Your Old Money Is Lying in Banks or Insurance Companies: Government Launches New Portal..

It often happens that people deposit money in a bank and subsequently forget about it, or funds associated with old insurance policies, shares, or mutual funds remain unclaimed for years. To address this significant issue, the government has taken a crucial step. The Department of Financial Services, operating under the Ministry of Finance, has launched a new portal titled the ‘Common Landing Portal for Unclaimed Financial Assets.’ Through this dedicated website (www.unclaimedassetsportal.in), any citizen of the country can now easily trace funds belonging to themselves or their family members that have remained unclaimed for years.

**All Information Available on a Single Platform**
In the past, if one needed to inquire about an old bank account, fixed deposit, or insurance policy, it required visiting the websites or offices of various separate institutions. Now, this new portal has vastly simplified the entire process. It serves as a unified platform where you can simultaneously search for information ranging from banking and insurance to stock market dividends and mutual funds. The entire financial ecosystem has been integrated into this single location to ensure that the common citizen faces no technical or administrative hurdles in locating the funds rightfully belonging to them.

**Backed by Public Sector Banks**
This significant portal has been developed with the special collaboration of the Public Sector Bank Alliance (PSBA). It is worth noting that this Alliance serves as a joint and centralized organization representing the country's 12 major public sector banks. Working in conjunction with these government-owned banks, the Department of Financial Services has ensured that the general public has access to a transparent and entirely citizen-centric system.

**Recovering Lost Funds Made Easy**
Speaking at the launch of this pivotal portal, M. Nagaraju, Secretary of the Department of Financial Services, emphasized its far-reaching benefits. He stated that the primary objective of this portal is to significantly enhance convenience for the common citizen. When search facilities that were previously scattered across various locations are consolidated onto a single platform, it saves both time and energy for the public. This government initiative represents a robust effort to reconnect all those individuals—who, for one reason or another, had become separated from their own accumulated savings—with their rightful financial entitlements. Now, any ordinary citizen can effortlessly verify whether any unclaimed funds belonging to them exist within the system.

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