India’s central bank has begun a major public initiative encouraging people to recover long forgotten money lying in old and inactive bank accounts. The Reserve Bank of India has started this awareness drive after discovering large sums left untouched in savings accounts, dormant deposits and other balances that were transferred to the Depositor Education and Awareness Fund. These accounts have not been operated for more than ten years.
The campaign will continue until December 2025 with banks organising outreach programmes and public sessions across the country. An officer from the central bank said, “This is not just about unclaimed deposits. It is about restoring public trust and ensuring that no Indian’s hard earned savings are lost in the system.”
To make the process simple, the central bank has created a dedicated portal called UDGAM which stands for Unclaimed Deposits Gateway to Access Information. Through this portal people can search across multiple banks by entering basic details such as name and date of birth. If the portal shows a match, the claimant can visit any branch of the concerned bank with valid documents including Aadhaar, passport, voter identification or driving license to reclaim the amount.
Banks have been asked to support customers by removing unnecessary procedural barriers and helping with verification. Once the ownership is confirmed the money is released to the rightful claimant or nominee. In a statement the central bank said that the focus is to make the recovery experience smooth and simple for everyone.
The central bank also clarified that even after the balance is transferred to the Depositor Education and Awareness Fund, it continues to earn interest where applicable until the funds are claimed.
This campaign is part of the ongoing public outreach programme titled RBI Kehta Hai Jankaar Baniye Satark Rahiye which aims to improve financial awareness. Over the coming months banks including commercial banks, regional rural banks and cooperative institutions will host special awareness events. Posters, radio messages and short videos will guide people on how to search for and recover old deposits.
To ensure inclusivity in areas with limited financial literacy the central bank is supporting outreach in local languages. A senior banker from Mumbai involved in the first awareness camps said, “Every rupee that lies unclaimed is a citizen’s right waiting to be restored.”
Experts see this as both a challenge and an opportunity. Economist R Rajan said that the Depositor Education and Awareness Fund shows the scale of financial neglect but also reflects the system’s commitment to return what belongs to the public.
With the use of technology and awareness efforts the central bank aims to help people reclaim long forgotten money and to strengthen financial vigilance across the country.
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