Why in the News?
The Prime Minister recently urged citizens to actively participate in the ‘Your Money, Your Right’ movement, a national initiative to help people reclaim their unclaimed financial assets.
About the Movement
- Launched by the Central Government in October 2025.
- Objective: Enable citizens to locate and recover unclaimed deposits, insurance proceeds, dividends, mutual fund amounts, and other financial assets.
Scale of Unclaimed Funds in India
- Banking sector: Rs 78,000 crore unclaimed.
- Insurance companies: Rs 14,000 crore unclaimed.
- Mutual funds: Rs 3,000 crore unclaimed.
- Dividends: Rs 9,000 crore unclaimed.
- Deposits lying idle for 10 years or more are classified as unclaimed deposits.
Dedicated Portals for Easy Access
- Unclaimed bank deposits
• Regulatory Body: Reserve Bank of India
• Portal: UDGAM Portal - Unclaimed insurance proceeds
• Regulatory Body: Insurance Regulatory and Development Authority of India
• Portal: Bima Bharosa Portal - Unclaimed mutual fund amounts
• Regulatory Body: Securities and Exchange Board of India
• Portal: MITRA Portal - Unpaid dividends and unclaimed shares
• Regulatory Body: Ministry of Corporate Affairs
• Portal: IEPFA Portal
| Pradhan Mantri Jan-Dhan Yojana’ has been launched for (2015)
(a) providing housing loan to poor people at cheaper interest rates (b) promoting women’s Self-Help Groups in backward areas (c) promoting financial inclusion in the country (d) providing financial help to the marginalized communities |
