Unified Portal for Unclaimed Financial Assets
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.
| Term | Meaning |
|---|---|
| DEAF | RBI-maintained fund receiving unclaimed bank deposits of 10+ years |
| Inoperative account | No 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- Forgotten deposits, outdated contacts, heirs unaware, inactive accounts.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.