UDGAM: RBI sets up centralised web portal for searching unclaimed bank deposits
UDGAM Portal: The launch of the web portal will aid users to identify their unclaimed deposits or accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks.
UDGAM Portal: The Reserve Bank of India (RBI) has launched a Centralised Web Portal - UDGAM (Unclaimed Deposits - Gateway to Access information) on Thursday, which will facilitate the account holders of unclaimed deposits across multiple banks to access and withdraw their deposits from one consolidated platform. The launch of the web portal will aid users to identify their unclaimed deposits or accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks. The central bank has said that the move was warranted due to the rising trend in the amount of unclaimed deposits.
Earlier, the central bank had announced the setting up of a centralised web portal for searching unclaimed deposits as part of the Statement on Developmental and Regulatory Policies dated April 06, 2023.
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UDGAM Portal: Bank details available on the portal
To begin with, users will be able to access the details of their unclaimed deposits in seven banks — the details of which have been made 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.
As of now, bank details of these 7 banks will be available on the UDGAM portal —
1) State Bank of India (SBI),
2) Punjab National Bank (PNB),
3) Central Bank of India,
4) Dhanlaxmi Bank Ltd,
5) South Indian Bank Ltd,
6) DBS Bank India Ltd,
7) Citibank N.A.
The data of the rest of the banks is expected to be uploaded to the UDGAM portal by October 15.
UDGAM Portal: How to claim unclaimed deposits?
Account holders will have to register with their name, phone number and other details in order to access the details of their unclaimed deposits lying in banks.
UDGAM Portal: What qualifies as unclaimed amount or deposit?
A bank account is considered 'unclaimed' if it does not see any deposit or withdrawal activity for 10 years.
Without this portal, account holders would have to log in to multiple banks one-at-a-time to check the details of their unclaimed deposits.
Post-Udgam, the details of all the unclaimed bank account will be available for access through a single window.
As per the prevalent rules, banks have to transfer the unclaimed deposits to depositors education and awareness fund (DEAF).
Recently, RBI had launched the ‘100 Days 100 Pays’ campaign to return unclaimed deposits of account-holders.
The RBI has undertaken several public awareness campaigns from time to time to sensitise the public on claiming their unclaimed deposits lying in banks. Further, through these initiatives, the RBI has been encouraging members of public to identify and approach their respective banks for claiming unclaimed deposits.
Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks have collaborated on developing the UDGAM portal.