RBI launches website to help locate unclaimed deposits across multiple banks

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday launched a centralised net portal UDGAM (Unclaimed Deposits – Gateway to Access inforMation), which might make it simpler for folks to seek for their unclaimed deposits across multiple banks at one place.

The launch of the net portal will assist customers to establish their unclaimed deposits and accounts and allow them to both declare the deposit quantity or make their deposit accounts operative at their respective banks, a press release issued by RBI mentioned.

Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and collaborating banks have collaborated on growing the portal.

To start with, customers would give you the chance to entry the main points of their unclaimed deposits in respect of seven banks presently out there on the portal.

The search facility for remaining banks on the portal can be made out there in a phased method by October 15, 2023.

The central financial institution had introduced the event of a centralised net portal for looking unclaimed deposits as a part of its “Statement on Developmental and Regulatory Policies” on April 6 this 12 months.

The initiative has been launched amid rising quantity of unclaimed deposits in banks and RBI has been endeavor public consciousness campaigns from time to time to sensitise the general public on this matter.

Further, by way of these initiatives, the RBI has been encouraging folks to establish and method their respective banks for claiming unclaimed deposits.

(With enter from IANS)