The Reserve Bank of India (RBI) on Thursday launched a centralised web portal UDGAM (Unclaimed Deposits – Gateway to Access inforMation), to make it easier for the public to search for their unclaimed deposits across multiple banks in one place.
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 central bank said in a release.
Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks have jointly worked to set up the portal. Currently, users will be able to access the details of their unclaimed deposits in respect of seven banks available on the portal. These banks include the State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank Ltd, South Indian Bank Ltd, DBS Bank India Ltd, and Citibank N A.
RBI said that the search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.
In the monetary policy statement announced on April 6, RBI had said that a centralised web portal is in the works. The central bank said that with a view to protect depositors’ interests, it is taking several measures to make sure that newer deposits do not turn unclaimed and existing unclaimed deposits are returned to rightful owners or beneficiaries after following due procedures.
In April, RBI Deputy Governor M Rajeshwar Rao had said the portal for reclaiming unclaimed deposits will be ready in 3-4 months.
aniltikotekar4sme.com 