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Source: The post is based on the article “RBI launches web portal for searching unclaimed deposits” published in Indian Express on 18th August 2023.
What is the News?
The Reserve Bank of India(RBI) has launched the UDGAM Portal.
What is UDGAM Portal?
UDGAM stands for Unclaimed Deposits – Gateway to Access information.
Purpose: To 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.
Developed by: Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks.
Coverage: Initially, 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.
