30 banks have joined the Udgam Portal, which gives information regarding unclaimed deposits, according to the Reserve Bank of India (RBI). This will make it easier for people to find and recover unclaimed funds. On August 17, RBI introduced the Udgam Portal. Its goal is to make it possible for customers to locate unclaimed deposits from several banks in one location. This facility was initially launched with seven banks. By October 15, more banks would be added, according to the RBI’s statement at the time.
These public banks were linked to the portal
The RBI told the public that the facility for information pertaining to 30 banks was made available on the portal as of September 28, 2023. This ‘covers’ about 90% of the unclaimed deposits in the Depositor Education and Awareness (DEA) Fund. All of the significant public sector banks, such as State Bank of India (SBI), Bank of Baroda (BOB), Punjab National Bank (PNB), Canara Bank, and Bank of India, are represented among the 30 banks.
They were joined by seasoned private bank
In addition, private sector banks (such as HDFC Bank, ICICI Bank, and Axis Bank) and international banks (such as Citi Bank, Standard Chartered, and HSBC) are included. People can track unclaimed balances and accounts using the portal, claim deposits, and activate their deposit accounts with the appropriate institutions.
It is interesting that public sector banks transferred unclaimed deposits
of over Rs 35,000 crore to the RBI up till February 2023. These were the kinds of accounts where there had been no activity for at least ten years. The largest sum, Rs 8,086 crore, belongs to SBI. Following this, there is money in Punjab National Bank, Canara Bank, and Bank of Baroda totaling Rs 5,340 crore, Rs 4,558 crore, and Rs 3,904 crore, respectively. According to regulations, money deposited in a bank is transferred to the Reserve Bank’s “Depositor Education and Awareness” fund if there has been no demand on it for ten years.
What amount of money is unclaimed at which bank?
SBI-Rs 8,086 crore
National Bank of Punjab-Rs. 5,340 crore
Bank Canara-Rs. 4,558 crore
Baroda Bank-3,904 crore Indian Rupees
Most recently included Banks
Canara Bank was most recently included, among others.
Indian Bank
And Indian Bank of Baroda
Indian Union Bank
Bank HDFC
Banks that are Federal (Federal Bank)
Bank of Maharashtra (Bank of Maharashtra), ICICI Bank (ICICI Bank), Kotak Mahindra Bank (Kotak Mahindra Bank), UCO Bank (UCO Bank), and
Jammu and Kashmir Bank Ltd., IDBI Bank (IDBI Bank).
Bank of Punjab and Sind
Indian Overseas Bank, Standard Chartered Bank, HSBC Ltd., Axis Bank Ltd.
The company is called Karnataka Bank Ltd.
The Saraswat Co-operative Bank and The Karur Vysya Bank Ltd.
Tamilnad Mercantile Bank Ltd. (Tamilnad Mercantile Bank Ltd.) IndusInd Bank Ltd.
Previously, these banks included
the State Bank of India (SBI), Punjab National Bank (PNB), Central Bank of India, Dhanlaxmi Bank Ltd, South Indian Bank Ltd, and DBS Bank India. India Ltd)
CITIZEN BANK
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