RBI Unveils UDGAM, Web Portal For Searching Unclaimed Deposits Across Multiple Banks By CIOTechOutlook Team

RBI Unveils UDGAM, Web Portal For Searching Unclaimed Deposits Across Multiple Banks

CIOTechOutlook Team | Friday, 18 August 2023, 06:15 IST

Shaktikanta Das, governor of the Reserve Bank of India, introduced UDGAM (Unclaimed Deposits - Gateway to Access inforMation), a centralized web service that allows users 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.

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.

As per RBI, the establishment of the web portal would help customers find their unclaimed deposits and accounts so they may either submit a claim for the deposit amount or activate their deposit accounts at their respective banks. The platform was created in partnership by participating banks, Indian Financial Technology & Allied Services (IFTAS), and Reserve Bank Information Technology Pvt Ltd (ReBIT).

Users will initially have access to information about their unclaimed deposits from the seven banks now represented on the portal. 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.

By October 15, 2023, the search functionality for the remaining banks on the portal would be made available gradually by RBI.