RBI Expands UDGAM Portal to Help Locate Unclaimed Deposits:
The Reserve Bank of India (RBI) announced that it has added 30 banks to the UDGAM portal (Unclaimed Deposits – Gateway to Access information) to assist the public in locating unclaimed deposits. This expanded search feature now encompasses approximately 90 percent of the total unclaimed deposits in terms of their value within the Depositor Education and Awareness (DEA) Fund, as stated by the central bank.
Among the 30 banks are prominent financial institutions such as SBI, Bank of Baroda, Punjab National Bank, HDFC Bank, ICICI Bank, as well as foreign banks. Unclaimed deposits that have been dormant in a bank for 10 years are transferred to the DEA Fund managed by the RBI.
As of the end of February 2023, the RBI has received unclaimed deposits totaling Rs 35,012 crore from Public Sector Banks. The central bank introduced the UDGAM Centralised Web portal to facilitate public access to search for unclaimed deposits across various banks in one convenient location.
The public has been informed that the search feature for 30 banks was made accessible on the portal as of September 28, 2023.
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