RBI launches UDGAM portal for searching unclaimed deposits across multiple banks

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The Reserve Bank of India on Thursday launched a centralised Web portal, UDGAM (Unclaimed Deposits Gateway to Access Information), for members of the public to make it easier to search their unclaimed deposits across multiple banks at one place.

UDGAM, which was launched by RBI Governor Shaktikanta Das, will aid users in identifying their unclaimed deposits and accounts and enable them to either claim the deposit amount or make their deposit accounts operational at their respective banks.

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

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

RBI 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 6, 2023.

Given the increasing trend in the amount of unclaimed deposits, RBI said it 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 the public to identify and approach their respective banks to claim unclaimed deposits.

Reserve Bank Information Technology Pvt. Ltd. (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks have collaborated on developing the portal.