RBI UDGAM (Unclaimed Deposits – Gateway to Access inforMation) - No need to run around Individual Banks

 

          Please do not run around individual banks to search for Unclaimed Deposits. Just log into the centralized portal developed by the Reserve Bank of India and see the magic of data collation.

This user-friendly platform streamlines the process and offers a one-stop solution for all your unclaimed deposit inquiries.

Unclaimed Deposits: After 10 years of inactivity, savings, current accounts, and term deposits become classified as "Unclaimed Deposits" and are transferred to the Reserve Bank of India's "Depositor Education and Awareness" (DEA) Fund.

Despite awareness efforts, this volume continues to grow due to non-operational accounts, unclaimed matured fixed deposits, and cases involving deceased depositors.

The RBI has introduced a centralized web portal, UDGAM (Unclaimed Deposits - Gateway to Access inforMation), allowing individuals to search and claim these deposits across multiple banks to address this issue.

Unclaimed Deposits, which encompass stagnant balances in savings or current accounts for a decade or unclaimed term deposits beyond their maturity date, are reclassified as "Unclaimed Deposits." Banks subsequently channel these funds into the "Depositor Education and Awareness" (DEA) Fund managed by the Reserve Bank of India.

Importantly, depositors still retain the right to reclaim these deposits, complete with any accrued interest, at a later date by liaising with the banks where these deposits were initially held.

Surprisingly, despite ongoing public awareness campaigns conducted by both banks and the RBI, the total value of Unclaimed Deposits continues to rise.

This surge in Unclaimed Deposits primarily arises from the failure to close inactive savings or current accounts, as depositors no longer intend to use them, or the non-submission of redemption claims for matured fixed deposits.

Furthermore, cases often involve accounts belonging to deceased depositors, with the nominated individuals or legal heirs failing to come forward to make a claim at the concerned banks.

An account qualifies as an Inoperative Account (10 Years and Above) or an Unclaimed Deposit if there has been no activity (apart from interest credits and service charge debits) for ten years or more since the last operation.

 

To address this issue, the RBI has introduced a centralised web portal named UDGAM (Unclaimed Deposits - Gateway to Access Information). This portal facilitates the search for unclaimed deposits across multiple banks, enhancing depositors' access to such data and employing AI tools to optimize search results.

The RBI's overarching objective is to protect depositors, ensuring that newer deposits do not become unclaimed, and unclaimed deposits are returned to their rightful owners or beneficiaries following established procedures.

Collaborating with Reserve Bank Information Technology Pvt. Ltd. (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks, this innovative platform empowers individuals to identify and claim their unclaimed deposits or reactivate dormant accounts at their respective banks, contributing to greater financial security and transparency.

Disclaimer: This blog post aims to motivate bank account holders to reclaim their funds from their banks. Ultimately, it emphasizes safe ePayments.

 RAPIDX Tickets – Looking forward to UPI Tap n Pay

Exciting news on the horizon: Prime Minister Narendra Modi is set to inaugurate RAPIDX, India's groundbreaking regional rapid rail service, later this month. As per two well-informed officials, a 17-kilometer-long priority section of this service is expected to open its doors to the public in the very near future, possibly during the second half of October.

 

This particular segment boasts five stations—Sahibabad, Ghaziabad, Guldhar, Duhai, and Duhai Depot. All construction work at these stations was wrapped up by June this year, signaling their readiness for operation.

 

RAPIDX, a game-changer in the realm of transportation, distinguishes itself from traditional metro and railway systems. It caters to passengers seeking to travel longer distances with fewer stops and at higher speeds. With a design speed of 180 km/hr and an operational speed of 160 km/hr, it offers an average speed of 100 km/hr, ensuring rapid and efficient regional transit. Incredibly, it will take only 60 minutes to cover 100 kilometers.

 

UPI Tap n Pay is poised to revolutionize the way consumers make payments with its innovative approach.

