PM Modi Promises Action To Return Rs 104,000 Crore Unclaimed Funds

Prime Minister Narendra Modi has announced a major national initiative to help citizens recover nearly Rs 104,000 crore in unclaimed funds lying across banks, insurance companies, investment schemes, and government accounts. The Prime Minister said the government is committed to ensuring that money belonging to honest citizens is returned to its rightful owners or their families. 

During his public address, Modi highlighted that a large portion of these unclaimed funds has been idle for years due to outdated records, lack of documentation, and beneficiaries being unaware of deposits made by deceased family members. The new initiative aims to streamline the process, increase awareness, and make recovery seamless through digital platforms.

Modi emphasized that the government is building a centralized digital system where citizens can check all unclaimed deposits by simply entering verified identification details. This integrated platform will link banking data, EPFO summaries, insurance claims, post office deposits, mutual fund records, and other financial instruments to simplify the search process.

Officials revealed that thousands of families across the country have unclaimed savings that could never be accessed due to missing paperwork or irregular updates. Many of these funds belong to senior citizens, migrant workers, and families with limited financial literacy.

Government also plans to partner with banks and financial institutions to launch awareness campaigns, ensuring citizens check whether any unclaimed amount is associated with their PAN, Aadhaar, or bank account history.

Financial experts called the initiative “a long overdue reform,” noting that unclaimed funds have grown steadily every year. The new system, they say, will not only benefit citizens but also increase financial transparency and accountability across institutions.

To prevent future accumulation of unclaimed deposits, the government is introducing rules requiring banks and insurers to contact account holders or nominees more frequently. Efforts are also underway to simplify the nominee registration process and encourage digital record updating.

Public reactions have been largely positive, with many expressing hope of recovering old funds belonging to late family members. Social media users praised the Prime Minister for addressing a concern that often affects lower and middle-income households the most. Banking bodies and insurance regulators have also extended support, stating that they will help the government clean up outdated databases and assist citizens in verifying their funds.

According to preliminary estimates, the largest portion of unclaimed funds lies in savings accounts, fixed deposits, life insurance policies, provident fund accounts, and dividends from old investments that were never claimed. Government is expected to roll out the first phase of the unified platform within the next few months. Citizens will be able to track unclaimed money digitally, initiate claims online, and receive guidance to complete verification procedures. PM Modi said the initiative is part of the government’s commitment to ensuring “every rupee of the people reaches the people.” If implemented effectively, the move could bring long-awaited relief to millions of families across the country.