August 18, 2023
Mumbai, India - For the convenience of the public and also to deal with the issue of unclaimed deposits lying in various banks, the Reserve Bank of India (RBI) has launched a centralized website called UDGAM (Unclaimed Deposit – Gateway to Access) has arrived. Launched by RBI Governor Shakti Kant Das, the UDGAM portal provides a user-friendly platform where individuals can trace their unclaimed deposits across multiple banks from a single interface The project aims to provide order simplified the process of tracing missed payments, allowing users to request deposits or reactivate their dormant accounts.
The development of the UDGAM portal is a collaborative effort between Reserve Bank Information Technology Pvt. Ltd. (ReBIT), Indian Financial Technology and Social Services (IFTAS), and mutual funds. The portal is expected to increase transparency and accessibility by consolidating information on deposits and uncollected accounts. The portal was launched when the RBI announced to set up a centralized center for tracing unclaimed deposits by April 2023. The increasing number of unclaimed deposits has prompted the RBI to notify the public campaign to encourage individuals to identify and recover their dormant deposits.
The UDGAM channel currently provides information on unclaimed deposits in seven banks, including State Bank of India, Punjab National Bank, Central Bank of India, Dhanalakshmi Bank Limited, South Indian Bank Limited, DBS Bank India Limited, Citibank N.A. To ensure wider coverage, the RBI plans to add more banks to the search center in a phased manner. By October 15, 2023, the UDGAM portal will provide details of unclaimed deposits to other banks, enabling users to better track their funds.
The UDGAM platform is in line with RBI’s commitment to facilitate customers, promote financial literacy, ensure transparency in banking This new platform is geared to empower individuals to recover their unclaimed deposits and contribute to the financial well-being of consumers across the country.
