India Launches Drive to Recover $22 Billion in Unclaimed Assets

The Indian government has started a new campaign to recover more than $22 billion in unclaimed assets. This money is lying across banks, insurance companies, and other financial institutions.

Officials say the goal is to return the money to its rightful owners. The government has created easy online systems where citizens can check if they have unclaimed funds.

According to data from the finance ministry, a large part of these funds belongs to dormant bank accounts, unclaimed insurance policies, and unclaimed dividends from old stock investments. Many of these accounts have been inactive for years because people moved, changed banks, or passed away without updating records.

The new campaign will focus on public awareness. Advertisements and social media messages will guide citizens on how to search for their names on government and banking portals. The Reserve Bank of India (RBI) has also introduced a centralized portal called “UDGAM,” where users can track unclaimed deposits across several major banks.

Experts say this step will help boost transparency and bring idle money back into circulation. It may also increase trust between banks and customers, especially among senior citizens who may have lost track of their savings.

The government has urged banks to simplify the claim process. People can now submit documents digitally to prove ownership and get funds transferred directly to their accounts.

This move is being seen as part of India’s larger digital initiative to make financial systems more accessible and accountable.