RBI, SEBI & IRDAI Joint Mission: The New Way to Get Your "Lost Assets" Back
In a massive push for financial justice, India’s top regulators—RBI, SEBI, and IRDAI—have intensified a nationwide mission to reunite citizens with their forgotten money. Speaking in the Rajya Sabha on March 24, 2026, Minister of State for Finance Shri Pankaj Chaudhary revealed that unclaimed financial assets totaling over ₹73,000 crore are currently lying with banks, insurance companies, and mutual funds, waiting for their rightful owners.
The government’s high-octane campaign, Your Money, Your Right, has already seen record-breaking success. Between October and December 2025, special camps across 748 districts successfully restituted ₹5,777 crore to over 22.95 lakh claimants. This initiative marks a shift toward a “pro-citizen” financial landscape, where technology and simplified laws are being used to strip away the bureaucratic red tape that previously made claiming old deposits a nightmare.
The Massive Scale of India’s Unclaimed Wealth
The sheer volume of unclaimed assets highlights the urgency of the new regulatory reforms. As of early 2026, the frozen capital across the three major financial sectors stands at:
- Banking Sector A staggering ₹60,518 crore has been transferred to the RBI’s Depositor Education and Awareness (DEA) Fund from inactive public sector bank accounts.
- Insurance Sector Unclaimed insurance proceeds worth ₹8,973.89 crore are currently outstanding with various insurers.
- Mutual Funds Unclaimed amounts in the securities market under SEBI regulations have reached ₹3,749.34 crore.
How the RBI is Incentivizing Claimants and Simplifying Laws
The Reserve Bank of India has introduced a game-changing incentive scheme to encourage people to come forward. Effective from October 1, 2025, the RBI now provides a payout of 5% to 7.5% of the unclaimed deposit amount as an additional incentive for successful settlements.
Furthermore, the Banking Laws (Amendment) Act, 2025 has revolutionized account management by allowing up to four nominations per account. This ensures that even in complex family scenarios, the money can be transferred simultaneously or successively to the rightful heirs without legal hurdles.
Simplified Claims for Insurance and Mutual Funds
Both IRDAI and SEBI have overhauled their standard operating procedures (SOPs) to make the process digital-first and hassle-free. These updates focus on proactive communication and reducing the paperwork burden on families.
- IRDAI Updates Insurers are now mandated to collect nominee details at the proposal stage and must send advance intimations to customers before their claims become “unpaid.”
- SEBI Reforms For mutual fund claims up to ₹5 lakh, documentation has been drastically simplified. Asset Management Companies (AMCs) now use image-based processing and dedicated help desks to ensure a faster turnaround time.
The Rise of Digital Portals for Asset Tracing
To eliminate the need for citizens to visit multiple offices, regulators have launched powerful search engines. These portals allow users to search for their names or those of deceased relatives from the comfort of their homes.
- UDGAM Portal (RBI) A centralized gateway where 18.86 lakh registered users are already searching for unclaimed bank deposits across multiple institutions in one place.
- Bima Bharosa (IRDAI) and MITRA (SEBI) Specialized platforms designed specifically to trace unclaimed insurance policies and mutual fund dividends.
Coming Soon: A Single Window for All Financial Assets
In a move that will further simplify the process, the RBI has constituted an Inter-Regulatory Working Group. Their mission is to develop a single integrated web portal that will allow a citizen to search for all unclaimed financial assets through one login.
This unified system will link bank deposits, insurance money, and mutual fund shares. By creating a one-stop-shop for financial recovery, the government is ensuring that “Your Money, Your Right” becomes a tangible reality for every Indian household.
The Role of the CNO Shield in Ensuring Accountability
To ensure these reforms aren’t just on paper, Central Nodal Officers (CNOs) have been assigned to monitor the progress of claim settlements across all districts. These officers perform regular field visits to verify that banks and insurers are actively tracing rightful heirs.
By reporting directly to National Monitoring Committees, the CNOs help resolve inter-departmental hurdles and technical glitches in the digital portals. This ensures that the momentum of the “Your Money, Your Right” campaign stays strong and results-oriented.
Author: M Jyosri
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RBI, SEBI & IRDAI Joint Mission: The New Way to Get Your “Lost Assets” Back In a massive push for […]