The Department of Financial Services (DFS) under the Ministry of Finance has launched the Common Landing Portal for Unclaimed Financial Assets. This unified digital platform allows citizens to search for unclaimed bank deposits, insurance claims, mutual funds, shares, and dividends across various financial institutions in one place. Developed in collaboration with the PSB Alliance, the initiative is a major step toward enhancing citizen convenience and transparency. It forms a core component of the nationwide “आपकी पूँजी, आपका अधिकार” campaign, aimed at restituting forgotten financial assets to their rightful owners or nominees.
Need for a Unified Platform
Previously, citizens faced the tedious task of navigating multiple regulatory websites to trace lost investments. Bank deposits required visiting the Reserve Bank of India’s UDGAM portal. Shares and dividends fell under the Ministry of Corporate Affairs’ Investor Education and Protection Fund Authority (IEPFA) portal. Insurance and mutual funds required checking individual company websites or separate regulatory links. The Common Landing Portal eliminates this fragmentation by acting as a single-window search facility for all asset classes.
Key Features of the Portal
- Consolidated Search: Users can trace assets across banking, capital markets, and insurance sectors simultaneously without visiting multiple domain-specific websites.
- User Authentication: The platform uses a secure, OTP-based login system tied to mobile numbers to ensure data privacy and prevent unauthorized access.
- Redirect Mechanism: Once an unclaimed asset is identified, the portal directs the user to the respective regulatory or institutional website to initiate the actual claim process.
- Multi-lingual Support: The interface provides options in multiple Indian languages to ensure broad accessibility across different demographic groups.
Understanding Unclaimed Financial Assets
Financial assets are generally classified as “unclaimed” when there is no user activity or claim for a specified statutory period. Different sectors have distinct rules for classifying and transferring these assets.
| Asset Class | Classification Criteria | Repository / Transfer Destination |
| Bank Deposits | No activity for 10 years in savings/current accounts, or 10 years post-maturity for term deposits. | Depositor Education and Awareness (DEA) Fund |
| Shares & Dividends | Dividends remaining unpaid or unclaimed for seven consecutive years. | Investor Education and Protection Fund (IEPF) |
| Insurance Policies | Death, maturity, or survival benefits remaining unpaid for 10 years. | Senior Citizens’ Welfare Fund (SCWF) |
| Provident Fund (EPF) | Accounts with no contributions for 3 years after the retirement age of 58. | Senior Citizens’ Welfare Fund (SCWF) |
The “आपकी पूँजी, आपका अधिकार” Campaign
The DFS initiated this nationwide campaign to create mass awareness about forgotten financial assets.
- Stakeholder Participation: It involves active participation from Public Sector Banks (PSBs), insurance companies, and primary regulatory bodies.
- Public Education: The campaign focuses on educating citizens about the importance of updating nomination details, Know Your Customer (KYC) records, and current contact information.
- Outreach Drives: Special financial literacy camps are organized at the gram panchayat and district levels to assist rural populations in reclaiming their dues.
Impact on the Financial Ecosystem
- Restitution of Wealth: The portal facilitates the return of thousands of crores of idle money back into the active economy and into the hands of rightful owners.
- Trust Building: A transparent and easy claim process enhances public confidence in formal financial institutions and regulatory oversight.
- Economic Empowerment: Helping vulnerable sections, especially legal heirs of deceased account holders, access their rightful money supports broader financial inclusion.
- Viksit Bharat 2047 Vision: The initiative aligns directly with the government’s long-term goal of creating a digitally empowered, transparent, and financially secure society.
IASPOINT Booster Facts for UPSC
- The portal is developed by the Department of Financial Services (DFS) in partnership with PSB Alliance Private Limited, an umbrella company established jointly by all Public Sector Banks in India.
- Unclaimed bank deposits are managed by the RBI under the Depositor Education and Awareness (DEA) Fund Scheme, 2014, established under Section 26A of the Banking Regulation Act, 1949.
- Unclaimed shares and corporate dividends are governed by Section 125 of the Companies Act, 2013, which mandated the creation of the Investor Education and Protection Fund (IEPF).
- Insurance sector unclaimed amounts are governed by IRDAI regulations and are eventually transferred to the Senior Citizens’ Welfare Fund (SCWF), which was established under the Finance Act, 2015.
- The Reserve Bank of India operates a specific portal exclusively for bank deposits called UDGAM (Unclaimed Deposits – Gateway to Access inforMation).
- The campaign slogan “आपकी पूँजी, आपका अधिकार” translates directly to “Your Capital, Your Right.”