NEWS
RBI onboards 30 banks on UDGAM portal for unclaimed deposits
RBI adds 23 banks, after initially opening the facility for seven lenders. This covers around 90% of unclaimed deposits in value terms in Depositor Education and Awareness Fund.
RBI adds 23 banks, after initially opening the facility for seven lenders. This covers around 90% of unclaimed deposits in value terms in Depositor Education and Awareness Fund.
The Reserve Bank of India (RBI) Thursday said that 30 banks have been onboarded on the UDGAM (Unclaimed Deposits – Gateway to Access information) portal to enable people to claim and search unclaimed deposits.
This covers around 90% of unclaimed deposits in value terms in Depositor Education and Awareness (DEA) Fund.
The facility was initially launched with seven banks on board, with a promise that more will be included in a phased manner by 15 October. These included State Bank of India (SBI), Punjab National Bank (PNB), Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India and Citibank.
The 23 other banks who have been included are Canara Bank, Bank of Baroda, HDFC Bank, ICICI Bank, Axis Bank, Bank of India, Standard Chartered and HSBC, among others.
"The members of the public are hereby informed that the search facility for 30 banks has been made available on the portal on September 28, 2023, which covers around 90% of such unclaimed deposits (in value terms) in Depositor Education and Awareness (DEA) Fund," the RBI said in a release.
On 17 August, the RBI launched UDGAM, a centralised web portal, to facilitate the public to search their unclaimed deposits across multiple banks in one place.
The web portal aims to 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.
Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology and Allied Services (IFTAS) and participating banks collaborated on developing the portal.
About Rs 35,000 crore unclaimed deposits as of February 2023 were transferred to the RBI by public sector banks (PSBs) in respect of deposits, which were not operated for 10 years or more.
State Bank of India (SBI) tops the list of unclaimed deposits worth Rs 8,086 crore, followed by Punjab National Bank Rs 5,340 crore, Canara Bank Rs 4,558 crore and Bank of Baroda Rs 3,904 crore.
In the usual course, the deposits remaining unclaimed for 10 years in a bank are transferred to the 'Depositor Education and Awareness' (DEA) Fund maintained by the RBI.
