Archive · 11 Jun 2025
Govt. Launches Drive to Return Unclaimed Financial Assets
The government is starting a program to help people get back their lost money from things like old bank accounts, unpaid dividends, and insurance policies.
They will set up help centers in many towns.
The goal is to make it easier for people to claim their money.
They are also working on a simpler way to prove who you are when dealing with money, like using a single ID.
At the same time, they want to make sure the financial system is safe from computer threats.
Government to launch a nationwide drive across 500 districts to return unclaimed financial assets.
Finance Minister Nirmala Sitharaman proposed the initiative during the 29th FSDC meeting in Mumbai.
Regulators will hold coordinated outreach camps to help citizens claim unclaimed assets.
A unified Know Your Customer (KYC) framework is planned, expected to be completed by FY26.
The FSDC discussed strengthening cyber resilience in the financial sector.
- Who
- Financial Stability and Development Council (FSDC), led by Finance Minister Nirmala Sitharaman.
- What
- Government to launch a drive to return unclaimed financial assets, streamline KYC, and bolster cyber resilience.
- When
- Discussed during the 29th FSDC meeting; KYC framework completion expected by the end of FY26.
- Where
- Across 500 districts in India; meeting held in Mumbai.
- Why
- To return unclaimed assets, streamline KYC, improve user experience, and strengthen cybersecurity.
- Meeting
- Financial Stability and Development Council (FSDC)
- Chair
- Nirmala Sitharaman
- Key Focus
- Return Unclaimed Assets
- KYC Framework
- Unified implementation by FY26
- Location
- Mumbai
- Cybersecurity
- Strengthening cyber resilience framework
Sources
FM asks regulators to expedite refund on unclaimed deposits, streamline KYC
FM Sitharaman asks regulators to take steps to reduce unclaimed assets and expedite refunds
Expedite the process of refund to unclaimed amounts to rightful owners: FM Sitharaman
FM bats for common KYC, reducing unclaimed assets
FM urges expedited refunds, seamless KYC at the 29th FSDC meeting