The Reserve Bank on Thursday (August 17) launched a centralised internet portal UDGAM (Unclaimed Deposits – Gateway to Access info) aiming to assist folks search and declare unclaimed deposits.
RBI Governor Shaktikanta Das launched the portal which has been developed by the central financial institution to assist the general public to facilitate and in addition make it simpler for them to search their unclaimed deposits throughout a number of banks.
At current, the unclaimed deposits from seven banks can be found on the portal, together with these of State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India and Citibank.
The Reserve Bank of India (RBI) introduced the event of a centralised internet portal for looking unclaimed deposits as half of the Statement on Developmental and Regulatory Policies dated April 6, 2023.
The RBI has been endeavor public consciousness campaigns from time to time to sensitise the general public on this matter, the central financial institution stated in an announcement.
Through these initiatives, the RBI has been encouraging members of the general public to establish and method their respective banks for claiming unclaimed deposits, it added.
The launch of the net portal will assist customers to establish their unclaimed deposits/ accounts and allow them to both declare the deposit quantity or make their deposit accounts operative at their respective banks.
Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and collaborating banks have collaborated on growing the portal.
To start with, customers would have the ability to access the details of their unclaimed deposits in respect of seven banks presently obtainable on the portal.
The search facility for remaining banks on the portal could be made obtainable in a phased method by October 15, 2023, it famous.
About Rs 35,000 crore unclaimed deposits as of February 2023 had been transferred to the RBI by public sector banks (PSBs) in respect of deposits, which weren’t operated for 10 years or extra.
State Bank of India (SBI) tops the chart of unclaimed deposits price Rs 8,086 crore, adopted 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 unclaimed for 10 years in a financial institution are transferred to the ‘Depositor Education and Awareness’ (DEA) Fund maintained by the Reserve Bank of India (RBI).
Depositors’ safety being an overarching goal, the RBI has been taking varied measures to make sure that newer deposits don’t flip unclaimed and present unclaimed deposits are returned to the rightful homeowners or beneficiaries after following due process.
(With PTI inputs)
