RBI Launches UDGAM Portal
★The Reserve Bank of India (RBI) has launched an online portal called UDGAM to help people find information about unclaimed deposits in various banks.
★The objective of this initiative is to assist individuals in locating and claiming their unclaimed deposits.
★The portal, UDGAM (Unclaimed Deposits ★Gateway to Access Information), has been prepared by the central bank to provide a centralized platform for people to find their unclaimed deposits in multiple banks.
★At present, information about unclaimed deposits in seven banks, including State Bank of India, Punjab National Bank, and Citibank, is available on the portal.
★The RBI plans to gradually include information about unclaimed deposits in other banks on the portal by October 15, 2023.
★The launch of the UDGAM portal aims to raise awareness about unclaimed deposits and allow individuals to either claim the deposit amount or activate their deposit accounts with their respective banks.
RBI’s Statement and Collaboration
★The RBI has issued a statement emphasizing the increasing trend in the number of unclaimed deposits and the importance of public awareness campaigns.
★The portal has been developed through collaboration between the RBI, Reserve Bank of India Information Technology Pvt Ltd (REBIT), Indian Financial Technology and Allied Services (IFTAS), and participating banks.
★The portal currently provides details of unclaimed deposits for seven banks and will gradually expand to include information for other banks.
Top Unclaimed Deposits
★Public sector banks have transferred approximately Rs 35,000 crore of unclaimed deposits to the RBI as of February 2023.
★State Bank of India (SBI) holds the highest amount of unclaimed deposits with Rs 8,086 crore, followed by Punjab National Bank, Canara Bank, and Bank of Baroda.
★The UDGAM portal will enable individuals to identify and claim their unclaimed deposit accounts, including these top unclaimed deposits.
Bullet Points:
★The RBI has launched the UDGAM portal to provide information about unclaimed deposits in multiple banks.
★The portal currently includes details of unclaimed deposits in seven banks.
★People can either claim the deposit amount or activate their deposit accounts through the portal.
★The UDGAM portal will gradually include information about unclaimed deposits in other banks.
★State Bank of India holds the highest amount of unclaimed deposits, followed by Punjab National Bank, Canara Bank, and Bank of Baroda.
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