J&K UTLBC organises mega awareness-cum-settlement camps in Jammu, Srinagar on unclaimed assets

Srinagar, Nov 14: The J&K Union Territory Level Bankers’ Committee (UTLBC) organised mega Settlement-cum-Awareness Camps simultaneously at Jammu and Srinagar to facilitate on-the-spot identification, verification and disbursement of unclaimed financial assets lying with various banks, insurance companies, pension funds, mutual funds, dividends etc. across the UT.

The initiative is part of the ongoing three-month national campaign "Aapki Poonji, Aapka Adhikar" - 'Your Money, Your Right', launched by the Department of Financial Services (DFS, GoI) to ensure that rightful claimants receive their unclaimed assets in a hassle-free manner, said a press release.

Owing to the concerted publicity measures by the participating banks and other stakeholders, the camps witnessed an impressive footfall, with a significant number of attendees interested in claiming their unclaimed assets. Pertinently, an amount of Rs 1.62 Cr including Rs 5 lacs in the unclaimed insurance was settled and disbursed to the rightful claimants after due verification at both the camps.

Regional Director RBI (Jammu) Chandra Shekhar Azad, who was also the Chief Guest on the occasion, presided over the Jammu Camp in the presence of DGM RBI (Jammu) Vibha Gupta, J&K Bank’s GM & Divisional Head (Jammu) Ashok Gupta and Zonal Head (Jammu) Anita Nehru, Regional Manager (SBI, Jammu) Ajay Singh Kamdy and AGM SBI Chander Mohan Bhat, LDM (Jammu) Ajay Kumar Thapa besides senior officers of various banks, nodal officers, insurance companies, departments and other stakeholders. Speaking on the occasion, Chandra Shekhar Azad informed the participants that the campaign focuses on the 3A Strategy: Awareness, Accessibility and Action, to help citizens reclaim their rightful savings.

While highlighting the fact that UT of J&K had 1720878 unclaimed accounts with an outstanding amount of Rs 465.79 crores, out of which Jammu district alone accounted for 294676 unclaimed accounts amounting to Rs 107.27 crores, he encouraged the banks to actively contact/trace depositors/rightful claimants of these unclaimed deposits for the purpose of return of these funds to these claimants in a time bound manner.

He further said that RBI has launched an incentive scheme titled “Scheme for Facilitating Accelerated Pay-out-Inoperative Accounts and Unclaimed Deposits”, wherein differential pay-out upto 7.5% of the balance in such accounts or Rs 25,000, whichever is less, will be given to banks for reactivating Inoperative accounts and settling unclaimed deposits to rightful claimants during the period of the Scheme viz., from October 01, 2025, to September 30, 2026.

In his remarks on the occasion, GM & Divisional Head (Jammu) Ashok Gupta emphasized the Bank’s commitment to public outreach. “This three-month nationwide drive is an opportunity to reconnect customers with their financial assets. J&K Bank is fully geared to assist citizens in completing verification and settlement swiftly,” he noted.

In Srinagar, as part of the ongoing “Your Money, Your Right” campaign, the camp was conducted at Community Hall, Khalifapora in Khanyar.

The camp was presided over by AGM RBI Anoop Kumar Sharma in presence of LDM (Srinagar) Nelofer Jan, J&K Bank’s Incharge Financial Inclusion Basharat Syed Kamili, Branch Managers of J&K Bank’s Khanyar, Naidyar and Nowhatta branches, HDFC Bank Khanyar, and representatives from Punjab National Bank, Indian Bank, Bajaj General Insurance, LIC, National Insurance, and PNB MetLife. Financial Literacy Counsellors from across the district were also present.

Speaking on the occasion, AGM RBI Anoop Kumar Sharma underlined the importance of taking the initiative to the grassroots level, saying, “These camps ensure clarity, access and confidence among the citizens to rightfully claim what belongs to them. The procedures are simple, and people must come forward to resolve any pending unclaimed fund issues with banks, insurers and other financial institutions.”

J&K Bank’s FLCC Counsellor Riyaz Ahmad Bhat briefed the participants about the ongoing three-month campaign launched by DFS for speedy settlement of unclaimed assets. He also explained the use of the RBI’s UDGAM Portal, designed to help individuals trace and claim unclaimed funds lying with banks and other financial institutions.