The government is intensifying efforts to assist citizens in recovering more than Rs 73,000 crore lying unclaimed in banks, insurance firms, and mutual funds. Minister of State for Finance Pankaj Chaudhary informed the Rajya Sabha about the initiatives, including simplified claim processes, digital tracking platforms, and nationwide awareness campaigns. Unclaimed deposits in public sector banks have surpassed Rs 60,500 crore, prompting regulators to enhance measures for locating and retrieving dormant financial assets.
Rs 60,518 crore has been transferred to the Reserve Bank of India’s Depositor Education and Awareness (DEA) Fund by public sector banks as of January 2026. Additionally, unclaimed insurance amounts total Rs 8,973.89 crore, as reported by the Insurance Regulatory and Development Authority of India (IRDAI). Mutual funds hold unclaimed funds amounting to Rs 3,749.34 crore, according to the Securities and Exchange Board of India (SEBI).
To expedite the settlement of claims for deceased customers, the RBI has issued comprehensive guidelines and introduced an incentive scheme since October 2025. Banks have been directed to conduct regular campaigns, publish lists of unclaimed deposits, and raise awareness among the public. SEBI has streamlined transmission norms for mutual funds, reducing documentation for claims up to Rs 5 lakh and facilitating faster processing through digitization and specialized investor support systems.
The government’s “Your Money, Your Right” campaign, conducted from October to December 2025, aims to raise awareness about unclaimed assets. Minister Chaudhary highlighted that nearly 23 lakh claims, linked to unclaimed assets worth Rs 5,777 crore, have been returned to their rightful owners as of February 2026. Regulators have introduced dedicated platforms like IRDAI’s Bima Bharosa and SEBI’s MITRA to aid individuals in tracking unclaimed insurance and mutual fund assets.
During a recent Parliament session, the minister emphasized the Reserve Bank of India’s proposal for revised norms on customer liability in unauthorized digital banking transactions. The RBI has introduced a compensation mechanism and released the norms for public consultation. In the fight against fraud, the RBI has implemented the AI-based “MuleHunter.AI” system in 26 banks, while the Indian Digital Payment Intelligence Corporation has been established to detect and analyze real-time fraud. Regulators are also enhancing awareness campaigns like RBI’s “RBI Kehta Hai” and SEBI’s “SEBI vs SCAM” initiative.
