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On August 17, the Reserve Bank of India (RBI) introduced a centralized web portal called UDGAM (Unclaimed Deposits – Gateway to Access Information). This portal is designed to help the public effortlessly locate their unclaimed deposits from various banks all in one place.
The launch of this web portal serves to assist users in identifying any unclaimed deposits or accounts they might have, allowing them to either claim the deposited amount or reactivate their dormant accounts with their respective banks, the RBI stated in a press release
The creation of the portal was a collaborative effort involving Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and several participating banks.
Initially, users can access information about their unclaimed deposits from seven banks through 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 feature to search for unclaimed deposits from other banks will be gradually introduced in stages, with the full functionality expected to be available by October 15, 2023.
This initiative had its origins in the RBI's monetary policy announcement on April 6, wherein they revealed their plans to establish a centralized web portal for locating unclaimed deposits.
During an April post-policy press conference, RBI Deputy Governor M Rajeshwar Rao expressed that the portal for reclaiming unclaimed deposits would be operational within a span of 3-4 months.
— Harshita Kumar
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