RBI launches centralised web portal ‘UDGAM’ for unclaimed deposits

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On August 17, the Reserve Bank of India (RBI) introduced a centralized web portal named UDGAM (Unclaimed Deposits – Gateway to Access inforMation).

This portal enables the public to conveniently search for their unclaimed deposits across multiple banks from a single location.The launch of this web portal assists users in identifying their unclaimed deposits or accounts.

It provides them with the option to either claim the deposit amount or activate their deposit accounts at their respective banks, according to a statement from RBI.

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The development of the portal is a collaborative effort between Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks.

Initially, the portal allows users to access information about their unclaimed deposits in seven banks, including 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 remaining banks will be gradually added to the search facility on the portal by October 15, 2023, in a phased approach.This initiative was announced during the monetary policy update on April 6.

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At the post-policy press conference in April, RBI Deputy Governor M Rajeshwar Rao indicated that the portal for reclaiming unclaimed deposits would be operational within 3-4 months.

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