Will the Government's Awareness Drive on Unclaimed Financial Assets Transform Citizens' Lives?
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Synopsis
The government is launching a nationwide campaign to help citizens trace and claim unclaimed financial assets, empowering them with knowledge and resources. This initiative encourages participation and aims to enhance financial inclusion, making a significant impact on households across the nation.
Key Takeaways
- Nationwide campaign starts on October 4.
- Promotes tracing of unclaimed assets.
- Collaboration with major financial regulators.
- Initiative aims to enhance financial inclusion.
- Special exhibitions to showcase financial services.
New Delhi, Oct 1 (NationPress) The government is set to launch a comprehensive three-month nationwide initiative on October 4 aimed at assisting citizens in identifying and claiming their unclaimed assets, according to an official announcement made on Wednesday.
This initiative is being spearheaded by the Department of Financial Services (DFS), part of the Ministry of Finance, in collaboration with the Reserve Bank of India, Insurance Regulatory and Development Authority of India (IRDAI), Securities and Exchange Board of India (SEBI), and the Investor Education and Protection Fund Authority.
Titled 'Your Money, Your Right', the campaign will be inaugurated by Union Finance and Corporate Affairs Minister Nirmala Sitharaman on October 4 in Gandhinagar, Gujarat, and will run until December 2025.
Throughout this campaign, citizens will receive immediate assistance on locating their unclaimed assets, updating records, and completing necessary claim procedures, as stated in the official release.
The initiative will introduce digital tools and provide step-by-step demonstrations to facilitate the process.
Unclaimed financial assets, which include insurance policy claims, bank deposits, dividends, shares, and mutual fund proceeds, often remain unclaimed due to a lack of awareness or outdated account information, the release emphasized.
The campaign aims to motivate individuals to actively participate, promote awareness, and enhance financial inclusion in every household, as highlighted by the ministry.
It aspires to empower citizens with clear guidance on how to trace and claim their rightful funds, supported by Standard Operating Procedures (SOPs) and Frequently Asked Questions (FAQs) developed by the relevant fund regulators, ensuring a straightforward and transparent process.
A special financial inclusion exhibition will also take place, featuring booths from banks, insurance providers, mutual funds, and pension organizations, as per the statement.
Balances in savings and current accounts that have remained inactive for ten years, or term deposits not claimed within ten years post-maturity, are deemed unclaimed deposits and are subsequently transferred by banks to the DEA fund maintained by the central bank.
Point of View
It's vital to recognize the significance of the government's initiative to promote financial literacy and inclusion. By raising awareness about unclaimed financial assets, they are addressing a crucial issue that affects many citizens. This campaign not only empowers individuals but also strengthens the financial fabric of our nation, ensuring that everyone has access to their rightful entitlements.
NationPress
01/10/2025
Frequently Asked Questions
What is the purpose of the awareness campaign?
The campaign aims to help citizens trace and claim unclaimed financial assets, enhancing financial literacy and inclusion.
How long will the campaign last?
The campaign will run for three months, starting from October 4 until December 2025.
What type of unclaimed assets can be traced?
Citizens can trace various unclaimed assets, including insurance policy claims, bank deposits, dividends, shares, and mutual fund proceeds.
Where will the campaign be inaugurated?
The campaign will be inaugurated in Gandhinagar, Gujarat by Union Finance Minister Nirmala Sitharaman.
What resources will be available during the campaign?
The campaign will provide digital tools, on-the-spot guidance, and demonstrations to assist citizens in the claims process.
