India's Unclaimed Bank Deposits Reach New Heights
India's unclaimed bank deposits, as of June 2025, totaled Rs 67,003 crore, with public sector banks holding Rs 58,330.26 crore and private banks Rs 8,673.72 crore. The RBI launched the UDGAM portal to simplify the search process. Meanwhile, the RBI warns about the risks of virtual currencies.
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In a recent disclosure, it was revealed that India's unclaimed deposits with banks have surged to a staggering Rs 67,003 crore by the end of June 2025. Parliament was informed that public sector banks hold Rs 58,330.26 crore in unclaimed deposits, while private sector banks account for Rs 8,673.72 crore, according to the Reserve Bank of India.
The State Bank of India (SBI) leads the public sector banks with Rs 19,329.92 crore in unclaimed deposits, followed by Punjab National Bank and Canara Bank. Among private banks, ICICI Bank, HDFC Bank, and Axis Bank have the highest unclaimed deposits. To address this, the RBI has launched the UDGAM portal, facilitating centralized access to unclaimed deposits.
The RBI has clarified the usage of unclaimed funds under The Depositor Education and Awareness Fund Scheme, 2014, aimed at promoting depositors' interests. Additionally, the RBI warns against the risks associated with virtual currencies, urging due diligence. As part of the Bima Sakhi Yojana, efforts are underway to enhance insurance outreach in rural areas.
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