RBI has expanded its Unclaimed Deposits – Gateway to Access Information (UDGAM) portal by adding 23 more banks, in which the solitary bank from the Urban Co-op Banking sector which featured in the list is the Saraswat Co-op Bank.
This move is supposed to make it easier for people to claim unclaimed deposits from these institutions.
Minister of State (MoS) for Finance, Bhagwat Karad revealed the total sum of unclaimed deposits transferred to RBI by public sector banks dropped from Rs. 48,262 crore in March 2022 to Rs. 35,012 crore in February 2023.