The Reserve Financial institution of India (RBI) has launched a brand new internet portal, UDGAM, to assist individuals seek for their unclaimed deposits throughout a number of banks. The portal, which was inaugurated by RBI Governor Shaktikanta Das on Thursday, will enable customers to examine if they’ve any unclaimed deposits or accounts in seven banks initially, and in all banks by October 15, 2023.
UDGAM, which stands for Unclaimed Deposits Gateway to Entry Info, goals to make it simpler for individuals to assert their deposits or make their accounts operational. The portal was introduced by RBI as a part of its developmental and regulatory insurance policies in April 2023.
In accordance with RBI, the quantity of unclaimed deposits has been rising over time, and the central financial institution has been conducting public consciousness campaigns to encourage individuals to assert their cash. RBI has additionally collaborated with Reserve Financial institution Info Know-how Pvt. Ltd. (ReBIT), Indian Monetary Know-how & Allied Providers (IFTAS), and taking part banks to develop the portal.
Tips on how to use it
UDGAM will be accessed at https://udgam.rbi.org.in. Customers must enter their identify, date of beginning, PAN quantity, and cell quantity to seek for their unclaimed deposits. If any match is discovered, the portal will show the main points of the financial institution, department, account quantity, and deposit quantity. Customers can then contact the respective financial institution to assert their deposit or activate their account.
In the meantime, The Reserve Financial institution of India (RBI) has launched three main modifications to the Unified Funds Interface (UPI), a well-liked digital fee system in India. The modifications are aimed toward enhancing the comfort and safety of UPI transactions, particularly for small-value funds.
One of many modifications is the rise within the restrict for UPI Lite transactions from Rs 200 to Rs 500 per transaction. UPI Lite is a characteristic that permits customers to make funds with out coming into their UPI PIN, which reduces the danger of phishing and fraud. Customers can deposit as much as Rs 2,000 of their UPI Lite pockets twice a day and spend as much as Rs 500 per transaction. The transactions aren’t mirrored within the financial institution assertion however are recorded within the UPI Lite transaction historical past.
One other change is the introduction of offline UPI transactions through Close to-field communication (NFC). Customers with NFC-enabled telephones will be capable to make funds by tapping their cellphone on an NFC tag, with out requiring an web connection. It will allow quicker and smoother funds at offline retailers and public transport.
The third change is the proposal to allow conversational funds utilizing new expertise on UPI. Which means that customers might be able to work together with an AI-powered system to make funds utilizing pure language.