The Reserve Bank of India (RBI) is finally helping citizens claim their forgotten bank money. The process is now easier, online, and no middleman is needed.

A man once opened a bank account to receive a scholarship. Later, life moved on. The money just stayed there. Nobody followed up. Now imagine lakhs of such cases.

According to a report published by RBI in March 2024, banks in India are holding ₹42,270 crore in unclaimed deposits. These are funds that were untouched for ten years or more.

Read More – How To Recover Forgotten Money in Old Bank Accounts

They didn’t vanish. They’re just sitting there, waiting. The RBI money reclaim initiative is meant to fix this.

What Is RBI’s Latest Step in Returning Unclaimed Bank Money?

In September 2025, the RBI launched a new campaign to return these funds to rightful owners. The campaign is part of the RBI citizen support scheme and works through a digital platform called UDGAM.

Right now, 30 banks are linked with the portal. That covers nearly 90% of the total amount that people can still get back. The Ministry of Finance supported this move too. They called it Your Money, Your Right.

Banks are now told to allow video KYC, accept documents at any branch, and share clearer instructions. It’s meant to save people from the usual back-and-forth.

What Counts as Unclaimed Money and How Can You Reclaim It?

If an account has no activity for ten years, it is called “inoperative”. Same goes for fixed deposits not claimed after maturity. These are then transferred to the Depositor Education and Awareness Fund (DEAF), as per RBI’s 2014 rule.

But people can still get their money. Just need to follow a few steps online. Here’s the basic process:

Step	What You Need To Do	Where To Do It
Step 1	Go to UDGAM. Enter name, PAN or Aadhaar	rbi.org.in
Step 2	Note the UDRN (reference number) from result	rbi.org.in
Step 3	Visit your bank with UDRN and ID proof	Any branch

Feels long, but many people got their claims in a week. Some even sooner.

How Banks Are Responding to the RBI Refund Campaign

Back in April 2024, RBI had asked all banks to fill their ATMs with ₹100 and ₹200 notes. That was to help daily transactions in small towns. This refund drive works on the same logic: easier access to what’s already yours.

Two years ago, in 2022, banks were slow. They rarely updated lists. People weren’t aware. This time, the response changed.

As per a LoansJagat report (dated September 2025), RBI is now offering a payout to banks who return the money faster. The rate depends on how old the deposit is.

Bank Type	Unclaimed Funds	Incentive Rate
Public Sector Banks	₹34,200 crore	7.50%
Private Banks	₹7,500 crore	5%
Rural Banks	₹570 crore	6%

Also Read – NRI Deposit Inflows Dip to $4.7 Billion in April–July, Shows RBI Data

A small move, but it’s working. Some banks already started local camps.

Conclusion

People think this drive is only about bank accounts. Not true.

According to a Finance Ministry update in October 2025, unclaimed insurance proceeds stood at ₹13,800 crore. Dividends at ₹9,000 crore. Mutual fund balances, ₹3,000 crore. Most people don’t even know they can claim this.

In April 2025, the Supreme Court also asked RBI, SEBI, and IRDAI to trace ₹3.5 lakh crore worth of unclaimed money across sectors. That’s not pocket change. That’s a national pile.

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