Banking: Banks have Rs 1.84 lakh crore of unclaimed money lying unclaimed. Here's how to claim your money...

Union Finance Minister Nirmala Sitharaman said on Saturday that financial assets worth ₹1.84 lakh crore (approximately $1.84 trillion) lie unclaimed with banks and regulators. She urged officials to ensure that these assets reach their rightful owners. Sitharaman launched the three-month "Your Capital, Your Rights" campaign from Gandhinagar in the presence of Gujarat Finance Minister Kanubhai Desai and senior officials from banks and the Finance Ministry.

The Union Finance and Corporate Affairs Minister stated that financial assets worth ₹1.84 lakh crore (approximately $1.84 trillion) lie unclaimed with banks and regulators, whether in the form of bank deposits, insurance, provident funds, or shares. She urged officials to work on three aspects: awareness, outreach, and action, to return these unclaimed assets to their rightful owners during the three-month campaign.

The real owners will receive the money.
Sitharaman said, "Unclaimed funds are lying with banks, the RBI, or the IEPF (Investor Education and Protection Fund). We need to find the real owners and claimants of these funds and hand them over." She assured, "According to the Department of Financial Services (DFS), ₹184,000 crore is lying there. This money is safe. I can assure you that it is completely safe. You can come with the proper documents whenever you want. You will be given the money. The government is its custodian."

The minister said that if, for some reason, assets remain unclaimed for a long time, they are transferred from one institution to another. She said that in the case of deposits, this goes from banks to the RBI, and in the case of shares or similar assets, it goes from SEBI to "some other center or the IEPF."

Claims can be made through the UDGAM portal.
Sitharaman said, "The RBI has created the UDGAM (Unclaimed Deposits Gateway to Access Information) portal. So, it's moving from one unclaimed area to another. As soon as you make a claim, you'll get it. So, I really think it's time we all spread the word about this."

The minister urged government and bank officials to create awareness among people so that they come forward and claim their rightful assets, such as insurance policies that have matured and remained unclaimed. She told officials, "Spread awareness. Tell them that your money is lying there, come with this document, and take it. You can be ambassadors and tell people if they haven't claimed their rightful assets yet. Just tell them to find the documents and register on the portal."

She continued, "Whatever you (officials) have, like small pieces of paper, act on them." She added that only a concerted effort will make this campaign successful. Sitharaman said that Prime Minister Narendra Modi himself instructed her and the ministry to go to every location, call people, and ask them to collect their dues.

Sitharaman also praised the Gujarat Gramin Bank, which assured her that its officials would visit every village in the state to find the rightful owners of unclaimed deposits.

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