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RBI launches portal to access details of unclaimed deposits

RBI Governor Shaktikanta Das launched the portal which has been developed by the central bank to help the public to facilitate and also make it easier for them to search their unclaimed deposits across multiple banks.

Edited By: India TV Business Desk Mumbai Updated on: August 18, 2023 13:40 IST
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Image Source : FILE RBI

The Reserve Bank on Thursday (August 17) launched a centralised web portal UDGAM (Unclaimed Deposits - Gateway to Access information) aiming to aid people search and claim unclaimed deposits.

RBI Governor Shaktikanta Das launched the portal which has been developed by the central bank to help the public to facilitate and also make it easier for them to search their unclaimed deposits across multiple banks.

At present, the unclaimed deposits from seven banks are available on the portal, including those of State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India and Citibank.

The Reserve Bank of India (RBI) announced the development of a centralised web portal for searching unclaimed deposits as part of the Statement on Developmental and Regulatory Policies dated April 6, 2023.

The RBI has been undertaking public awareness campaigns from time to time to sensitise the public on this matter, the central bank said in a statement.

Through these initiatives, the RBI has been encouraging members of the public to identify and approach their respective banks for claiming unclaimed deposits, it added.

The launch of 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.

Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks have collaborated on developing the portal.

To begin with, users would be able to access the details of their unclaimed deposits in respect of seven banks presently 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, it noted.

About Rs 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.

State Bank of India (SBI) tops the chart of unclaimed deposits worth Rs 8,086 crore, followed by Punjab National Bank Rs 5,340 crore, Canara Bank Rs 4,558 crore and Bank of Baroda Rs 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).

Depositors’ protection being an overarching objective, the RBI has been taking various measures to ensure that newer deposits do not turn unclaimed and existing unclaimed deposits are returned to the rightful owners or beneficiaries after following due procedure.

"The guidelines shine as a beacon of hope, championing transparency, fairness and integrity in lending practices. These rules signify more than mere regulatory measures; they embody a profound commitment to every borrower's right to fair treatment. These guidelines ensure that financial journeys are safeguarded against disproportionate burdens. Lenders are now presented with an invaluable opportunity and responsibility. They are reminded that their role transcends transactions; it's about supporting dreams and forging genuine partnerships, not capitalizing on punitive practices," Harish Parmar, founder, SingleDebt, said.

"This new foundation, laid by the RBI, promises a balanced financial ecosystem where both borrowers and lenders coexist in an environment of trust, uniformity, and mutual respect," Parmar added.

(With PTI inputs)

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