PM Modi Launches 'Your Money, Your Right Movement': How Indians Can Reclaim Rs 1.04 Lakh Crore in Unclaimed Financial Assets

Prime Minister Narendra Modi has urged all Indians to join the 'Your Money, Your Right' movement, an initiative launched by the Centre in October designed to help citizens reclaim their unclaimed financial assets across various sectors.

In a detailed LinkedIn post, the Prime Minister highlighted concerning statistics about unclaimed funds in India. According to his post, Indian banks currently hold approximately Rs 78,000 crore in unclaimed deposits, while insurance companies are sitting on Rs 14,000 crore in unclaimed proceeds. Additionally, mutual fund companies have around Rs 3,000 crore, and unclaimed dividends amount to approximately Rs 9,000 crore.

"These facts have startled a lot of people," Prime Minister Modi noted in his post. "After all, these assets represent the hard-earned savings and investments of countless families."

The initiative's primary goal is to ensure that every citizen can reclaim what rightfully belongs to them. To facilitate this process and make it more accessible, several dedicated portals have been established by key financial regulatory bodies, including the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), Securities and Exchange Board of India (SEBI), and the Ministry of Corporate Affairs.

PM Modi also mentioned that facilitation camps have already been organized across 477 districts throughout India, including remote rural areas. Through these efforts, nearly Rs 2,000 crore has already been successfully returned to the rightful owners.

The Prime Minister encouraged all citizens to take immediate action by checking whether they or their family members have any unclaimed deposits, insurance proceeds, dividends, or investments. He advised visiting the relevant portals or utilizing the facilitation camps organized in individual districts.

"Act now to claim what is yours and convert a forgotten financial asset into a new opportunity. Your money is yours. Let us make sure that it finds its way back to you," urged PM Modi. "Together, let us build a transparent, financially empowered and inclusive India."