 

Under the Phase 1 development, several key corridors are being established:

 

Delhi – Ghaziabad – Meerut Corridor

Delhi – Gurugram – SNB – Alwar Corridor

Delhi – Panipat Corridor

The RRTS network, once fully operational, promises world-class commuter transit services characterized by safety and reduced travel times, thanks to its high-speed (160 km) and high-frequency (5 to 10 minutes) operations. For non-stop journeys, this technology allows travelers to cover distances of 100 kilometers in under 45 to 50 minutes. Additionally, the project ensures seamless connectivity with Indian Railways, Inter State Bus Terminals (ISBTs), airports, and the Delhi Metro, making it convenient for all categories of travelers.

 

The estimated 82-kilometer Delhi-Meerut Corridor is a vital link connecting Delhi to Uttar Pradesh. It will not only benefit the region but also facilitate the connection of numerous townships and economic centers already planned along this corridor.

 

To add to the excitement, an Rs. 227 crore contract was awarded on December 24, 2021, to Datamatics Global Services – AEP Ticketing Solutions (DM-AEP-26A JV) for the EMV-based open-loop Automated Fare Collection (AFC) system for the Delhi – Meerut RRTS Line (Package 26A). This innovative line will offer QR code ticketing (digital and paper QR codes) and EMV open-loop contactless card ticketing in line with NCMC (National Common Mobility Card) standards. Travelers can conveniently purchase QR code tickets from vending machines, ticket booths, or digitally via the NCRTC's mobile app or website. Business Class passengers will also enjoy the privilege of access to the executive lounge and boarding the Alstom trains.

 

The Hybrid Annuity Model (HAM), a pioneering approach for AFCs in India, introduced tenders for this package in May 2021. The future of regional rapid rail travel in India is fast approaching, promising an efficient and advanced commuting experience.

UPI Tap n Pay is poised to revolutionize the way consumers make payments with its innovative approach. With this groundbreaking service, customers will enjoy the convenience of swiftly completing transactions by simply tapping Near Field Communication (NFC) enabled QR codes at merchant locations. This user-friendly method not only accelerates the payment process but also enhances the overall shopping experience, saving valuable time for busy individuals.

 

However, the most distinctive and exceptional feature of UPI Tap n Pay is its independence from the necessity of an internet connection. 

In an age where digital transactions often hinge on stable connectivity, this service breaks the mold by ensuring that payments can be made seamlessly even in areas with limited or no internet access. This remarkable feature guarantees reliability and accessibility, making PI Tap & Pay a game-changer in the world of payment solutions. 

Whether you're in a bustling city or a remote location, this service empowers you to make secure payments without the constraints of an internet connection, truly putting control back in the hands of consumers.

  

Disclaimer: The official RAPIDX Ticket prices have yet to be released, which means that this article is still a work in progress. The bottom line Safe ePayments. Nothing More – Nothing Less. 

Introducing new channels for Card-on-File Tokenisation

 Introducing new channels for Card-on-File Tokenisation

The Reserve Bank of India (RBI) introduced Card-on-File Tokenisation (CoFT) in September 2021, marking a significant step in enhancing the security and efficiency of electronic transactions.

The implementation of CoFT began on October 1, 2022, and its impact has been noteworthy.

To date, more than 56 crore tokens have been generated, facilitating transactions totaling over ₹5 lakh crore.

This demonstrates the widespread adoption and acceptance of tokenisation as a security measure in the digital payment landscape.

Tokenisation has played a crucial role in bolstering transaction security, ensuring that sensitive card details are shielded from potential security breaches.

Additionally, it has contributed to an improved transaction approval rate, making electronic payments smoother and more reliable for both consumers and merchants.

Previously, the creation of Card-on-File (CoF) tokens was primarily the domain of merchants, involving their applications or webpages.

However, there is now a proposal to expand the token creation process directly at the issuer bank level.

 

This proposed measure holds the promise of greater convenience for cardholders, as they will have the option to easily create tokens and link them to their existing accounts with various e-commerce applications.

