New Delhi, Dec 11 (NationPress) An impactful initiative aimed at liberating dormant assets belonging to citizens is nearing its conclusion, having successfully facilitated the recovery of unclaimed funds and transformed them into lasting financial empowerment for many beneficiaries.

The campaign, titled 'Your Money, Your Right', was launched on October 4 and spans three months, focusing on assisting citizens in reclaiming their unclaimed financial assets.

In a recent social media update, Prime Minister Narendra Modi reiterated his appeal for citizens to participate in shaping a transparent, financially empowered, and inclusive India.

According to PM Modi, Indian banks are currently holding a staggering Rs 78,000 crores in unclaimed funds belonging to citizens, while insurance companies have nearly Rs 14,000 crore.

Furthermore, mutual fund companies possess around Rs 3,000 crore, with dividends totaling Rs 9,000 crore also remaining unclaimed.

He emphasized, 'These figures have astonished many.'

The campaign was initiated to assist citizens in reclaiming unclaimed financial assets estimated to exceed Rs 1 lakh crore.

It integrates awareness, accessibility, and action through district-level camps and regulatory platforms to recover dormant bank deposits, insurance payouts, dividends, mutual funds, and pensions for their rightful owners.

Utilizing a '3A model'—awareness, accessibility, and action—the initiative employs existing digital platforms and regulatory schemes to effectively trace and resolve claims.

Since its inception, as of December 5, camps have been established in 477 districts, featuring the involvement of public representatives, district administration, and officials from financial institutions.

To enhance outreach during the campaign, Standard Operating Procedures (SOPs), Frequently Asked Questions (FAQs), and awareness materials in major regional languages—along with concise video messages—have been broadly distributed.

District-level camps offer on-the-ground digital demonstrations, help desks, and guided support to streamline the claims process.

This initiative fosters collaborative engagement among key financial sector regulators, including the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA), and the Investor Education and Protection Fund Authority (IEPFA).

Existing platforms such as the RBI's UDGAM (for unclaimed bank deposits), IRDAI's Bima Bharosa (for unclaimed insurance proceeds), and SEBI's MITRA (for unclaimed mutual funds) have empowered citizens to trace their unclaimed assets with greater efficiency.

Remarkably, during the initial two months of the campaign, approximately Rs 2,000 crore has already been claimed by rightful owners.

This means citizens have the opportunity to recover dormant savings, insurance payouts, unpaid dividends, and pension amounts, significantly enhancing household liquidity and welfare.

The provision of centralized tracing and verification minimizes the risk of misappropriation, empowering claimants with formal recourse.

Additionally, camps and assisted digital searches aid digitally marginalized citizens in accessing their entitlements and linking recovered assets to active accounts or new financial products.

Moreover, standardized SOPs and inter-regulatory collaboration shorten claim timelines and reduce procedural hurdles for claimants.

The campaign's ultimate goal, as stated by PM Modi, is to ensure that every citizen can reclaim what rightfully belongs to them.

'After all, these assets symbolize the hard-earned savings and investments of countless families,' he concluded.