Jaipur: A significant financial concern has emerged in Rajasthan, where thousands of crores of rupees remain unclaimed in bank accounts, raising questions about financial awareness and institutional follow-up. According to recent data linked to State Level Bankers’ Committee (SLBC) assessments and banking reports, over ₹1,648 crore is lying unclaimed across nearly 64 lakh inactive bank accounts in the state.
These deposits, categorized as “unclaimed” or “inoperative,” typically belong to savings accounts, current accounts, and fixed deposits that have seen no activity for years. As per banking norms, accounts with no transactions for two years are classified as inactive, and deposits that remain untouched for 10 years are transferred to the Reserve Bank of India’s Depositor Education and Awareness (DEA) Fund.
SLBC Data Highlights Growing Financial Disconnect
The SLBC report indicates that a large portion of these unclaimed funds is linked to individuals who either forgot about their deposits, failed to update nominee details, or passed away without informing family members about their financial assets. The issue is particularly prevalent among rural and semi-urban account holders, where awareness about banking procedures remains limited.
Experts note that such high volumes of unclaimed deposits not only reflect gaps in financial literacy but also highlight systemic inefficiencies in tracking and notifying rightful beneficiaries.
UDGAM Portal: RBI’s Digital Intervention
To address this growing issue, the Reserve Bank of India (RBI) has launched the UDGAM (Unclaimed Deposits – Gateway to Access Information) Portal, enabling citizens to search for unclaimed deposits across multiple banks through a single platform.
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The portal allows individuals, nominees, or legal heirs to identify dormant accounts and initiate the process of reclaiming funds without needing to approach each bank separately. This initiative has already helped over 8 lakh people across India recover their deposits, marking a significant step toward financial inclusion.
Why Deposits Remain Unclaimed
Several factors contribute to the accumulation of unclaimed deposits in Rajasthan:
- Lack of awareness about dormant accounts
- Absence of nominee registration
- Death of account holders without informing family members
- Migration and abandonment of old bank accounts
- One-time use accounts (scholarships, subsidies, etc.)
Women account holders and joint accounts also form a considerable share of such inactive deposits, often due to changes in family or financial circumstances.
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Government and Banking Sector Response
Banks and regulatory authorities have initiated awareness campaigns such as “Your Money, Your Right” to encourage citizens to reclaim their funds. Special camps and outreach programs are being organized to assist individuals in retrieving their deposits.
Officials emphasize that reclaiming funds is a straightforward process. Claimants need to visit the respective bank branch with valid identity proof and supporting documents. In cases where account details are unknown, banks can assist in retrieving information based on the account holder’s identity.
Call for Greater Accountability and Awareness
Financial experts stress the need for stronger coordination between banks, state authorities, and local प्रशासन to ensure that unclaimed deposits are minimized. There is also a growing demand for proactive notification systems, where banks regularly inform customers or nominees about dormant accounts.
The issue of unclaimed deposits is not just a financial concern but also a matter of public rights, as billions of rupees belonging to citizens remain locked within the banking system.