RBI launches UDGAM, a centralised web portal for searching unclaimed deposits across multiple banks

Governor of Reserve Bank of India, Shaktikanta Das, on Thursday launched a centralised web portal called UDGAM (Unclaimed Deposits – Gateway to Access inforMation) to "search their unclaimed deposits across multiple banks at one place". 

"This portal has been developed by RBI for use by members of public to facilitate and make it easier for them to
search their unclaimed deposits across multiple banks at one place," said RBI in a statement. 

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The Reserve Bank of India had announced the development of a centralised web portal for searching unclaimed deposits as part of the Statement on Developmental and Regulatory Policies dated April 06, 2023. "Given the increasing trend in the amount of unclaimed deposits, RBI has been undertaking public awareness campaigns from time to time to sensitise the public on this matter. Further, through these initiatives, the RBI has been encouraging members of public to identify and approach their respective banks for claiming unclaimed deposits," said the banking regulator.

The launch of the web portal will aid users to identify their unclaimed deposits/accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks, said RBI. Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks have collaborated on developing the portal.

To begin with, users would be able to access the details of their unclaimed deposits from the seven banks presently available on the portal. The seven banks are State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank Ltd, South Indian Bank Ltd, DBS Bank India Ltd and Citibank N.A.

The search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023, said RBI.