The Supreme Court has requested responses from the Reserve Bank of India (RBI) and other entities regarding a petition seeking the establishment of a centralised portal to provide individuals with access to a complete list of all financial assets—whether active, inactive, dormant, or inoperative—held across various regulated entities.
A bench comprising Justices Vikram Nath and Sandeep Mehta agreed to hear the case, issuing notices to the RBI, the Securities and Exchange Board of India (SEBI), the central government, and additional parties, and scheduled the next hearing for four weeks from now.
The petition, presented by Aakash Goel, focuses on the plight of small investors and depositors. The petitioner’s counsel informed the court that there is currently an estimated ₹3.5 lakh crore (approximately $42 billion) in financial assets that has not been returned to the rightful owners. The counsel noted that they initially approached a high court, which deemed the issue significant but concluded that it was beyond judicial interference.
Additionally, the petition seeks directives for authorities to implement guidelines mandating regulated entities to collect essential information about nominees for each financial asset. It also calls for the establishment of a streamlined process in collaboration with the Ministry of Home Affairs and the Department of Food and Public Distribution, aimed at notifying financial institutions of the death of account holders or asset owners and communicating with their family members in cases lacking designated nominees.
The request further includes directions for creating a centralised portal that would allow individuals, once they complete the necessary e-KYC (Electronic Know Your Customer) procedures, to access a comprehensive list of all their financial assets across regulated entities.
Published on October 6, 2025.
