RBI Launches UDGAM, a Portal to Search Unclaimed Deposits

MUMBAI: The Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday launched a centralised web portal UDGAM (Unclaimed Deposits Gateway to Access information) for the public to search their unclaimed deposits across multiple banks at one place.

Currently, users would be able to access the details of their unclaimed deposits in respect of seven banks available on the portal. These banks include 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 the remaining banks on the portal would be made available in a phased manner by October 15, 2023 said the RBI in a press statement.

As per information available with the RBI, as at the end of February 2023, the total amount of unclaimed deposits transferred to RBI by Public Sector Banks in respect of deposits which have not been operated for 10 years or more, is Rs 35,012 crore.
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, RBI added.

"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," the central bank said.

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

On April 6, the RBI in its monetary policy had announced the development of a centralised web portal for searching unclaimed deposits.