It often happens that people deposit money in the bank and then forget about them, or money belonging to old insurance policies, shares or mutual funds remains unclaimed for years. To address this important issue, the government has taken an important step. The Department of Financial Services, functioning under the Finance Ministry, has launched a new portal named ‘Common Lending Portal for Unclaimed Financial Assets’. Through this special website (www.unclaimedassetsportal.in), any citizen of the country can now easily trace the money of his or her family members which was lying unclaimed for years.
All information available in one place
Earlier, if someone wanted information about an old bank account, fixed deposit or insurance policy, he or she had to visit the websites or offices of different institutions. Now, this new portal has made the entire process much easier. It is a common platform where you can get information from banking and insurance to stock market dividends and mutual funds at one place. The entire financial system has been linked at one place, so that the common citizen does not have to face any technical or administrative difficulty in finding his money.
Cooperation of public sector banks
This important portal has been developed with the special cooperation of Public Sector Banks Alliance (PSBA). It is worth noting that this alliance is a common and centralized body consisting of 12 large public sector banks of the country. Working closely with these public sector banks, the Department of Financial Services has ensured that the general public gets a transparent and completely citizen-centric system.
Recovering lost money becomes easier
Speaking at the launch of this important portal, M. Nagaraju, Secretary, Department of Financial Services, emphasized on its far-reaching benefits. He said that the main objective of this portal is to rapidly increase the facilities for the common citizen. When search features that were previously spread across different locations are brought together on a single platform, it saves people both time and energy. This initiative of the government is a strong effort to reconnect all those people – who were separated from their accumulated savings due to one reason or the other – to their rightful financial rights. Now, any common citizen can easily check whether his/her unclaimed money is present in the system.
