News: Your Money, Your Right” is a nationwide awareness and facilitation initiative launched in 2025 to help citizens identify and reclaim unclaimed financial assets lying within the regulated financial system.
About “Your Money, Your Right” Initiative
- This initiative is a nationwide awareness and facilitation initiative to help citizens identify and reclaim unclaimed financial assets.
- The initiative addresses unclaimed savings across banks, insurance, mutual funds, dividends, shares and retirement benefits held within the regulated financial system.
- Coordinated by: The initiative is coordinated by the Department of Financial Services in collaboration with RBI, IRDAI, SEBI, IEPFA, and PFRDA to ensure a unified and citizen-centric approach.
- The initiative combined digital platforms with district-level facilitation camps across all States and Union Territories to ensure accessibility and direct citizen support.
- Impact: Through coordinated efforts, nearly ₹2,000 crore was returned to rightful owners, while also improving awareness about nominations, KYC compliance, and financial record-keeping.
About Unclaimed Financial Assets
- About Unclaimed Financial Assets: Unclaimed financial assets refer to funds held with financial institutions that remain unclaimed by the account holder or their legal heirs for an extended period. These includes:
- dormant bank deposits such as savings, current, fixed and recurring accounts inactive for ten years or more;
- unpaid insurance policy proceeds;
- uncredited mutual fund redemption amounts or dividends due to changes or closure of bank accounts or incomplete records;
- unclaimed dividends and shares transferred to statutory authorities and pension or retirement benefits not claimed in the normal course
- In most cases, such assets remain unclaimed due to common life events like migration, changes in contact details, closure of old accounts, or lack of awareness among family members and legal heirs.
- Some portals started for this initiative
- UDGAM Portal (Bank Deposits): The portal, developed by RBI, enables citizens to search for unclaimed bank deposits held for ten years or more across participating banks through a centralized platform.
- Bima Bharosa Portal (Insurance): The IRDAI’s Bima Bharosa portal helps policyholders, nominees, and legal heirs trace unclaimed insurance proceeds that remain unpaid beyond the due date.
- MITRA Portal (Mutual Funds): The MITRA platform on MF Central assists investors in identifying unclaimed or inactive mutual fund investments and guides them towards initiating claims with the concerned AMC or RTA.
- IEPFA Portal (Dividends and Shares): The IEPFA portal allows individuals to trace and claim unclaimed dividends and shares transferred to the Investor Education and Protection Fund after seven years.