This step is poised to simplify and streamline the tokenisation process, ultimately benefiting consumers and promoting the adoption of secure digital payments.

RBI is set to issue specific instructions regarding this enhancement, further solidifying its commitment to advancing the security and accessibility of electronic transactions.

Tokenization is the process of converting actual card details into a unique token, while de-tokenization involves converting the token back into the original card details.

Tokenization offers enhanced security for card transactions because it prevents the sharing of actual card details with merchants during transaction processing. Instead, a token representing the card is used, minimizing the risk of sensitive information exposure.

Customers can initiate tokenization by requesting it through an app provided by the token requestor. The request is then sent to the card network, which, with the consent of the card issuer, generates a corresponding token for that specific card, token requestor, and device.

Tokenization is permitted on various consumer devices such as mobile phones, tablets, laptops, wearables, and IoT devices for different use cases, including contactless card transactions, payments through QR codes, and app-based payments.

Tokenization and de-tokenization can be performed by authorized card networks or card issuers. The RBI provides a list of authorized card networks operating in India.

 

In tokenized card transactions, key stakeholders include the merchant, merchant's acquirer, token service provider, token requestor, issuer, and the customer. However, other entities may also participate in the transaction.

Card details, tokens, and relevant information are securely stored by the token service provider, ensuring the safety of customer data. Token requestors must meet international safety and security standards.

Tokenization is not mandatory for customers; they have the choice to decide whether to tokenize their cards. Customers can also select tokenization for specific use cases like contactless, QR code-based, or in-app payments.

Registration for tokenization requires explicit customer consent through Additional Factor of Authentication (AFA), ensuring customers are fully aware and in control of the process.

Customers can set and modify transaction limits for tokenized card transactions, allowing them to customize their security preferences.

Customers can request tokenization for any number of cards, and they are free to use any of the registered cards with the token requestor app for transactions.

 

Additional Reading:

Tokenisation – Card transactions dt.Jan 08, 2019 @ https://www.rbi.org.in/scripts/FS_Notification.aspx?Id=11449&fn=9&Mode=0

Tokenisation – Card Transactions: Permitting Card-on-File Tokenisation (CoFT) Services dt.September 07, 2021 @ https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12159&Mode=0

 

MasterCard Issuer-Initiated Tokenization @ https://developer.mastercard.com/mdes-pre-digitization/documentation/use_case/issuer-tokenization/

 

Disclaimer: These views represent my personal perspective and understanding at the moment. As operating guidelines evolve and become more defined, my understanding may also evolve. However, our unwavering commitment remains focused on spreading the Joy of Safe ePayments.

 

Diabetes Care Motivator #DiabetesCareMotivator

 

 

CRED Garage – The 4 Wonders

"CRED Makes a Bold Move from Wallets to Wheels with 'Garage'

Introducing CRED Garage: Elevate Your Driving Experience!

Unlock a world of convenience, exclusivity, and peace of mind with CRED Garage.

Revolutionizing vehicle management, CRED proudly presents 'Garage,' an exciting new addition to our mobile app.

This innovative platform is designed to cater to our esteemed members' every automotive need, making your life on the road smoother and more enjoyable than ever before.

"Discover the Wonders of CRED Garage!

"Wonder #1: Connect Your Car or Those of Your Acquaintances

Imagine the convenience of managing not only your own vehicle but also those of your close circle—all within a single app.

Now, you have the power to add your own car or your friends' cars to CRED Garage. Manage all the vehicles in your close circle right from one app!

Wonder #2: Seamless Integration Within the CRED App

Don't go hunting for a standalone app on Google Play Store. Please note that CRED Garage is seamlessly integrated within the main CRED App. There's no need to search for a standalone app on the Google Play Store.

Wonder #3: Tracking Your Vehicle Expenses

CRED Garage goes beyond basic management. It can even keep tabs on your vehicle expenses. At the end of each month, you'll be amazed at how much you've spent on each vehicle.

