Canara Bank Initiative: Reclaiming Your Unclaimed Deposits Made Easy
Canara Bank simplifies reclaiming unclaimed deposits, ensuring your money is your right.
Photo by Oishi Dattam
Canara Bank has launched a nationwide campaign (Oct-Dec 2025) to help customers reclaim their unclaimed deposits, emphasizing "Your Money, Your Right." This initiative provides a clear process for individuals to recover funds lying dormant in bank accounts, fixed deposits, and other instruments. Customers can check for unclaimed deposits via branch visits, the Canara Bank website, or the UDGAM portal.
The process involves submitting KYC documents and proof of the unclaimed account, with the amount credited within three working days post-verification. This move aligns with RBI's broader efforts to return unclaimed funds to their rightful owners and promote financial literacy.
मुख्य तथ्य
Canara Bank campaign: Oct-Dec 2025
Ways to check: Branch visit, Canara Bank website, UDGAM Portal
Claim process: KYC + proof of account, credit within 3 working days
National Cyber Crime Helpline: 1930
UPSC परीक्षा के दृष्टिकोण
RBI's regulatory role and initiatives concerning unclaimed deposits (e.g., Depositor Education and Awareness Fund - DEAF, UDGAM portal).
Financial inclusion and literacy as key objectives of such campaigns.
Consumer protection in the banking sector and mechanisms for grievance redressal.
Banking sector reforms, efficiency, and customer service improvements.
Economic implications of unclaimed funds and their potential utilization.
दृश्य सामग्री
Unclaimed Deposits in Indian Banking System (Dec 2025 Estimates)
This dashboard highlights the scale of unclaimed deposits in India, providing context for the urgency and importance of initiatives like Canara Bank's campaign and RBI's UDGAM portal. The figures are estimates for December 2025, reflecting the continuous growth in dormant funds.
- Total Unclaimed Deposits
- ₹62,000 Crore (Est.)+28% since FY23
- Estimated Unclaimed Accounts
- 150 Million (Est.)N/A
- Banks Integrated with UDGAM
- 35+ Banks (Est.)+28 since launch
Represents a significant amount of public money lying dormant, emphasizing the need for robust reclamation mechanisms. This figure has been steadily rising over the years.
Indicates the vast number of individuals and entities affected, highlighting the challenge of tracing and returning funds to their rightful owners.
Shows the expanding reach of RBI's UDGAM portal, making it easier for citizens to search for their unclaimed funds across a majority of the banking system.
Process to Reclaim Unclaimed Deposits (Canara Bank / UDGAM)
This flowchart illustrates the simplified process for individuals to reclaim their unclaimed deposits, as promoted by Canara Bank's nationwide campaign and facilitated by the UDGAM portal.
- 1.Identify Potential Unclaimed Deposit
- 2.Check via UDGAM Portal / Canara Bank Website / Branch Visit
- 3.Locate Bank Holding Funds (if using UDGAM)
- 4.Contact the Specific Bank (e.g., Canara Bank)
- 5.Submit Required Documents: KYC (Aadhaar, PAN, etc.) & Proof of Account (Passbook, FD receipt, etc.)
- 6.Bank Verifies Documents & Claim
- 7.Is Verification Successful?
- 8.Amount Credited to Claimant's Account (within 3 working days)
- 9.Claim Rejected (e.g., insufficient documents, mismatch)
बहुविकल्पीय प्रश्न (MCQ)
1. With reference to Unclaimed Deposits in the Indian banking system, consider the following statements: 1. As per RBI guidelines, deposits remaining inoperative for ten years or more are classified as unclaimed deposits. 2. The Depositor Education and Awareness Fund (DEAF) is maintained by the Reserve Bank of India and its corpus is primarily used for promoting financial literacy. 3. Funds transferred to the DEAF are permanently forfeited by the depositors and cannot be reclaimed. Which of the statements given above is/are correct?
उत्तर देखें
सही उत्तर: B
Statement 1 is correct. As per Section 26A of the Banking Regulation Act, 1949, and subsequent RBI guidelines, deposits that have not been operated for ten years or more are classified as 'unclaimed deposits' and are transferred to the Depositor Education and Awareness Fund (DEAF). Statement 2 is correct. The DEAF is constituted by the RBI and its corpus is utilized for promoting depositor awareness and education, as well as other purposes specified by the RBI. Statement 3 is incorrect. Funds transferred to the DEAF are not permanently forfeited. Depositors are still entitled to claim their deposits from their respective banks, which, in turn, claim a refund from the DEAF.
2. In the context of recent initiatives by the Reserve Bank of India (RBI) regarding unclaimed deposits, consider the following statements about the UDGAM portal: 1. The UDGAM portal was developed by the RBI in collaboration with various banks to facilitate a centralized search for unclaimed deposits. 2. It allows users to search for unclaimed deposits across all public sector banks, private sector banks, and cooperative banks in India. 3. The portal provides direct access to claim the funds, which are then credited to the user's linked bank account within three working days. Which of the statements given above is/are correct?
उत्तर देखें
सही उत्तर: A
Statement 1 is correct. The UDGAM (Unclaimed Deposits – Gateway to Access inforMation) portal was indeed developed by the RBI in collaboration with participating banks to help users search for their unclaimed deposits across multiple banks in one place. Statement 2 is incorrect. While the portal aims for comprehensive coverage, it was initially launched with a limited number of banks (e.g., SBI, PNB, Canara Bank, Union Bank of India, Indian Bank, UCO Bank, and DBS Bank India), with more banks being added in phases. It does not yet cover *all* cooperative banks or *all* private sector banks simultaneously from its inception. Statement 3 is incorrect. The UDGAM portal is a search facility. It helps identify unclaimed deposits. The actual process of claiming the funds still needs to be done through the respective bank, following their KYC and verification procedures. The portal itself does not facilitate direct claiming or crediting of funds.
3. Which of the following statements best describes the primary objective behind the Reserve Bank of India's (RBI) push for banks to launch campaigns like 'Your Money, Your Right' for reclaiming unclaimed deposits?
उत्तर देखें
सही उत्तर: C
Option C best describes the primary objective. While other options might be secondary outcomes, the RBI's core mandate includes financial stability, consumer protection, and promoting financial literacy. Ensuring rightful owners recover their funds aligns directly with consumer protection and reinforces trust in the banking system. The 'Your Money, Your Right' theme explicitly highlights this aspect. Option A is a secondary benefit, but not the primary driver. Option B is also a potential outcome, but the primary goal is not just liquidity but returning money to its owners. Option D is incorrect; unclaimed funds are not used for government schemes after a specified period; they remain claimable by the rightful owners from the DEAF.
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