FM Initiates Drive To Return Rs 1.84 Lakh Cr Unclaimed Assets
Union Finance Minister Nirmala Sitharaman on Saturday initiated a nationwide awareness drive from Gandhinagar to help citizens reclaim unclaimed financial assets worth Rs 1.84 lakh crore that remain with banks, insurance companies, mutual funds and regulators.The three-month campaign, called Aapki Poonji, Aapka Adhikar (Your Money, Your Right), is aimed at informing people about unclaimed deposits, shares, dividends, insurance proceeds and pension funds, and providing easier access to claim them. “This is your money. It is lying safe with the government as custodian. You come when you want with the required papers, and it will be handed over to you,” Sitharaman said.
Citing figures from the Department of Financial Services, she said more than Rs 75,000 crore of unclaimed bank deposits have already been transferred to the Reserve Bank of India, while the insurance sector is holding over Rs 14,000 crore. The mutual fund industry has more than Rs 3,000 crore unclaimed, and about 172 crore shares valued at nearly Rs 19,000 crore are also waiting to be claimed. In the past month alone, officials said, claims worth Rs 450 crore have been settled.
The minister underlined three key goals for the campaign—Awareness, Access and Action—and urged government and bank officials to spread the word in communities. “Awareness, Access and Action must drive this campaign so that no citizen is denied what rightfully belongs to them,” she said, adding that officials should guide people through the RBI’s UDGAM portal and similar helpdesks.
Sitharaman also credited Prime Minister Narendra Modi for pushing the ministry to actively pursue the matter. “The Prime Minister has been telling us to go from place to place and make people aware that their money is lying with institutions. It is high time we bridge the gap and make sure citizens are reunited with their assets,” she said.
The minister appreciated Gujarat for taking the lead in supporting the campaign and said the initiative would gradually be scaled up across the country over the next three months.
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