RBI launches UDGAM- A web portal to look after unclaimed deposits across banks

Shaktikanta Das

Shaktikanta Das, Governor of the Reserve Bank of India, unveiled a centralised web platform named UDGAM (Unclaimed Deposits – Gateway to Access inforMation) on Thursday to allow people to “search their unclaimed deposits across multiple banks at one place.”

“This portal has been developed by RBI for use by members of the 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.

As part of the Statement on Developmental and Regulatory Policies on April 6, 2023, the Reserve Bank of India announced the creation of a centralised web facility for locating unclaimed deposits. “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

According to the RBI, the establishment of the web portal will assist users in identifying their unclaimed deposits/accounts and allowing them to either collect the deposit money or make their deposit accounts operational at their respective banks. The portal was created in collaboration with Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and collaborating institutions.

To begin, consumers will be able to view information about their unclaimed deposits from the seven banks now featured on the service. 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. are the seven banks.

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The search function for the remaining banks on the portal would be made available in stages by October 15, 2023, according to the RBI.

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