New Delhi, March 24 – The government has intensified its efforts to help citizens recover over ₹73,000 crore in unclaimed deposits held by banks, insurance companies, and mutual funds. Regulators are implementing simplified claim processes, digital tracking platforms, and nationwide awareness campaigns, according to information provided to Parliament on Tuesday.
Minister of State for Finance, Pankaj Chaudhary, stated in the Rajya Sabha that unclaimed deposits with public sector banks have exceeded ₹60,500 crore, while regulators are actively working to assist citizens in tracking and recovering these idle financial assets.
Furthermore, public sector banks transferred ₹60,518 crore to the Reserve Bank of India's Depositor Education and Awareness (DEA) Fund by the end of January 2026, he added.
In addition, unclaimed insurance amounts stand at ₹8,973.89 crore, according to data from the Insurance Regulatory and Development Authority of India (IRDAI). Unclaimed funds in mutual funds amount to ₹3,749.34 crore, according to the Securities and Exchange Board of India (SEBI).
The RBI has issued comprehensive guidelines for settling the claims of deceased customers and has launched an incentive scheme, offering 5% to 7.5% of the unclaimed deposit amount (subject to a cap) for successful claim settlements, starting from October 2025.
Banks have also been instructed to conduct periodic drives, publish lists of unclaimed deposits, and run awareness campaigns, according to the minister.
Similarly, SEBI has simplified the transmission norms for mutual funds, including reduced documentation for claims up to ₹5 lakh and faster processing through digitization and dedicated investor support systems.
The government has also launched a nationwide campaign, "Your Money, Your Right," between October and December 2025.
The minister noted that as of February 2026, ₹5,777 crore worth of unclaimed assets linked to nearly 23 lakh claims have been returned to rightful owners.
Regulators have also introduced dedicated platforms such as IRDAI's Bima Bharosa and SEBI's MITRA to help individuals track unclaimed insurance and mutual fund assets.
During the parliamentary session, the minister also highlighted that the Reserve Bank of India has proposed revised norms on customer liability in unauthorized digital banking transactions, including a compensation mechanism, and released them for public consultation earlier this month.
To curb fraud, the RBI has deployed its AI-based "MuleHunter.AI" system across 26 banks, while the Indian Digital Payment Intelligence Corporation has been set up to detect and analyse fraud in real time.
He also stated that regulators are intensifying awareness efforts through campaigns such as the RBI's "RBI Kehta Hai" and the Securities and Exchange Board of India's "SEBI vs SCAM" initiative.
