RBI, IRDAI and SEBI step up efforts to help citizens reclaim unclaimed financial assets
India’s top financial regulators – Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), and Securities and Exchange Board of India (SEBI) – have intensified efforts to help citizens recover unclaimed deposits and investments through simplified procedures, digital platforms, and regulatory reforms.
To boost public awareness and facilitate claims, the Department of Financial Services conducted a nationwide campaign titled “आपकी पँजूी, आपका अधिकार – Your Money, Your Right” between October and December 2025. The campaign covered 748 districts and led to the return of ₹5,777 crore across 22.95 lakh claims to rightful owners as of February 28, 2026.
The information was shared in the Rajya Sabha by Minister of State for Finance Pankaj Chaudhary on Tuesday.
According to Finance Ministry, unclaimed deposits transferred by public sector banks to the RBI’s Depositor Education and Awareness (DEA) Fund stood at ₹60,518 crore as of January 31, 2026. In addition, unclaimed insurance amounts with insurers totalled ₹8,973.89 crore, while unclaimed mutual fund assets under SEBI regulations stood at ₹3,749.34 crore as of February 28, 2026.
To address the growing volume of unclaimed financial assets, regulators have rolled out several initiatives aimed at improving transparency and easing claim settlement processes. The RBI has issued consolidated guidelines for settlement of claims, including those of deceased customers, and introduced an incentive scheme offering payouts of 5-7.5 per cent of the unclaimed amount (subject to a cap) for successful claims. Banks have also been directed to conduct regular outreach drives, publish lists of unclaimed deposits, and trace rightful claimants.
In a significant reform, the Banking Laws (Amendment) Act, 2025 now allows multiple nominations in bank accounts, enabling up to four nominees. The Indian Banks’ Association (IBA) has also introduced a common application form and standard operating procedures through dedicated bank portals to streamline claims.
The IRDAI has mandated insurers to collect nominee details at the proposal stage and proactively reach out to policyholders regarding pending claims. It has also made standard operating procedures, FAQs, and awareness materials available online to assist claimants.
Similarly, SEBI has simplified claim processes for mutual funds by easing documentation requirements for claims up to ₹5 lakh and introducing image-based processing systems to speed up settlements. Asset management companies have also been directed to set up dedicated help desks and webpages for investors.
Digital platforms have also played a key role in this effort. The RBI’s UDGAM portal allows users to search for unclaimed deposits across multiple banks in one place and has already registered over 18.86 lakh users. Similarly, IRDAI’s Bima Bharosa portal and SEBI’s MITRA platform enable citizens to trace unclaimed insurance and mutual fund assets, respectively.
Further, the 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.
