RBI Launches UDGAM Portal for Locating Unclaimed Deposits

• 20 Aug 2023

On 17^th August, 2023, the Reserve Bank of India (RBI) introduced the UDGAM (Unclaimed Deposits – Gateway to Access inforMation) portal, simplifying the process for citizens to locate their unclaimed deposits across multiple banks.

Key Points:

• Addressing the Issue of Unclaimed Deposits: Minister of State for Finance disclosed that as of February 2023, unclaimed deposits worth Rs. 35,012 crores from public sector banks (PSBs), inactive for a decade or more, have been transferred to RBI.
• UDGAM Portal Overview: The UDGAM portal, conceptualized by RBI, aims to create an accessible way for the public to identify and recover their unclaimed deposits from various banks.
• Response to the Rise in Unclaimed Deposits: This initiative is a response to the concerning increase in unclaimed deposits, accompanied by RBI's efforts to raise awareness through public campaigns.
• How the UDGAM Portal Functions: The portal empowers users to identify their own unclaimed deposit accounts or those of their parents that may have been neglected and forgotten. It allows users to reclaim the funds or reactivate dormant deposit accounts with their respective banks.
• Collaborative Development and Initial Bank Inclusions: The portal's development has been a collaborative effort involving Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks. Currently, the UDGAM portal covers seven banks, including State Bank of India, Punjab National Bank, South Indian Bank, Central Bank of India, Dhanlaxmi Bank, DBS Bank India, and CitiBank N.A.
• Future Expansion and Accessibility: The UDGAM portal's accessibility is set to expand further, with additional banks to be included in the search facility by October 15, 2023.