The Reserve Bank of India on Friday said its campaigns and incentives to encourage customers to claim unclaimed deposits have resulted in monthly payouts rising to Rs 1,043 crore in December, compared with an average monthly payout of Rs 100–200 crore earlier.
How much money remains unclaimed with banks?
The total amount of unclaimed deposits, including interest, stood at Rs 85,000 crore.
What did RBI officials say about the rise in payouts?
Deputy Governor S C Murmu said, “Month-wise, the amount of money returned to customers has gone up. In December, the figure stood at Rs 1,043 crore. In November, it was Rs 802 crore and in October, it was Rs 759 crore. Before this campaign, it was averaging around Rs 100 to 200 crore. So this has actually picked up, and January figures are yet to come and we believe it will be much better.”
What is the government’s nationwide campaign on unclaimed assets?
In December, the government launched a nationwide campaign, Aapki Poonji, Aapka Adhikar — Your Money, Your Right, to facilitate the settlement of unclaimed financial assets, including bank deposits, insurance proceeds, dividends, shares, mutual funds and pensions, to their legitimate claimants.
Which regulators are part of the initiative?
The campaign involves collaborative participation by financial sector regulators, including the RBI, the Securities and Exchange Board of India, the Insurance Regulatory and Development Authority of India, the Pension Fund Regulatory and Development Authority and the Investor Education and Protection Fund Authority.
How much has been returned to customers so far?
As a result of the government campaign and related incentives, regulators, including the RBI, have returned Rs 5,000 crore. Of this, Rs 1,043 crore was returned to customers in December alone.
How are digital platforms helping claimants?
Existing platforms such as the RBI’s UDGAM for unclaimed bank deposits, Irdai’s Bima Bharosa for unclaimed insurance proceeds and Sebi’s MITRA for unclaimed mutual funds have enabled citizens to trace unclaimed assets more efficiently. During the first two months of the campaign, unclaimed funds of around Rs 2,000 crore were claimed by their rightful owners.
What is the UDGAM portal and when was it launched?
In 2023, the RBI launched the centralised web portal UDGAM, or Unclaimed Deposits — Gateway to Access inforMation, to help the public search for unclaimed deposits across banks at a single location. The portal was designed to help customers claim their money or make their accounts operative at their respective banks.
What did the government say in Parliament about unclaimed deposits?
Recently, the Ministry of State for Finance told the Lok Sabha that the total amount of unclaimed deposits with the Depositor Education and Awareness Fund stood at Rs 74,580.25 crore as of FY25. During the year, Rs 1,818.19 crore was reimbursed to banks towards refunds and settlement of unclaimed funds.
 "Unclaimed deposit payouts jump to ₹1,000 crore a month, says RBI")
