New Delhi, March 24 (NationPress) The government has intensified initiatives to assist citizens in retrieving over Rs 73,000 crore that remains unclaimed across various financial institutions including banks, insurance companies, and mutual funds. This was disclosed in Parliament on Tuesday, where it was revealed that regulators are implementing simplified claims processes, establishing digital tracking systems, and launching nationwide awareness campaigns.

During the Rajya Sabha session, Minister of State for Finance Pankaj Chaudhary noted that the amount of unclaimed deposits in public sector banks has exceeded Rs 60,500 crore. In response, regulators are enhancing their efforts to enable citizens to locate and recover these inactive financial assets.

As of the end of January 2026, public sector banks have transferred Rs 60,518 crore to the Reserve Bank of India’s Depositor Education and Awareness (DEA) Fund, Chaudhary stated.

Additionally, unclaimed insurance funds have reached Rs 8,973.89 crore according to the Insurance Regulatory and Development Authority of India (IRDAI), while mutual funds have unclaimed amounts totaling Rs 3,749.34 crore, as indicated by the Securities and Exchange Board of India (SEBI).

In an effort to facilitate claims for deceased customers, the RBI has issued detailed guidelines and introduced an incentive program starting from October 2025, offering between 5 percent to 7.5 percent of the unclaimed deposit amount (with a cap) for successful claim settlements.

Banks are required to conduct regular outreach initiatives, publish lists of unclaimed deposits, and run awareness campaigns, as highlighted by the minister.

Moreover, SEBI has streamlined the transmission processes for mutual funds, reducing documentation for claims under Rs 5 lakh and expediting processing through digitization and dedicated investor support.

The government has also initiated a nationwide campaign titled "Your Money, Your Right" for the period from October to December 2025.

As of February 2026, a total of Rs 5,777 crore in unclaimed assets has been successfully returned to rightful claimants, involving approximately 23 lakh claims.

Regulatory bodies have established dedicated platforms such as the IRDAI’s Bima Bharosa and SEBI’s MITRA to assist individuals in tracking unclaimed insurance and mutual fund assets.

In the same parliamentary session, the minister also mentioned that the Reserve Bank of India has proposed updated regulations regarding customer liabilities in unauthorized digital banking transactions, including a compensation framework, which was released for public consultation earlier this month.

To combat fraud, the RBI has implemented its AI-driven MuleHunter.AI system across 26 banks, while the Indian Digital Payment Intelligence Corporation has been established to monitor and analyze fraudulent activities in real-time.

Furthermore, the minister noted that regulators are enhancing awareness initiatives through campaigns like the RBI’s “RBI Kehta Hai” and the SEBI’s "SEBI vs SCAM" project.