RBI announces UDGAM portal to track unclaimed deposits
The Reserve Bank of India has unveiled a centralised web portal to facilitate the tracking of unclaimed deposits across multiple banks at one place. The central bank launched UDGAM - Unclaimed Deposits – Gateway to Access information, as part of its statement on Development and Regulatory Policies.
The UDGAM portal has been developed by a collaborative effort of Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks.
RBI has been encouraging the people to identify and approach their respective banks to claim unclaimed deposits. The central bank said it had been carrying out public awareness campaigns from time to time to sensitise the people on the increasing trend in the amount of unclaimed deposits.
“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,” the RBI statement read.
To begin with, users would be able to access the details of their unclaimed deposits in respect of seven banks presently 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.
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