Unified Portal Set to Ease Claim of Unclaimed Financial Assets

The Finance Ministry and Reserve Bank are collaborating to create a unified portal for claiming unclaimed assets like bank deposits and shares. This move, part of a broader financial inclusion campaign, aims to enhance transparency and ease the claims process for citizens.

The Finance Ministry, in partnership with the Reserve Bank, is developing a unified portal to simplify the process for savers and retail investors to claim unclaimed assets across various financial sectors, such as bank deposits, pension funds, and dividends, according to the Department of Financial Services Secretary M Nagaraju.

The portal's imminent launch was announced during a Punjab National Bank event titled 'Aapki Poonji Aapka Adhikar'. The project aims to coordinate efforts from the Reserve Bank of India and other regulatory bodies, providing greater transparency and convenience for locating unclaimed funds.

This initiative aligns with a government-sponsored nationwide campaign to raise awareness about unclaimed financial assets. The campaign has already facilitated the return of Rs 1,887 crore to rightful owners and seeks to further accelerate settlements through increased digital access and organized camps.

(With inputs from agencies.)