.
Further, with the objective of enabling citizens to trace and claim their unclaimed financial assets in a
simplified manner, the Department of Financial Services organised a nationwide campaign titled “आपक
पँजूी, आपका अधकार– Your Money, Your Right” during October– December 2025 in coordination with RBI,
SEBI, IRDAI. Special camps were organised in 748 districts, and as on 28.2.2026, unclaimed financial
assets amounting to ₹5,777 crore relating to 22.95 lakh claims have been restituted to their rightful
owners.
In terms of the DEA Fund Scheme, 2014, banks are mandated to transfer the credit balance in accounts
which have not been operated upon for a period of 10 years or more, to DEA Fund. Further, the total
amount of unclaimed deposits due to depositors which have been transferred to DEA Fund, form part of
Contingent Liability (as off- balance sheet item) of the respective banks.
RBI has developed the Centralised Web Portal UDGAM (Unclaimed Deposits – Gateway to Access
InforMation), which facilitates the registered users to search unclaimed deposits/ accounts across multiple
banks at one place. RBI has informed that as on 1.3.2026 there are 18.86 lakh registered users on the
UDGAM Portal.
IRDAI’s Bima Bharosa portal and SEBI’s MITRA platform have been developed for tracing unclaimed
insurance proceeds and mutual fund amounts, respectively. Further, RBI has constituted an Inter-
Regulatory Working Group to develop a single integrated web portal enabling citizens to search and claim
their unclaimed financial assets.
This information was given by the Minister of State in the Ministry of Finance Shri Pankaj Chaudhary in
Rajya Sabha today.
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