RBI onboards 30 banks on UDGAM portal, covers 90% of unclaimed deposits
Click here! Given the increasing trend in the number of unclaimed deposits, the RBI has been undertaking public awareness campaigns from time to time to sensitise the public on this matter, the RBI had said in a statement. The web portal will aid users to identify their unclaimed deposits/ accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks.
About ₹35,000 crore unclaimed deposits as of February 2023 were transferred to the RBI by public sector banks (PSBs) in respect of deposits, which were not operated for 10 years or more. SBI tops the list of unclaimed deposits worth ₹8,086 crore, followed by PNB ₹5,340 crore, Canara Bank ₹4,558 crore and Bank of Baroda ₹3,904 crore.
The deposits remaining unclaimed for 10 years in a bank are transferred to the 'Depositor Education and Awareness' (DEA) Fund maintained by the Reserve Bank of India (RBI). Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks have collaborated on developing the portal.
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