New Delhi, March 24 (IANS) The government has stepped up efforts to help citizens reclaim over Rs 73,000 crore lying unclaimed across banks, insurance companies and mutual funds, with regulators rolling out simplified claim processes, digital tracking platforms and nationwide awareness drives, the Parliament was informed on Tuesday.

Minister of State for Finance Pankaj Chaudhary said in Rajya Sabha that unclaimed deposits with public sector banks have crossed Rs 60,500 crore, while regulators are stepping up efforts to help citizens trace and recover idle financial assets.

Moreover, Rs 60,518 crore has been transferred by public sector banks to the Reserve Bank of India’s Depositor Education and Awareness (DEA) Fund as of end-January 2026, he said.

In addition, unclaimed insurance amounts stood at Rs 8,973.89 crore, as per data from the Insurance Regulatory and Development Authority of India (IRDAI). Unclaimed funds in mutual funds amount to Rs 3,749.34 crore, according to the Securities and Exchange Board of India (SEBI).

The RBI has issued comprehensive directions for the settlement of claims of deceased customers and rolled out an incentive scheme from October 2025, offering 5 per cent to 7.5 per cent of the unclaimed deposit amount (subject to a cap) for successful claim settlements.

Banks have also been asked to conduct periodic drives, publish lists of unclaimed deposits, and run awareness campaigns, according to the minister.

Similarly, the SEBI has simplified transmission norms for mutual funds, including reduced documentation for claims up to Rs 5 lakh and faster processing through digitisation 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, unclaimed assets worth Rs 5,777 crore linked to nearly 23 lakh claims have been returned to rightful owners

Regulators have also introduced dedicated platforms such as the IRDAI’s Bima Bharosa and the SEBI’s MITRA to help individuals track unclaimed insurance and mutual fund assets.

During the Parliament session, the minister also highlighted that the Reserve Bank of India has proposed revised norms on customer liability in unauthorised 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 said regulators are stepping up awareness efforts through campaigns such as RBI’s “RBI Kehta Hai” and the Securities and Exchange Board of India’s “SEBI vs SCAM” initiative.

–IANS

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