Advocate Kishan Sanmukhdas Bhawnani
Globally, countries such as the United States, Britain, Japan, and Australia have long operated mechanisms like the Unclaimed Money Authority, which help citizens recover dormant deposits through centralized databases and online verification systems. India has now stepped into this global movement with a landmark initiative of its own. On October 4, 2025, the Union Finance Minister launched the nationwide campaign “Your Capital, Your Rights,” a three-month public awareness drive aimed at returning approximately ₹1.84 lakh crore of unclaimed money lying in banks and financial institutions to its rightful owners. This initiative not only mirrors successful international models but also adapts them to India’s digital and social realities, setting a new benchmark for financial inclusion and accountability.
This vast sum of ₹1.84 lakh crore is not merely a figure. It represents the forgotten savings, unpaid insurance claims, and idle investments of millions of Indian families. According to the Reserve Bank of India, much of it lies in dormant savings accounts, fixed deposits, mutual funds, insurance policies, postal schemes, and pension funds. These funds have remained unclaimed for years because of social and administrative lapses. Many account holders passed away without nominating heirs, leaving families unaware of existing accounts. Others migrated or changed addresses without updating their bank details. Some lost documents such as passbooks and fixed deposit receipts. The complexity of claim procedures across different institutions further discouraged action. Added to this is the lack of digital awareness among the rural and elderly population, which has left many unable to navigate online claim systems. Together, these factors have kept a vast amount of personal wealth inactive in the financial system.
The government’s campaign is anchored in three essential actions: raising public awareness, providing accessible systems, and ensuring timely delivery of funds. Through mass outreach via television, radio, social media, and Gram Panchayats, the public will be informed about the process of reclaiming their deposits. An integrated digital portal will soon allow citizens to check for unclaimed deposits using Aadhaar, PAN, or mobile numbers across banks, mutual funds, and insurance companies. Once verified, funds will be released to genuine claimants after due documentation. Regulatory authorities such as the Reserve Bank of India, SEBI, and IRDA will supervise the process to ensure transparency and fairness.
The benefits of this campaign are multifold. For ordinary citizens, it offers the long-awaited opportunity to retrieve forgotten or inaccessible savings, bringing relief and justice to millions of families. It will also strengthen public confidence in financial institutions, promote digital financial literacy, and encourage citizens to actively manage their investments. For banks and financial institutions, this initiative will help clean up records by closing inactive accounts, easing their audit and compliance burdens. Regulators will gain from greater financial transparency, while fintech companies will find new opportunities in data integration, identity verification, and claim management. On a macroeconomic level, reactivating idle funds will inject fresh liquidity into the economy, increasing the availability of capital for investment and consumption, thereby supporting growth.
Yet, such a massive exercise will not be without challenges. Many old accounts lack documentation, making verification difficult. The risk of fake claims and forged heir certificates cannot be ruled out. Rural areas, where internet connectivity and digital literacy remain low, may face difficulties in accessing the system. Inconsistent data among banks, insurers, and mutual fund houses could further slow the process. Additionally, accounts entangled in legal disputes could take years to resolve. These challenges underline the need for robust verification and coordination among all stakeholders to maintain trust and efficiency.
There is also a risk that fraudulent elements could attempt to exploit the system. Claims involving such a large amount of money may attract cybercriminals, document forgery syndicates, and insider collusion. Potential fraud scenarios include false identity claims, phishing websites, and misuse of confidential data. To address this, the government plans to enforce Aadhaar-based e-KYC for all claims, use encrypted multi-layer verification systems, and introduce dedicated helplines and grievance redressal portals. Regular audits by the RBI and other regulators will be critical to ensure that the process remains secure and transparent.
The ₹1.84 lakh crore in unclaimed deposits is not just a sum of money. It is a reflection of people’s trust, effort, and contribution to the nation’s economy. Returning this money to its rightful owners is not merely an administrative task; it is an act of justice and restoration of faith in the financial system. If implemented with transparency, technological precision, and human sensitivity, this initiative could redefine India’s approach to financial inclusion. It could inspire other developing nations to build similar frameworks that prioritize citizens’ rights over institutional convenience.
This is more than a campaign—it is a financial awakening. It is a reminder that every rupee earned, saved, and invested by citizens must remain within their reach. It is a step toward ensuring that public money truly serves the public. “Your Capital, Your Rights” carries a larger message to the world: that India is not only a nation of growth but also a nation that protects the wealth and dignity of its people.
(Note:
Advocate Kishan Sanmukhdas Bhawnani is a Tax Expert, Columnist, Literary Expert, International Writer, Thinker, Poet, and CA (ATC). He lives in Gondia, Maharashtra.)
