Reserve Bank of India launch a centralise web portal UDGAM, Unclaimed Deposits, Gateway to Access information, to help people search and claim unclaim deposits. The portal, launch by RBI Governor Shaktikanta Das, has been develop by the central bank to help the public to facilitate and make it easier for them to search their unclaim deposits across multiple banks in one place.
Right now unclaim deposits from 7 banks, State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India, and Citibank are available on the portal.
Reserve Bank of India (RBI) announce the development of a centralise web portal for searching unclaim deposits as part of the Statement on Developmental and Regulatory Policies dated 6th April, 2023.
Given the increasing trend in the number of unclaimed deposits, the RBI has undertaking public awareness campaigns from time to time to sensitise the public on this matter, the central bank said in a statement.
RBI has encouraging members of the public to identify and approach their respective banks for claiming unclaimed deposits, it added.
The launch of this web portal will aid users to identify their unclaim deposits/accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks.
Reserve Bank Information Technology (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks have collaborate on developing the portal.
Users would be able to access the details of their unclaim deposits in respect of 7 banks presently available on the portal.
The search facility for remaining banks on the portal would be made available in a phase wise by 15th October, 2023, it said.
About Rs. 35,000 crore unclaim deposits as of February 2023 were transfer to the RBI by public sector banks (PSBs) in respect of deposits, which were not operate for 10 years or more.
State Bank of India (SBI) tops the chart of unclaim deposits worth Rs. 8,086 crore, follow by Punjab National Bank Rs. 5,340 crore, Canara Bank Rs. 4,558 crore, and Bank of Baroda Rs. 3,904 crore.
The deposits remaining unclaim for 10 years in a bank are transfer to the ‘Depositor Education and Awareness‘ (DEA) Fund maintain by the Reserve Bank of India (RBI).
Depositors protection being an overarching objective, the RBI has taking various measures to ensure that newer deposits do not turn unclaim and existing unclaim deposits are return to the rightful owners or beneficiaries after following due procedure.
