Common Landing Portal for Unclaimed Financial Assets Launched
Why in the news
The Department of Financial Services (Ministry of Finance) introduced one portal where people can look up money they have forgotten across the financial system, instead of visiting each regulator or bank.
Key facts
- Portal: Common Landing Portal for Unclaimed Financial Assets, built with the PSB Alliance, a joint platform of public sector banks.
- Launched by: M. Nagaraju, Secretary, DFS, during a PSB review meeting in New Delhi.
- Categories searchable: bank deposits, insurance claims, shares and dividends, mutual fund investments.
- Aims: easier access, transparency and citizen convenience, in line with Viksit Bharat 2047 and financial inclusion.
- Linked campaign: the DFS-led nationwide drive “Your Money, Your Right” for awareness and reclaiming.
Channels that continue to work
| Asset type | Where to claim |
|---|---|
| Unclaimed bank deposits | RBI’s UDGAM portal |
| Unpaid dividends, matured deposits, debentures, shares | IEPF Authority, Ministry of Corporate Affairs |
| Unclaimed insurance sums | IRDAI rules and insurers’ own portals |
| Dormant EPF accounts | EPFO website or UMANG app |
| Mutual fund folios | Each AMC and AMFI’s MFCentral |
Background: DEA Fund and UDGAM
- The Depositor Education and Awareness (DEA) Fund is held by the RBI under Section 26A of the Banking Regulation Act, 1949.
- Banks transfer credit balances of accounts inoperative for 10 years or more; the bank still owes the depositor.
- Interest earned funds depositor education, research on banking and financial issues, and other depositor-protection work.
- If the depositor or legal heir appears, the bank pays (with applicable interest) and then seeks a refund from the DEA Fund.
- UDGAM, launched in August 2023, lets people search several banks together for unclaimed deposits.
- The new portal sits on top of these systems as one front door covering more than banking.
Exam angle
- Nodal department: DFS, Ministry of Finance; technology partner: PSB Alliance.
- Inoperative period for transfer to the DEA Fund: 10 years.
- Related terms: UDGAM, IEPF, MFCentral, DEA Fund.