RBI launches UDGAM – a Centralised Web Portal for searching Unclaimed Deposits

The Governor of Reserve Bank of India has launched a Centralised Web Portal UDGAM (Unclaimed Deposits – Gateway to Access information) on Thursday.

The RBI created this platform for the public to utilise in order to facilitate and make it easier for consumers to look for unclaimed deposits across numerous banks in one place.

As part of the Statement on Developmental and Regulatory Policies on April 6, 2023, the Reserve Bank of India announced the creation of a centralised web facility for locating unclaimed deposits. Given the rising trend in the number of unclaimed deposits, the RBI has conducted periodic public awareness initiatives to educate the public on the subject. Furthermore, through these measures, the RBI has encouraged members of the public to identify and contact their individual banks in order to claim unclaimed deposits.

The online portal’s debut will assist users in identifying unclaimed deposits/accounts and allowing them to either claim the deposit amount or make their deposit accounts operational at their respective banks. The portal was created in collaboration with Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology and Allied Services (IFTAS), and collaborating institutions.

To begin, consumers will be able to view information about their unclaimed deposits from the seven banks now listed on the platform. The search function for the remaining banks on the platform would be rolled in by October 15, 2023.