Top News

The petition, filed by social activist Aakash Goel, highlighted that crores of citizens' money remains inaccessible because of scattered accounts, missing nominee details, and the absence of a unified registry. On Monday, a bench comprising Justice Vikram Nath and Justice Sandeep Mehta issued notices to the ministry of consumer affairs and key financial regulators including the Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi), Insurance Regulatory and Development Authority (Irdai), National Savings Institute, Employees Provident Fund Organisation (EPFO), and Pension Fund Regulatory and Development Authority (PFRDA). It directed them to file their responses in four weeks and listed the matter for further hearing once the replies were received. Turned away by high court Goel initially approached the Delhi High Court in January. While the court acknowledged the importance of the issue, it said judicial intervention was unnecessary and that the petitioner should approach the authorities concerned. Goel then moved the Supreme Court, arguing that huge amounts of citizens' money remained inaccessible across banks, insurance companies, mutual funds, and pension schemes. Senior counsel Mukta Gupta, appearing for Goel, told the court, "The Delhi High Court had recognised the gravity of the problem but left it to the authorities to consider a policy. However, no concrete action has been taken, and the funds of millions remain trapped." Goel's petition said there were more than 92.2 million inoperative bank accounts in India, with an average balance of ₹3,918. Unclaimed financial assets across banks, mutual funds, insurance companies, provident funds, and small savings schemes were estimated at more than ₹3.5 trillion, it added. Many of these assets belonged to deceased individuals, with legal heirs unaware because of missing nominee details and the lack of a unified tracking system. 'Violation of fundamental rights' The plea also referenced three major statutory funds that manage unclaimed money-the Depositor Education and Awareness Fund (DEAF) under RBI, the Investor Education and Protection Fund (IEPF) under the corporate affairs ministry, and the Senior Citizens Welfare Fund (SCWF) under the Finance Act, 2015. DEAF and IEPF together hold over ₹1.6 trillion, nearly three times India's health budget and twice the education budget, highlighting the scale of the problem. Goel argued that the absence of a unified registry violated citizens' rights under Articles 14 and 21 of the Constitution by denying them transparency, equal treatment, and timely access to their property. The plea called for the creation of a secure, Aadhaar-linked, e-KYC-based portal that would consolidate all financial assets held by individuals and their nominees across regulated entities. It also asked that financial institutions be required to capture nominee details for every asset and establish a time-bound grievance redressal mechanism for claimants.