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RBI launches UDGAM, a centralized web portal for searching unclaimed deposits across multiple banks

UDGAM

Shaktikanta Das, Governor of the Reserve Bank of India, established a centralized web facility 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 the RBI for use by members of the public in order to facilitate and make it easier for them to search for their unclaimed deposits across multiple banks at one place,” the RBI said 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 centralized web facility for locating unclaimed deposits. “Given the rising trend in the amount of unclaimed deposits, the RBI has conducted periodic public awareness campaigns to educate the public on this issue.” Furthermore, the RBI has been encouraging members of the public to identify and approach their respective banks to claim unclaimed deposits through these programs,” said the banking regulator. 

UDGAM

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. Information from the Reserve Bank. 

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. 

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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