RBI launches website to help people locate unclaimed deposits across multiple banks

The web portal will help users identify and approach their banks for either claiming unclaimed deposits or making their deposit accounts operative at their banks, the RBI said

PGurus Newsdesk

August 17, 2023

The web portal will help users identify and approach their banks for either claiming unclaimed deposits or making their deposit accounts operative at their banks, the RBI said

RBI unveils UDGAM portal to track unclaimed deposits

On Thursday, Shaktikanta Das, Reserve Bank of India (RBI) Governor, launched a centralized web portal UDGAM (Unclaimed Deposits – Gateway to Access inforMation), which would make it easier for people to search for their unclaimed deposits across multiple banks at one place.

The initiative has been launched amid a rising number of unclaimed deposits in banks and RBI has been undertaking public awareness campaigns from time to time to sensitize the public on this matter.

The launch of the web portal will aid users to identify their unclaimed deposits and accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks, a statement issued by RBI said.

To begin with, users would be able to access the details of their unclaimed deposits in respect of seven banks presently available on the portal. The search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.

Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks have collaborated on developing the portal.

The central bank announced the development of a centralized web portal for searching unclaimed deposits as part of its “Statement on Developmental and Regulatory Policies” on April 6 this year.

Further, through these initiatives, the RBI has been encouraging people to identify and approach their respective banks for claiming unclaimed deposits.

[With Inputs from IANS]

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