The Reserve Bank of India (RBI) on August 17 launched a Centralised Web Portal UDGAM (Unclaimed Deposits – Gateway to Access inforMation) for public to search their unclaimed deposits across multiple banks at one place.
The launch of the web portal will aid users to identify their unclaimed deposits/ accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks, RBI said in a release.
Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks have collaborated on developing the portal.
Currently, users would be able to access the 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 Ltd, South Indian Bank Ltd, DBS Bank India Ltd, and Citibank N.A.
The search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.
On April 6, the RBI in the monetary policy announced the development of a centralised web portal for searching unclaimed deposits.
In the post policy press conference in April, RBI Deputy Governor, M Rajeshwar Rao had said the portal for reclaiming unclaimed deposits will be ready in 3-4 months.
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