₹1tn unclaimed money: FM launches campaign to help people find it
India has about ₹1 trillion just sitting around in forgotten bank accounts, insurance payouts, mutual funds, and dividends, along with 1.72 billion unclaimed shares.
To help people track down and actually claim their money, Finance Minister Nirmala Sitharaman kicked off a campaign on 4 October 2024.
The RBI and Investor Education and Protection Fund Authority are running KYC update camps and providing assistance to claimants to make the process smoother.
What's the holdup? Why so much cash is just sitting there
The main issue? These assets are scattered across tons of banks and schemes, making recovery confusing.
Even with new efforts—like a proposed centralized e-KYC portal—many folks still don't know how or where to start.
The latest campaign is all about making things simpler so people can finally access what's rightfully theirs.