Reserve Bank onboards 30 more banks on UDGAM portal

Reserve Bank onboards 30 more banks on UDGAM portal

Subject : Economy

Section: Monetary Policy

In News: RBI onboards more banks to UDGAM to help people to search and claim their unclaimed deposits across multiple banks in one place.

Key Points:

• RBI had in August 2023 launched a centralised web portal UDGAM to help people to search and claim their unclaimed deposits across multiple banks in one place.
• Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks have collaborated on developing the portal.
• Portal has been developed for use by the public to make it easier to search for unclaimed deposits.
• Reserve Bank of India has by far onboarded 30 banks on its UDGAM platform, a portal that enables the public to search for unclaimed deposits.
• With this banks have been onboarded for around 90 per cent of such unclaimed deposits (in value terms) in Depositor Education and Awareness (DEA) Fund.
• 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.
• 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).