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| A Shocking Revelation on Unclaimed Funds; Must-Attend Seminar on Data Privacy |
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| Dear Moneylifers, |
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 This month brought a shocking revelation. India’s unclaimed money problem is no longer just about careless heirs or forgotten deposits — it’s a scandal hiding in plain sight. Over Rs78,213 crore has already been swept into the Reserve Bank of India’s Depositor Education and Awareness Fund (DEAF), and another Rs1 lakh crore continues to languish in inoperative accounts across banks. But behind these mind-bending numbers lies a deeper rot — a callous disregard for accountability. |
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| Money meant for public welfare and employment schemes — from the Employees’ State Insurance Fund to the Chief Minister’s Relief Fund, from Pradhan Mantri Gram Sadak Yojana to Indira Awas Yojana — lies forgotten in dormant accounts. Some spellings are garbled, others appear duplicated or suspiciously misnamed, raising doubts about whether these are even genuine funds or clever “look-alikes” created under the banks’ watch. Even audited entities such as EPFO and ESIS have inactive accounts — a shocking failure of oversight. |
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| The government’s much-hyped UDGAM portal, meant to trace such funds, has turned the exercise into a cruel joke — demanding unnecessary personal details, restricting searches and virtually blocking NGOs or intermediaries from helping citizens recover their money. The design seems less about transparency and more about ensuring that the funds remain comfortably buried. |
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| When welfare schemes, government departments and audited institutions all feature among the missing, this ceases to be administrative sloth — it begins to look like systemic complicity. At this stage, only a full-fledged investigation by the Central Bureau of Investigation (CBI) can unravel how such colossal public money was allowed to vanish into silence. |
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| Read the full exposé here: Shocking: Rs1.5 Lakh Crore+ of Govt, Welfare, Charitable Funds Locked Unclaimed in RBI’s DEAF |
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| Reminder: Upcoming Seminar |
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| We’re just two days away from our seminar with Adv Murali Neelakantan, “Our Data, Their Wealth: Why Privacy is the New Currency,” on 5th November (5–7pm) at the Indian Merchants’ Chamber Building in Mumbai. |
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 If you have already registered but are unable to attend, please do let us know — it helps us plan the seating and arrangements better. On the other hand, if you have not signed up yet, it’s not too late! This is your chance to understand how much of your personal information is floating out there and what you can actually do to keep your data safe. Register here |
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| Progress on Key Issues We’ve Been Fighting For |
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| Firstly, starting 1st November, banks will now allow up to four nominees for deposit accounts and lockers. This simple but powerful reform was long overdue. For years, we have highlighted the confusion and disputes that arise when there is only one nominee — especially when families discover errors or outdated details after the account holder’s death. |
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| This change brings greater flexibility, transparency and peace of mind for depositors. Through our articles, reports and regulatory representations, we have consistently raised awareness about the problems caused by unclear or outdated nomination rules. Our report on Challenges in Transmission of Assets to Nominees & Legal Heirs explores this issue in depth. While it’s encouraging to see policymakers recognising the need for more flexibility and transparency for depositors, there is still a lot more to be done. You can read about this development here: Up to 4 Nominee Options for Bank Accounts, Lockers from 1st November To Boost Transparency and Ease for Depositors |
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| Secondly, RBI has recently launched a one-year scheme to help customers reclaim unclaimed deposits — an issue close to our hearts (Read here: RBI Launches 1-year Scheme To Facilitate Return of Unclaimed Deposits to Customers). As regular members would recall, we have long campaigned for transparency and simplification in the claims process for unclaimed funds. The RBI’s initiative is a welcome move, but much still depends on how effectively banks trace and reach out to rightful claimants. As we have said before, the real measure of success will be when ordinary people, not just those with resources or connections, can easily recover their money. We will continue to monitor how the scheme is implemented and push for lasting reforms so that unclaimed wealth truly returns to the people it belongs to. |
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| Stay Connected – Join Our WhatsApp Channel! |
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| We’ve launched an official WhatsApp Channel to share updates on our events, seminars, workshops, counselling sessions and any other general updates directly with you. |
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| Join here: https://whatsapp.com/channel/0029VbBWAyKGpLHIIk6yYa3t |
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| If you don’t see updates right away, please note that notifications are turned off by default. Just tap the bell icon in the channel to turn them on — that way, you won’t miss any important announcements. You can also continue to follow our Telegram channel for updates: https://telegram.me/moneylife_foundation |
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| Check our Free Helplines and Guides or Templates as well as our YouTube Channel, where you will find a wide repository of videos on various topics. |
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| Video recordings of all our webinars are available on our YouTube channel and will come to your inbox regularly if you hit the subscribe button. But if you want to be notified about future events through our mailing list, you do need to be a member. |
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| Moneylife TV & Helplines |
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| Financial Literacy Videos in Indian Languages: |
- Credit cards
- Online frauds
- Fallacy of gold loans and more in Marathi, Gujarati, Punjabi and Tamil, all on our YouTube channel (https://www.youtube.com/moneylifetv).
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| Get guidance and counselling through our Legal Helpline or Credit Helpline. |
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| Sucheta Dalal |
| Founder-Trustee, Moneylife Foundation |
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| Trustees: Walter Vieira, Sucheta Dalal, Debashis Basu. | | | | Moneylife Foundation is registered with the Charity Commissioner of Mumbai, is an Affiliate member of OECD's International Network on Financial Education, is a Supporter Member of Consumers International, Development Partner of Advocates for International Development (A4ID), and is a winner of the 10th MR Pai Memorial Award. | | |  | | | | Donations are eligible for tax benefits under Sec 80G of the Income Tax 1961 (50% tax exemption) and MLF is registered under the Foreign Contribution (Regulation) Act, 2010. 80(G) Reg No: DIT(E)/MC/80G/685/2010-11 dated 7.2.11 effective 8.+9.2010 | FCRA Registration No: 08378138  | | | |
