RBI, IRDAI, and SEBI Enhance Efforts to Reclaim Unclaimed Deposits

The Reserve Bank of India, Insurance Regulatory and Development Authority of India, and Securities and Exchange Board of India have implemented new measures to assist citizens in reclaiming unclaimed financial assets. This initiative, part of the "आपकी पँजूी, आपका अधिकार – Your Money, Your Right" campaign, aims to simplify claim processes and increase transparency. Approximately ₹5,777 crore has been returned to rightful claimants nationwide. The efforts include the establishment of digital portals such as RBI's UDGAM, IRDAI's Bima Bharosa, and SEBI's MITRA to facilitate easy access to unclaimed funds. Additionally, regulatory reforms have been adopted to support faster claim settlements by enhancing customer outreach and simplifying documentation requirements.

Source: Original Link