It’s common for many individuals to have deposits in various banks as a long-term investment. However, many fail to claim these deposits as keeping track becomes challenging. To simplify the process for such individuals, on 6 April 2023, the central bank announced the creation of a web portal where they can track and locate their unclaimed deposits across various banks through a single platform. In August 2023, Reserve Bank of India (RBI) Governor Shaktikanta Das unveiled this centralized web portal, UDGAM (Unclaimed Deposits – Gateway to Access inforMation).
How UDGAM will help
The idea behind this initiative stems from the increasing prevalence of unclaimed deposits. After conducting public awareness campaigns to educate citizens about unclaimed deposits, RBI has encouraged individuals to contact their respective banks to claim these funds. UDGAM is a significant step in streamlining this process and empowering users to take control of their unclaimed money.
A valuable resource
The web portal will be a valuable resource for users to identify unclaimed deposits or accounts. It will also enable them to either claim the deposit amount or reactivate their accounts at their respective banks. The development of UDGAM was a collaborative effort involving key stakeholders, including Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks.
Banks listed on the portal
Initially, users will have access to information regarding their unclaimed deposits from seven banks listed on the portal, including the State Bank of India (SBI), Punjab National Bank, Central Bank of India, Dhanlaxmi Bank Ltd., South Indian Bank Ltd., DBS Bank India Ltd., and Citibank. However, the RBI has plans to expand the portal’s search facility to include more banks in a phased manner to make it accessible for all banks by 15 October 2023.
The introduction of the UDGAM represents a significant step in enhancing financial transparency and empowering individuals to access their unclaimed deposits effortlessly. It marks RBI’s commitment to financial inclusivity and consumer welfare, benefiting millions of depositors across India.
