Nirmala Sitharaman flags Rs 1.84 lakh crore in unclaimed financial assets with banks, regulators

Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Saturday said financial assets worth Rs 1.84 lakh crore were lying unclaimed with banks and regulators, and urged officials to ensure these funds reach their rightful owners.

Launching the three-month “Apki Poonji, Apka Adhikar” (Your Money, Your Right) campaign in Gandhinagar, Sitharaman asked officials to focus on “Awareness, Access and Action” to help citizens reclaim their money.

“Unclaimed monies are lying with the banks or with the RBI or with the IEPF (Investor Education and Protection Fund). We have to find the rightful owners and claimants of those funds and hand the money over to them,” Nirmala Sitharaman said.

The finance minister assured that the money is secure. “As per the DFS (Department of Financial Services), Rs 1,84,000 crore is lying there. It is safe. I can assure you it is absolutely safe. You come when you want with proper papers. Money will be given to you. The government is the custodian for it,” Sitharaman said.

Speaking on the occasion, the Union Finance Minister Nirmala Sitharaman highlighted that the campaign carries a simple but powerful message that every rupee saved by citizens must return to them or their families.

“Unclaimed deposits, insurance proceeds, dividends, mutual fund balances, and pensions are not mere entries on paper; they represent the hard-earned savings of ordinary families — savings that can support education, healthcare, and financial security”, the Finance Minister added.

Further, the Union Finance Minister underlined the importance of the “3 A’s” — Awareness, Accessibility and Action — as the guiding principles of this campaign. Awareness aims to ensure that every citizen and community are informed about how to trace unclaimed assets. Accessibility focuses on providing simplified digital tools and district-level outreach. Action emphasizes time-bound and transparent claim settlements.

“Together, these three pillars will help bridge the gap between citizens and financial institutions, promoting community awareness and ensuring that every individual can reclaim their rightful savings with dignity and ease”, Smt. Nirmala Sitharaman said.

Nirmala Sitharaman also explained that unclaimed funds are transferred between institutions depending on the nature of the asset, from banks to the RBI for deposits, and from SEBI to the IEPF for shares and other investments.

Referring to the RBI’s UDGAM (Unclaimed Deposits Gateway to Access Information) portal, Sitharaman said, “The moment you claim it, you get it. So, I honestly think it is high time that all of us spread the word to everyone.”

On the “awareness” front, she urged officials to reach out to people with unclaimed insurance policies and deposits. “The first A is awareness. Build awareness. Tell them that your money is lying there, come with this document and take it,” she said. “The third A is action, where you act on whatever you have, like small bits of papers,” she added.

Sitharaman said Prime Minister Narendra Modi had personally pushed the initiative, asking the ministry to “bridge the gap and make sure people can take it.”

She also praised the Gujarat Gramin Bank for promising to visit every village in the state to trace rightful owners of unclaimed deposits.

*With Agency Inputs