Reserve Bank of India Governor, Shaktikanta Das, on Thursday launched a central web portal called UDGAM (Unclaimed Deposits – Gateway to Access Information) “to search for unclaimed deposits across multiple banks at one place”.
“This portal has been created by the RBI to make it easier for members of the public to use and make it easier for them to search for their unclaimed deposits in multiple banks in one place,” the RBI said in a statement.
The Reserve Bank of India announced the development of a centralised web portal for searching non-claimed deposits as part of the statement of developmental and regulatory policies dated April 06, 2023. “In view of the increasing trend in the number of unclaimed deposits, RBI has been conducting public awareness campaigns from time to time to sensitize the public on this issue. Further, through these initiatives, RBI is encouraging the public to identify and approach the concerned banks to claim unclaimed deposits,” said the bank. Controller
The launch of the web portal will help users identify their unclaimed deposits/accounts and enable them to either claim the deposit amount or activate their deposit accounts with their respective banks, RBI said. Reserve Bank Information Technology Private Limited (ReBIT), Indian Financial Technology and Allied Services (IFTAS) and participating banks have collaborated to develop the portal.
Initially, users will be able to access details of their unclaimed deposits from seven banks currently available on the portal. The seven banks are State Bank of India, Central Bank of India, Dhanalakshmi Bank Limited, Punjab National Bank, DBS Bank India Limited, South Indian Bank Limited and Citibank NA.
The search facility will be made available to the remaining banks on the portal in a phased manner by October 15, 2023, RBI said.
