Your Money, Your Right: Reclaiming Citizen Assets
Context
The Government has launched the nationwide initiative “Your Money, Your Right” to help citizens reclaim unclaimed financial assets. Since its launch, the initiative has facilitated the return of nearly ₹2,000 crore to rightful owners.
What are Unclaimed Financial Assets (UFA)?
Financial resources held with banks, insurers, mutual funds, or other financial institutions that remain unclaimed by the account holder or their legal heirs for an extended period.
Assets Included
- Bank deposits: Savings accounts, current accounts, fixed deposits, and recurring deposits that have not been operated for 10 years or more.
- Insurance policy proceeds: Amounts unpaid beyond the policy due date.
- Mutual fund proceeds or dividends: Uncredited amounts due to reasons such as change in bank account, closure of bank account, or incomplete account details.
- Dividends and shares: Unclaimed dividends and shares transferred to statutory authorities.
- Pension and retirement benefits: Benefits not claimed within the standard timeframe.
Reasons for Unclaimed Assets
- Migration for work
- Changes in contact details
- Closure of old accounts
- Lack of awareness among family members or legal heirs
Volume of Unclaimed Financial Assets in India
- Bank deposits: ₹78,000 crore
- Insurance policy proceeds: ₹14,000 crore
- Mutual fund amounts: ₹3,000 crore
- Dividends: ₹9,000 crore
These figures highlight the vast amount of citizen savings that remain unused, even though they are securely held in the financial system.
What is the “Your Money, Your Right” Initiative?
Launch: A nationwide 3-month awareness and facilitation drive (October–December 2025) covering all States and Union Territories.
Coordinated by: Department of Financial Services, Ministry of Finance, in collaboration with:
- Reserve Bank of India (RBI)
- Insurance Regulatory and Development Authority of India (IRDAI)
- Securities and Exchange Board of India (SEBI)
- Investor Education and Protection Fund Authority (IEPFA)
- Pension Fund Regulatory and Development Authority (PFRDA)
Objective: Help citizens identify, access, and reclaim financial assets through simple, transparent processes.
Framework: The campaign is anchored in the 3A approach — Awareness, Accessibility, and Action.
Citizen Outreach
- Digital platforms combined with on-ground engagement for wide coverage
- Facilitation camps: Conducted in 668 districts till 19 December 2025, coordinated by State-Level Bankers’ and Insurance Committees along with local administrations
- Citizens were assisted via helpdesks and digital kiosks to trace and claim assets, complete KYC/re-KYC, and enroll in financial inclusion schemes
Progress Achieved: Nearly ₹2,000 crore returned to rightful owners, reconnecting families with long-unclaimed financial assets.
Why Unclaimed Assets Matter
Beyond Numbers: Unclaimed assets represent real resources that individuals and families cannot access.
Household Impact: Restricts funds for education, healthcare, livelihood, and emergencies.
Senior Citizens’ Security: Includes pensions and insurance benefits, crucial for financial security.
Systemic Consequences: Weakens citizens’ trust and engagement with the formal financial system.
Government Response: The initiative strengthens household finances while enhancing the credibility and inclusiveness of the financial system.
Digital Platforms for Tracing Unclaimed Assets
- UDGAM Portal (RBI): Centralized search for unclaimed bank deposits across multiple banks.
- Bima Bharosa Portal: Enables tracing of unclaimed insurance policy proceeds for policyholders, nominees, and legal heirs.
- MITRA Portal: Mutual Fund Investment Tracing and Retrieval Assistant (MF Central) for tracing unclaimed or inactive mutual fund investments.
- IEPFA Portal: Allows tracing of unclaimed dividends, shares, or deposits using PAN, name, company name, or Demat/Folio number.
Way Forward
The “Your Money, Your Right” initiative is a citizen-centric effort to reconnect individuals and families with their unclaimed financial assets. By combining awareness, easy access, and coordinated facilitation, the initiative:
- Addresses long-standing gaps in the financial system
- Ensures rightful owners reclaim their money
- Strengthens trust in financial institutions
- Promotes financial inclusion and responsible practices
Ultimately, it contributes to a transparent, responsive, and citizen-first financial ecosystem, ensuring personal savings remain accessible, protected, and transferable.
Source : PIB