Wonder #4: Effortless FASTag Balance Monitoring

With FASTag integration in CRED Garage, keeping an eye on your FASTag balances becomes a breeze. No more wondering about the balance needed for your upcoming journey."

 

 

 

What does CRED Garage offer?

Concierge Services: Imagine having a dedicated assistant at your beck and call, 24/7, ready to assist with any car-related task or concern. Whether it's a last-minute service appointment or a roadside emergency, we've got you covered.

Parking Services: Say goodbye to parking headaches! CRED Garage helps you effortlessly find the perfect parking spot, saving you time and stress in crowded cities.

Document Management: Keep your essential documents organized and accessible with our user-friendly document management system. No more digging through glove compartments or worrying about misplaced paperwork.

Insights on a Single Dashboard: Gain valuable insights into your vehicle's performance, expenses, and maintenance needs, all conveniently displayed on a single dashboard. Stay in control and make informed decisions effortlessly.

Starting September 28, CRED Garage will be available to all CRED members, further enhancing your CRED experience.

 

But that's not all! CRED has also integrated DigiLocker into the CRED  app, ensuring easy access to your crucial documents whenever you need them. At CRED, we're dedicated to simplifying your life and enhancing your financial well-being.

 

While others have ventured into personal vehicle management, CRED Team is confident that CRED Garage will set new standards in the industry.

 

So do you want Join CRED in this exciting journey and elevate your driving experience with CRED Garage.

 

Experience the future of vehicle management. Discover CRED Garage on the homepage of the CRED app today!"

Additional Reading Materials:

Official Launch Page @ https://cred.club/garage

CRED forays into vehicle management space with 'CRED Garage' @ https://www.cnbctv18.com/startup/cred-garage-lets-you-buy-motor-insurance-access-driving-license-vehicle-registration-certificate-17903901.htm

Driving Nostalgia: Ravi Shastri’s Audi 100 Roars Back in CRED garage @ https://www.passionateinmarketing.com/driving-nostalgia-ravi-shastris-audi-100-roars-back-in-cred-garage/

Disclaimer: These thoughts are of my own, and I bear full responsibility for any mistakes or oversights. The goal is Safe ePayments, with no additional agenda – nothing more, nothing less.

Copyrights, if any, belong to the original copyright holder only.

Diabetes Care Motivator #DiabetesCareMotivator

 

UPI Tap n Pay Live on NPCI BHIM

          Now is the perfect moment for us, as bank account holders, to promote NPCI BHIM.

The developers behind NPCI BHIM have significantly improved its features, and the user interface is both stylish and adaptable.

Don't hesitate to give it a go.

UPI Tap & Pay is a convenient payment method that allows consumers to make transactions by simply tapping Near Field Communication (NFC) enabled QR codes at merchant locations. This technology aims to streamline and expedite the payment process for users.

UPI Tap & Pay: Customers will now have the convenience of swiftly finalizing their payments by simply tapping Near Field Communication (NFC) enabled QR codes at merchant establishments. This streamlines the transaction process, making it more efficient.

QR codes have seamlessly become an integral part of the UPI payments ecosystem, serving as a pivotal element in facilitating digital transactions.

In a significant step towards boosting the adoption of QR code and Near Field Communication (NFC) technology, the RBI Governor has introduced UPI Tap & Pay. Alongside the traditional Scan and Pay method, users now possess the option to effortlessly tap NFC-enabled QR codes at merchant locations to complete their payments.

Tap & Pay through UPI enables users to complete their transactions swiftly by simply tapping NFC-enabled QR codes at merchant locations. This method enhances the convenience and efficiency of digital payments.

Greetings: These thoughts are exclusively my own. Consequently, I bear full responsibility for any inaccuracies. It's important to emphasize that my primary focus is on ensuring Safe ePayments.

 

Diabetes Care Motivator #DiabetesCareMotivator