What is UDGAM Portal launched RBI how it works how many banks in udgam full details

What is UDGAM Portal : Reserve Bank of India has established a centralized Web portal has been started. The purpose of this portal is to help people know about unclaimed deposits and claim them. The full name of Udgam is – Unclaimed Deposits – Gateway to Access Information. The portal was launched by RBI Governor Shaktikanta Das on Thursday. It has been prepared by the Reserve Bank. It will be easy for people to find their deposits by visiting the portal, because all the banks will be present there. Instead of searching for deposits in different banks, people will be able to search for deposits on the Udgam portal itself. Claim can also be made on this portal.

Which banks are on Udgam portal?

According to PTI report, currently information related to unclaimed deposits in 7 banks is available on the Udgam portal.
These banks are-

• state Bank of India
• Punjab National Bank
• Central Bank of India
• Dhanlaxmi Bank
• South Indian Bank
• DBS Bank India and Citi Bank

In April this year, the Reserve Bank had said that it would create a centralized portal to trace unclaimed deposits.

The Reserve Bank also says that in view of the increasing number of unclaimed deposits, it keeps running campaigns to make people aware. This portal will help people to identify unclaimed accounts. People will be able to claim the amount deposited in that account or open their savings account in those banks.

When will the facility start?

This facility will be made available in a phase wise manner till October 15, 2023. It is noteworthy that till February this year, public sector banks had transferred unclaimed amount of Rs 35 thousand crore to RBI.

How much money in which bank?

Maximum unclaimed deposits are deposited in SBI. There are Rs 8,086 crores for which there is no claimant yet. There are deposits of Rs 5,340 crore in Punjab National Bank, Rs 4,558 crore in Canara Bank and Rs 3,904 crore in Bank of Baroda.