Finance
RBI Udgam Portal News: The Reserve Bank of India has launched UDGAM (Unclaimed Deposits – Gateway to Access inforMation), a centralized web service that will allow bank customers to locate their unclaimed deposits. The RBI stated in a statement that this facility will allow the public to search for unclaimed deposits across numerous institutions in one spot.
The overall amount of unclaimed deposits in India is estimated to be Rs 35,000 crore, with several accounts forgotten or disregarded.
As part of the Statement on Developmental and Regulatory Policies dated April 6, 2023, the RBI declared its decision to establish a centralized web portal for locating unclaimed deposits.
“The UDGAM portal will ease the process of redeeming unclaimed deposits. The new centralised web portal will be the perfect platform for the users to search and identify their unclaimed deposits/accounts across multiple banks through a single window,” said Ankit Garg, Advocate & Founder Garg Law Chamber.
RBI Udgam Portal Login Link
The link to login on the RBI Udgam Portal is: https://udgam.rbi.org.in/unclaimed-deposits/#/login
According to the RBI, consumers will first be able to access information about their unclaimed deposits from the seven banks that are already featured on the portal.
Six banks are currently available to individuals. SBI, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, and DBS Bank India are among them. Citibank is now available on the platform for non-individuals.
RBI Udgam Portal Registration Process
Users must first register on Udgam Portal by providing their mobile number, name, and password. Log in to the site after registration and enter any 1 search criteria before selecting the bank. It is also possible to search for unclaimed deposits using various bank accounts.
Once you submit the aforementioned information, the portal will display your unclaimed deposits in any of the banks you specify.
How will Udgam Portal help users?
This Udgam Portal, according to Garg, will increase openness by offering a centralized and more thorough platform for locating such investments. It will also make documentation and follow-up easier for claimants because they would have real-time access to their claims.
“Through the new portal, users can also make their deposit accounts operative at their respective banks. Now, unclaimed deposits after ten years of inactivity can be claimed in a more systematic manner through this initiative. Getting access to unclaimed deposits from seven banks available on the portal will be a simple task for the users,” said Garg.
What kind of deposits can be searched through Udgam portal?
Unclaimed fixed deposits, term deposits, savings account balances, current account balances, and other deposits that have not been claimed/operated for 10 years and have been transferred to the Depositor Education and Awareness Fund (DEAF) can now be searched and recognized using the UDGAM portal.
Why this portal?
Any deposits in a savings or current bank account or fixed deposit is classified as “Unclaimed Deposits” if it has not been operated for 10 years.
“Balances in savings/current accounts which are not operated for 10 years, or term deposits not claimed within 10 years from date of maturity are classified as ‘Unclaimed Deposits’. These amounts are transferred by banks to ‘Depositor Education and Awareness” (DEA) Fund maintained by the Reserve Bank of India,” RBI says on its website.
Even after unclaimed deposits are transferred to DEA, bank depositors have the right to claim such deposits, together with interest, from the bank where they were held.
In a statement issued in July 2022, the RBI stated that despite attempts to promote public awareness, unclaimed deposits were increasing.
“However, despite public awareness campaigns undertaken by banks as well as RBI from time to time, the amount of Unclaimed Deposit is showing an increasing trend,” RBI had said.
Why unclaimed deposits have increased
According to a news release issued by the RBI on July 22, 2022, the growing amount of unclaimed deposits is primarily attributable to the non-closure of savings/current accounts that depositors no longer intend to run or to the failure to make redemption claims with banks for matured fixed deposits.
“There are also cases of accounts belonging to deceased depositors, where the nominees/ legal heirs do not come forward to make a claim on the bank(s) concerned,” RBI had said.
Source:FE
