Mumbai: The Reserve Bank of India (RBI) has launched a centralised web portal UDGAM (Unclaimed Deposits Gateway to Access inforMation) to make it easier for bank customers to search for their unclaimed deposits across multiple banks at one place.
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The initiative from the RBI to help customers for searching unclaimed deposits is part of the Statement on Developmental and Regulatory Policies dated April 6, 2023. The RBI in a statement said it has been encouraging members of public to identify and approach their respective banks for claiming unclaimed deposits.
“Given the increasing trend in the amount of unclaimed deposits, RBI has been undertaking public awareness campaigns from time to time to sensitise the public on this matter. Further, through these initiatives, the RBI has been encouraging members of public to identify and approach their respective banks for claiming unclaimed deposits,” the RBI said in a statement.
RBI’s centralised web portal will help customers to identify their unclaimed deposits/ accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks.
Notably, the Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks have joined hands on developing the portal.
To start with, bank customers will be able to access the details of their unclaimed deposits in respect of seven banks presently available on the portal. The RBI said the search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.
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List of Banks Available on Centralised Web Portal For Unclaimed Deposits
- State Bank of India
- Punjab National Bank
- Central Bank of India
- Dhanlaxmi Bank Ltd.
- South Indian Bank Ltd.
- DBS Bank India Ltd.
- Citibank
How RBI’s UDGAM Will Help Customers?
With this web portal, bank customers can identify their unclaimed deposits/accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks.
In the initial phase, bank customers will be able to access the details of their unclaimed deposits in respect of seven banks presently available on the portal.
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However, for the search facility of the remaining banks on the portal would be made available in a phased manner by October 15, 2023.
