Why in the news?

  • The Prime Minister urged the citizens to participate in the ‘Your Money, Your Right’ Movement.

‘Your Money, Your Right’ Movement

  • Launch: 2025
  • Ministry: Department of Financial Services (DFS), Ministry of Finance.
  • What is it?: A national-level initiative to help citizens trace, verify, and reclaim unclaimed or forgotten financial assets.
  • Objectives:
    • Enable individuals to recover unclaimed deposits, insurance proceeds, mutual-fund payouts, dividends, and other dormant financial assets.
    • Promote financial awareness, transparency, and consumer rights.
    • Strengthen coordination between government agencies, regulators, banks, and financial institutions.
  • Components of the Initiative:
    • Verification: Under the initiative, individuals need to verify if their close family members or relatives have unclaimed deposits, insurance proceeds, mutual-fund payouts, or dividends.
    • Dedicated Portals to Facilitate Services
      • Reserve Bank of India (RBI): UDGAM Portal for unclaimed bank deposits & balances.
      • Insurance Regulatory and Development Authority of India (IRDAI): Bima Bharosa Portal for unclaimed insurance policy proceeds.
      • Securities and Exchange Board of India (SEBI): MITRA Portal for unclaimed amounts in mutual funds.
      • Ministry of Corporate Affairs: IEPFA Portal for unpaid dividends and unclaimed shares.
What are Unclaimed Deposits?

  • The Reserve Bank of India treats balances in savings or current accounts that have not been operated for 10 years as unclaimed deposits.​
  • Term/fixed deposits that are not claimed for 10 years from the date of maturity are also classified as unclaimed deposits.

 

Source: Press Information Bureau