RBI Scheme Helps Reduce Unclaimed Deposits by Rs 760 Cr in Oct Says RBI DG
New incentives and govt campaign boost recovery efforts as UDGAM upgrades aim to aid claimants
Mumbai: The Reserve Bank of India’s (RBI) recently launched scheme incentivizing banks to track and return unclaimed deposits to their rightful owners, along with government campaigns, are showing encouraging results. Banks have successfully reduced unclaimed deposits by Rs 760 crore in October, Deputy Governor Shirish Chandra Murmu told Deccan Chronicle at the Monetary Policy press conference last Friday. Usually, banks have been able to reduce the unclaimed deposit stock by Rs 100-Rs 150 crore monthly
“The government came out with a campaign on unclaimed deposits, and we also launched the scheme incentivizing banks simultaneously. So, the result is clearly visible. In October, there was a reduction of around Rs 760 crore of unclaimed deposits from the Depositor Education Awareness Fund (DEA). If you compare with the earlier experience, on average, around Rs 100-Rs 150 crore reduction on a monthly basis happens. Going forward, we believe that it will further accelerate as both the government and RBI are putting in efforts.”
Adding to the response, RBI governor Sanjay Malhotra said, “We are also looking at improving the UDGAM (Unclaimed Deposits - Gateway to Access Information) portal, making its more user-friendly, that will further help in identifying the accounts and claiming the unclaimed assets.”
The RBI in September launched the “Scheme for Facilitating Accelerated Payout – Inoperative Accounts and Unclaimed Deposits” which will run for a year viz., October 01, 2025 to September 30, 2026 and aims to reduce both the stock of existing unclaimed deposits and fresh accretion of flows to the DEA Fund by encouraging return to the rightful claimants.
Meanwhile, Prime Minister (PM) Narendra Modi on Sunday, speaking at a media event, informed that nearly Rs 1.04 lakh crore remains unclaimed across banks, insurance companies, mutual fund houses and dividend accounts, asserting that the government is working to return these funds to their rightful owners as part of a wider effort to strengthen public trust. According to him, around Rs 78,000 crore lies unclaimed in bank accounts, Rs 14,000 crore with insurance companies, Rs 3,000 crore with mutual fund companies and another Rs 9,000 crore in unpaid dividends.
