Reserve Bank of India, RBI

RBI said that the search facility for the remaining banks will be made available by October 15, 2023 (Photo: Bloomberg)

The Reserve Bank of India (RBI) on Thursday launched a centralized web portal UDGAM (Unclaimed Deposits – Gateway to Access Information) to make it easier for the public to search for their unclaimed deposits in multiple banks at one place. May be



The central bank said in a release that the web portal will help users identify and contact their banks to claim unclaimed deposits or to get their deposit accounts current.

Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology and Allied Services (IFTAS), and participating banks have jointly worked to set up the portal. At present, users will be able to get details of their unclaimed deposits in respect of seven banks available on the portal. These banks include State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank Limited, South Indian Bank Limited, DBS Bank India Limited and Citibank N.A.



The search facility for the remaining banks on the portal will be made available in a phased manner by October 15, 2023, RBI said.

In the monetary policy statement announced on April 6, the RBI had said that a centralized web portal is in the works. The central bank said that with a view to protect the interest of depositors, it is taking several measures to ensure that fresh deposits do not remain unclaimed and existing unclaimed deposits are returned to the rightful owners after following due procedures. or be returned to the beneficiaries.



In April, RBI Deputy Governor M Rajeshwar Rao had said that the portal to retrieve unclaimed deposits would be ready in 3-4 months.



Unclaimed deposits after 10 years in a bank are transferred to the Depositor Education and Awareness (DEA) Fund, which is maintained by the central bank. Latest data shows that at the end of February 2023, the total amount of unclaimed deposits transferred to the RBI in respect of deposits not operated by Public Sector Banks (PSBs) for 10 years or more was Rs 35,012 crore. The number of unclaimed accounts stood at 102.4 million.

first published: 17 August 2023 | 6:36 pm First


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