The web portal will aid users to identify their unclaimed deposits and accounts
NEW DELHI: Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday launched a centralized portal, UDGAM (Unclaimed Deposits-Access Information Gateway), which will make it easier for people to check multiple banks in one place to search Its unclaimed deposits.
In a statement, the RBI said the launch of the portal will help users identify unclaimed deposits and accounts and allow them to claim the deposited amount or get their deposit accounts live with their respective banks.
Reserve Bank Information Technology Private Limited (ReBIT), Indian Financial Technology and Allied Services Corporation (IFTAS), and participating banks have jointly developed the portal.
First, users can view details of unclaimed deposits at seven banks currently on the portal.
The search function for the remaining banks on the portal will be progressively available until 15 October 2023.
On April 6 this year, as part of its “Development and Supervisory Policy Statement,” the central bank announced the development of a centralized portal to search for unclaimed deposits.
The initiative was launched in response to rising levels of unclaimed deposits in banks and the RBI conducts educational campaigns from time to time to raise public awareness of the issue.
Also, through these initiatives, the RBI is encouraging people to identify and contact their respective banks to claim unclaimed deposits.
