The Indian government has returned over Rs 2,000 crore to citizens so far under the ‘Your Money, Your Right’ initiative, which aims to help individuals reclaim unclaimed financial assets. The initiative covers dormant bank accounts, unclaimed dividends, insurance policies, and other financial instruments that have remained inactive for years.
Prime Minister Narendra Modi, while addressing the public, urged citizens to check their unclaimed assets and complete the claim process. He emphasized that the initiative ensures that every individual receives the money that legally belongs to them, while also promoting financial literacy and awareness among the public.
Officials from the Ministry of Finance noted that the initiative has been facilitated through a user-friendly online portal where citizens can verify unclaimed accounts and submit claims. The process has been designed to be simple and transparent, allowing quick verification and disbursal of funds directly into the claimant’s bank account.
Financial institutions, including banks, insurance companies, and stock registrars, have been actively participating in the initiative. They are sending alerts to account holders regarding dormant accounts and unclaimed balances, encouraging them to take prompt action. Authorities report that the majority of claims processed so far have been for savings accounts, fixed deposits, and unpaid dividends from shares and mutual funds.
Experts say the initiative not only helps citizens recover funds but also strengthens trust in India’s financial system. By providing a structured mechanism for returning long-forgotten or dormant assets, the government is addressing concerns regarding accessibility and transparency. Moreover, the effort promotes accountability among financial institutions, ensuring they maintain proper records and communicate effectively with customers.
The government has also undertaken awareness campaigns through digital media, television, and print outlets to reach a broader audience. Special emphasis is being placed on senior citizens, who are often unaware of dormant accounts and unclaimed insurance or pension funds. Citizens are encouraged to visit the official portal, check their details, and submit the necessary documents to claim their money.
The scheme aligns with India’s broader vision of digital financial inclusion and financial literacy. It encourages citizens to maintain updated bank accounts, monitor their investments, and be proactive in tracking unclaimed financial assets. By leveraging technology, the government aims to create a streamlined, paperless claim system that reduces bureaucratic delays and ensures speedy credit of funds.
Authorities say that with continued awareness and active participation from the public, the amount of funds returned under the initiative is expected to rise significantly in the coming months. The initiative demonstrates the government’s commitment to safeguarding citizen interests, promoting financial transparency, and ensuring that unclaimed assets are returned to their rightful owners.
Citizens are urged to take advantage of the initiative promptly to reclaim their money, avoid delays, and benefit from a hassle-free process. The ‘Your Money, Your Right’ program marks a significant step toward citizen-centric financial governance in India.
