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India's financial sector regulators - Reserve Bank of India, Insurance Regulatory and Development Authority of India and Securities and Exchange Board of India have intensified efforts to help citizens reclaim vast amounts of unclaimed financial assets through simplified procedures, digital platform
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FAQ :
As of February 2026, there is over Rs 60,518 crore in unclaimed bank deposits, Rs 8,973.89 crore in unclaimed insurance amounts, and Rs 3,749.34 crore in unclaimed mutual fund amounts, totalling over Rs 73,000 crore.
The RBI, IRDAI, and SEBI are simplifying claim processes, launching digital portals, and implementing regulatory reforms to enhance access, transparency, and speed up claim settlements.
This nationwide campaign, held from October to December 2025, aimed to help citizens trace and claim their unclaimed financial assets. It resulted in the return of Rs 5,777 crore across 22.95 lakh claims.
Yes, the RBI has developed the UDGAM portal for unclaimed deposits, IRDAI has the Bima Bharosa portal for insurance, and SEBI has the MITRA platform for mutual funds. An integrated portal is also being developed.
Banks are now encouraged to undertake periodic drives to trace depositors or nominees, publish lists of unclaimed deposits, and conduct awareness campaigns. The Banking Laws (Amendment) Act, 2025, allows for multiple nominations in bank accounts.
An incentive scheme, effective from October 1, 2025, provides a payout of 5% to 7.5% of the unclaimed deposit amount for successful claim settlements, subject to a cap.
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