The Governor, Reserve Bank of India today launched a Centralised Web Portal UDGAM (Unclaimed Deposits – Gateway to Access inforMation) and the details of unclaimed deposits with respect to seven banks will be initially available on the portal. The search facility for remaining banks on the portal would be made available in a phased manner from October 15.
This portal has been developed by RBI to facilitate and make it easier for them to search their unclaimed deposits across multiple banks at one place.
The launch of the web portal will help users identify unclaimed deposits/ accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks. Reserve Bank Information Technology (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks have collaborated on developing the portal.
The Reserve Bank of India announced the development of a centralised web portal for searching unclaimed deposits on April 6, 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 is looking to encourage users to identify and approach their respective banks for claiming these unclaimed deposits.