Page 32 - Banking Finance October 2023

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Step 9: If no unclaimed deposits are found, the portal by the Reserve Bank of India (RBI) to help individuals and
will indicate this. non-individuals locate and claim their unclaimed deposits
from different banks.
Beneficiaries of the RBI UDGAM Portal
Who can benefit from the UDGAM Portal?
The beneficiaries of the RBI UDGAM Portal are individuals
and non-individuals who have unclaimed deposits in the The UDGAM Portal benefits both individuals and non-
participating banks. This portal provides a centralized individuals who have unclaimed deposits in various banks.
platform for account holders to easily identify and access Which banks are currently available on the
their unclaimed deposits across multiple banks. It offers a
convenient way for both individuals and non-individual UDGAM Portal?
entities to claim their funds or make their deposit accounts As of now, the UDGAM Portal includes the State Bank of
active, ensuring that the unclaimed deposits are effectively India (SBI), Punjab National Bank, Central Bank of India,
utilized by the rightful owners. Dhanlaxmi Bank, South Indian Bank, DBS Bank India and
Citibank for non-individuals.
Conclusion
How can I check for unclaimed deposits on the
In conclusion, the RBI's UDGAM Portal serves as a valuable UDGAM Portal?
tool for individuals and non-individuals to conveniently locate To check for unclaimed deposits, follow these steps: Visit the
and claim their unclaimed deposits from various banks. With UDGAM Portal at udgam.rbi.org.in. Register and log in to
its user-friendly interface and centralized approach, the your account. Enter relevant details like your name, bank
portal aims to ensure that rightful owners can access their name, PAN number, etc. The portal will display the search
funds easily and efficiently, promoting financial awareness results.
and empowerment.
What if my bank is not currently listed on the
Frequently Asked Questions UDGAM Portal?

If your bank is not listed, you may need to wait until October
What is the UDGAM Portal? 15, 2023, as more banks will be added to the portal in
The UDGAM Portal is a centralized web platform launched phases.

RBI Guv asks urban co-op banks for rigorous follow-up to recover
bad loans

Reserve Bank Governor Shaktikanta Das asked urban cooperative banks to go for rigorous follow-up of large NPA
borrowers for effective recovery, and not to camouflage their actual financial position by innovative accounting prac-
tices. In a statement, the RBI said the Governor held a conference of directors on the boards of select large urban
cooperative banks (UCBs) in Mumbai Zone.
The Reserve Bank has started engaging with the directors of its regulated entities functioning in different segments
of the financial system. Two separate conferences were held with directors on boards of public sector banks and
private sector banks in May 2023.
The governor reinforced the need for board's involvement in upholding rigorous credit risk management including
robust underwriting standards, effective post sanction monitoring, timely recognition and mitigation of incipient stress,
rigorous follow-up of large NPA borrowers for effective recovery, and maintaining adequate provisioning.
"He emphasised that the role of Directors is very significant in ensuring the integrity and transparency of financial
statements, and cautioned against use of innovative accounting practices to camouflage the actual financial posi-
tion," the central bank said. Das urged the Boards to be more proactive in asset liability management and the ne-
cessity of managing liquidity risk in a more systematic manner.

32 | 2023 | OCTOBER | BANKING FINANCE