RBI launched UDGAM for unclaimed deposits: Thousands of crores of rupees are deposited in the banks which have no claimant. But to track unclaimed deposits for the general public, the banking sector regulator, the Reserve Bank of India, has launched a centralized web portal called Udgam (UDGAM), through which anyone can track unclaimed deposits in banks. Can detect deposits.
RBI issued a press release saying that Governor Shaktikanta Das has launched this web portal which is developed by RBI itself. This web portal will help common people to trace the unclaimed money deposited in banks by themselves or their near and dear ones, even if the money is deposited in more than one bank.
On 6 April 2023, the RBI announced the development of a centralized web portal to track unclaimed deposits. Seeing the growing trend of unclaimed deposits, RBI has also launched an awareness campaign to claim the same. RBI has advised the general public to claim unclaimed deposits from their respective banks.
Through the launch of Udgam (Unclaimed Deposits – Gateway To Access Information) web portal, customers will be able to trace and claim unclaimed deposits account or reactivate the deposit account by visiting their respective banks. . RBI said that at present unclaimed deposits are accumulated in 7 banks, the details of which are available on the website and can be accessed by visiting the user portal. Details of unclaimed deposits in other banks will be uploaded on the portal in a phased manner by 15 October 2023.
Recently, the government informed Parliament that public sector banks have transferred unclaimed deposits of Rs 36,185 crore to the Depositor Education and Awareness Fund till March 31, 2023. While this amount was only Rs 15,090 crore in March 2019, private banks have transferred Rs 6,087 crore to this fund till March 31, 2023.
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