On Thursday, the Reserve Bank launched a centralized portal, UDGAM (Unclaimed Deposits – Gateway to Information) to help people search and claim unclaimed deposits. Initiated by RBI Governor Shaktikanta Das, the portal was developed by the central bank to help the public conveniently and more easily check unclaimed deposits from multiple banks in one place.
The current unclaimed deposits of seven banks including State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank of India and Citibank can be viewed on the RBI UDGAM portal.
The Reserve Bank of India (RBI) has announced the development of a centralized UDGAM portal for searching unclaimed deposits as part of its Development and Regulatory Policy Statement dated 6 April 2023. In view of the rising trend in the number of unclaimed deposits, the Reserve Bank of India (RBI) central bank said in a statement that it has been conducting public awareness campaigns from time to time to raise public awareness on the matter.
Through these initiatives, the RBI has been encouraging the public to identify and contact their respective banks for unclaimed deposits, the RBI added. The launch of the portal will help users identify their unclaimed deposits/accounts and enable them to claim the deposit amount or open a deposit account with their respective banks.
The Reserve Bank of Information Technology (ReBIT), Indian Financial Technology and Allied Services (IFTAS) and participating banks have collaborated to develop the RBI Portal.
First, users will be able to access details of unclaimed deposits from seven banks currently available on the portal. It noted that the search function for the remaining banks on the portal will be made available in phases until October 15, 2023.
About Rs. As of February 2023, Public Sector Banks (PSBs) have transferred Rs 35,000 crore of unclaimed deposits to RBI which have been idle for 10 years or more. State Bank of India (SBI) tops the list of unclaimed deposits worth Rs. 80.86 billion rupees, followed by Punjab National Bank Rs. Rs 5,340 crore, Canara Bank Rs. Rs 4,558 crore, Bank of Baroda Rs. 3,904 crore.
Deposits in banks that remain unclaimed for 10 years are transferred to the Depositor Education and Awareness (DEA) fund maintained by the Reserve Bank of India (RBI).
The protection of depositors is the primary objective and the RBI has been taking various measures to ensure that new deposits do not go unclaimed and existing unclaimed deposits are returned to their rightful owners or beneficiaries after following due procedures.
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