India Press Dispatch

RBI has launched a website to assist in locating unclaimed funds from various banks

<p>Shaktikanta Das, Governor of the Reserve Bank of India (RBI), announced the launch of the centralized online platform UDGAM (Unclaimed Deposits – Gateway to Access inforMation) on Thursday. This would make it simpler for customers to look for their unclaimed deposits across several banks in one location.<img decoding=”async” class=”alignnone wp-image-131604″ src=”×500.jpg” alt=” rbi 1 11zon” width=”1395″ height=”930″ srcset=”×500.jpg 750w,×683.jpg 1024w,×512.jpg 768w,×100.jpg 150w, 1200w” sizes=”(max-width: 1395px) 100vw, 1395px” title=”RBI has launched a website to assist in locating unclaimed funds from various banks 6″></p>
<p>According to a statement released by the RBI, the establishment of the online site would help customers find their unclaimed deposits and accounts so they may either collect the deposit money or make their deposit accounts active at their respective banks.<br />
The platform was created in partnership with participating banks, Indian Financial Technology & Allied Services (IFTAS), and Reserve Bank Information Technology Pvt Ltd (ReBIT).</p>
<p>Users will first have access to information about their unclaimed deposits related to the seven banks already listed on the platform.</p>
<p>By October 15, 2023, the search functionality for the remaining banks on the platform will be gradually made accessible.</p>
<p>As part of its “Statement on Developmental and Regulatory Policies” from April 6 of this year, the central bank had previously announced the creation of a centralized online platform for locating unclaimed deposits.</p>
<p>The project was started because there are an increasing number of unclaimed bank deposits, and the RBI has periodically run public awareness efforts to raise awareness of this issue.</p>
<p>Additionally, the RBI has been enticing customers to locate and contact their particular banks for reclaiming unclaimed deposits via these campaigns.</p>
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