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Unified Portal for Unclaimed Financial Assets

1 December 20251 min read
BANKING & FINANCEUnified Portal forUnclaimedFinancial Assets1 December 2025safalsetu.com

Why in the news

The Finance Ministry and RBI are developing a single portal for tracing unclaimed money. DFS Secretary M. Nagaraju announced it at a PNB-led event under Aapki Poonji Aapka Adhikar.

Key facts

  • Portal will cover bank deposits, pension funds, shares, dividends and more.
  • Saves visiting separate bank, EPFO, insurer or registrar sites.
TermMeaning
DEAFRBI-maintained fund receiving unclaimed bank deposits of 10+ years
Inoperative accountNo customer-initiated transaction for 2 consecutive years

Why assets go unclaimed

  • Forgotten deposits, outdated contacts, heirs unaware, inactive accounts.
  • Interest credits and service charges do not count as customer-initiated.

Exam angle

  • Official: M. Nagaraju, Secretary, DFS.

Test yourself

1. Which fund maintained by RBI receives unclaimed bank deposits of 10 years or more?

Banks move such deposits to DEAF.

2. After how long without a customer-initiated transaction does a savings or current account become inoperative?

The notes state two consecutive years.

3. Who announced the unified unclaimed assets portal at the PNB-led investor awareness event?

The Secretary of the Department of Financial Services, M. Nagaraju, announced it.