Discover the alarming rise in unclaimed bank deposits in India, reaching a staggering ₹67,003 crore as of June 30, 2025. Learn about the key initiatives like the RBI’s UDGAM portal and the Bima Sakhi Yojana addressing this financial challenge.
The Scale of Unclaimed Deposits
- Total unclaimed deposits: ₹67,003 crore
- Public sector banks: ₹58,330.26 crore
- Private sector banks: ₹8,673.72 crore
Top Banks with Highest Unclaimed Deposits
- State Bank of India (SBI): ₹19,329.92 crore
- Punjab National Bank (PNB): ₹6,910.67 crore
- Canara Bank: ₹6,278.14 crore
- ICICI Bank (Private): ₹2,063.45 crore
- HDFC Bank: ₹1,609.56 crore
- Axis Bank: ₹1,360.16 crore
RBI’s Measures: UDGAM Portal
- The RBI introduced the UDGAM (Unclaimed Deposits Gateway to Access Information) portal to help individuals trace and claim their unclaimed funds.
- This initiative aims to simplify the process of claiming unclaimed money and improve financial inclusion.
Government’s Stand on Virtual Digital Assets
The government clarified that it has no plans to launch Exchange Traded Funds (ETFs) for Virtual Digital Assets (VDAs). The RBI continues to caution against the risks of cryptocurrencies and crypto assets due to economic, legal, and security concerns.
According to the RBI circular of May 31, 2021, banks and financial institutions must conduct customer due diligence in line with KYC, AML (Anti-Money Laundering), CFT (Combating of Financing of Terrorism), and the PMLA, 2002.
Key Takeaways for Competitive Exams:
- Unclaimed bank deposits in India have reached ₹67,003 crore, emphasizing the need for financial awareness and accessibility.
- The RBI’s UDGAM portal assists in locating and claiming unclaimed funds, promoting transparency and reducing inoperative accounts.
- Governments stand firm against launching ETFs for Virtual Digital Assets, following RBI warnings on the risks associated with cryptocurrencies.
- Financial institutions are mandated to adhere to KYC, AML, CFT, and PMLA guidelines to mitigate financial risks.
