New Delhi: People often forget about funds lying unclaimed in bank deposits, pension funds, shares, dividends, or insurance policies. Currently, separate portals exist to claim these funds. But soon, this process is set to become much simpler with a single unified portal.
The Ministry of Finance and the Reserve Bank of India (RBI) are jointly preparing a platform that will allow savers and small investors to easily track and claim their unclaimed money.
On Thursday, M. Nagaraju, Secretary of the Department of Financial Services (DFS), said the portal will help locate funds lying idle across banks, pension schemes, shares, and dividends. He added that the portal is expected to be launched soon, with oversight provided by the RBI.
Current System
At present, unclaimed funds are managed through multiple portals:
- Bank deposits: RBI’s UDGAM portal
- Share-related funds: SEBI’s MITRA portal
- Insurance claims: IRDAI’s ‘Bima Bharosa’ portal
Nagaraju noted that the new integrated portal will be far more convenient for the general public. Users will be able to track their unclaimed funds in one place, ensuring greater transparency in the system and boosting public trust.
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