Supreme Court Seeks Union, RBI Responses On PIL Seeking Portal To Access Unclaimed Financial Assets & Dormant Bank Accounts

The Supreme Court yesterday issued notice on a PIL seeking a centralized portal for enabling individuals to access a comprehensive list of all financial assets held across entities regulated by the Reserve Bank of India and other financial regulators. A bench of Justices Vikram Nath and Sandeep Mehta passed the order on a petition filed by one Aakash Goel.Senior Advocate Mukta Gupta appeared for the petitioner and submitted that the matter pertains to small investors/depositors. "First it's made inoperative. Range is 1-3 years. And then 7-8 years, it's unclaimed. As of today, it is Rs.3.5 lakh crores of money - it is not being given back to those people, beneficiaries, investors, etc...I made a representation [as well]...SEBI is at a better stage", she said, urging that the amounts had not been returned to the rightful owners.Gupta also informed the bench that the petitioner had initially approached the Delhi High Court for similar relief, which was of the opinion that the issue raised was important. However, it was concluded that the same was upto the authorities and did not warrant judicial interference.The matter is next listed for consideration on November 7.Besides the Union of India and RBI, the petition impleads the Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI), the National Saving Institute, the Employees' Provident Fund Organization (EPFO), the Pension Fund Regulatory and Development Authority (PFRDA) and the Ministry of Consumer Affairs.As per the petition, the petitioner seeks a direction to the RBI, IRDAI, National Saving Institute and PFRDA to establish a centralized portal enabling individuals, after completing e-KYC requirements, to access a comprehensive list of all financial assets whether active, inactive, dormant, or inoperative held across entities regulated by the respective regulators. The stated aim is tracing and restitution of over Rs.3.5 lakh crores unclaimed assets lying with various entities regulated by the respondent-regulators.He further prays for a direction to RBI, IRDAI, National Saving Institute, EPFO and PFRDA to issue guidelines to its regulated entities to lay down rules for capture of minimum details about nominee(s) for each financial asset.Additionally, the petitioner seeks a direction to the respondent-regulators to facilitate a seamless system in coordination with the respondent Ministry of Home Affairs and Department of Food and Public Distribution, thereby enabling the regulators' entities to know about death of account/asset holder and/or communicate appropriately after identifying family members in cases where financial assets lack a designated nominee.In 2022, the Court had issued notice on a similar PIL filed by financial journalist Sucheta Dalal raising the issue of unclaimed deposits in dormant accounts.Case Title: AAKASH GOEL Versus RESERVE BANK OF INDIA AND ORS., W.P.(C) No. 812/2025Click Here To Read/Download Order

Supreme Court Seeks Union, RBI Responses On PIL Seeking Portal To Access Unclaimed Financial Assets & Dormant Bank Accounts

Debby Jain

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