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RBI sets up centralised web portal for searching unclaimed bank deposits
August 24, 2023
The Reserve Bank of India (RBI) has launched a Centralised Web Portal – UDGAM (Unclaimed Deposits – Gateway to Access information) on Thursday, which will facilitate the account holders of unclaimed deposits across multiple banks to access and withdraw their deposits from one consolidated platform. The launch of the web portal will aid users to identify their unclaimed deposits or accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks. The central bank has said that the move was warranted due to the rising trend in the amount of unclaimed deposits.
Earlier, the central bank had announced the setting up of a centralised web portal for searching unclaimed deposits as part of the Statement on Developmental and Regulatory Policies dated April 06, 2023.
To begin with, users will be able to access the details of their unclaimed deposits in seven banks — the details of which have been made available on the portal. The search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.
Account holders will have to register with their name, phone number and other details in order to access the details of their unclaimed deposits lying in banks.
A bank account is considered ‘unclaimed’ if it does not see any deposit or withdrawal activity for 10 years.
Without this portal, account holders would have to log in to multiple banks one-at-a-time to check the details of their unclaimed deposits.
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