21/08/2023
People can claim their forgotten money from the Unclaimed Rs.35,000 Crores in Indian Banks..
Rs 35,000 crore. That's the mammoth amount lying forgotten as unclaimed bank deposits for many years. And to help people claim their forgotten money, India's central bank, the Reserve Bank of India (RBI), has launched the UDGAM (Unclaimed Deposits: Gateway to Access Information) centralised web portal.
It's not a sudden move, as the RBI had announced its plan to launch the portal in April this year.
The UDGAM portal will help the public search for unclaimed deposits, according to RBI's latest press release issued on August 17th..
The launch of the web portal will aid users in identifying their unclaimed deposits and accounts and enable them to either claim the deposit amount or make their deposit accounts operational 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.
According to the RBI, as of February 2023, Rs 35,000 crore in deposits were lying unclaimed. It was transferred to the RBI by public sector banks (PSBs) earlier this year.
Balances in savings or current accounts that have not been operated for 10 years or bank deposits (like FDs, RDs) not claimed within 10 years from the date of maturity are classified as "Unclaimed Deposits."
The unclaimed amounts are transferred by banks to the "Depositor Education and Awareness" Fund (DEAF), maintained by the Reserve Bank of India.
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