RBI onboards more banks on UDGAM portal to help people search unclaimed deposits
Mumbai: The Reserve Bank of India (RBI) on Friday said that as many as 30 banks have been on-boarded on the UDGAM portal (Unclaimed Deposits – Gateway to Access information) to help the public search for unclaimed deposits. The search facility now covers around 90 per cent of such unclaimed deposits (in value terms) in Depositor Education and Awareness (DEA) Fund, the central bank said in a statement.
The 30 banks include all major lenders like SBI, Bank of Baroda, Punjab National Bank, HDFC Bank, ICICI Bank besides foreign banks. Deposits remaining unclaimed for 10 years in a bank are transferred to the DEA Fund maintained by the RBI.
As per information available with the RBI, as at the end of February 2023, the total amount of unclaimed deposits transferred to RBI by Public Sector Banks in respect of deposits which have not been operated for 10 years or more, is Rs 35,012 crore. “The RBI had launched a Centralised Web portal उदà¥à¤-म UDGAM for the public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks at one place.”
“The members of the public are hereby informed that the search facility for 30 banks has been made available on the portal on September 28, 2023.”
