On Thursday, Shaktikanta Das, the Governor of the Reserve Bank of India, launched a centralized web platform named UDGAM (Unclaimed Deposits – Gateway to Access inforMation). This platform allows individuals to conveniently search for their unclaimed deposits across multiple banks in a single place.
According to a statement by the RBI, "RBI has designed this portal to make it simpler and more convenient for the general public to locate their unclaimed deposits across various banks using a single platform."
The Reserve Bank of India had earlier announced the creation of this centralized web portal for locating unclaimed deposits in its Statement on Developmental and Regulatory Policies dated April 06, 2023. The RBI highlighted that with the growing volume of unclaimed deposits, they have been actively raising public awareness through campaigns to sensitize individuals about this matter. Additionally, these initiatives aim to encourage the public to connect with their respective banks to reclaim their unclaimed deposits.
The introduction of the web portal will assist users in identifying their dormant deposits or accounts, giving them the option to either claim the deposit amount or reactivate their deposit accounts with their respective banks, according to the RBI. The development of the portal is a collaborative effort involving Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks.
Initially, users will have access to information about their unclaimed deposits from the initial seven banks featured on the portal. These banks include the 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 functionality for additional banks will be gradually rolled out on the portal, with full coverage expected by October 15, 2023, as per the RBI's announcement.
