RBI: In order to find unclaimed deposits, the Reserve Bank of India (RBI) on Thursday (17 August 2023) developed a centralised website gateway called UDGAM (Unclaimed Deposits – Gateway to Access Information). The RBI created this website to make it simpler for customers to look up unclaimed deposits from several banks in one location.
RBI launches UDGAM Portal
The list of unclaimed deposits is posted by banks on their websites, according to an announcement from the RBI. The RBI has made the decision to develop an online platform in order to enhance and expand depositors’ and beneficiaries’ access to this data. The user will be able to use inputs to search for potential unclaimed deposits that may be located in different banks. The Reserve Bank of India announced the establishment of a centralised web tool for monitoring unclaimed deposits as part of the Statement on Developmental and Regulatory Policies published on April 6, 2023.
Users would have access to information about the seven banks now represented by the portal’s unclaimed deposit information. They include the State Bank of India, Punjab National Bank, South Indian Bank, Central Bank of India, Dhanlaxmi Bank, DBS Bank India, and CitiBank N.A.
How will UDGAM benefit the users?
Customers will be able to quickly track their unused deposits and accounts after the web gateway is introduced. With this, customers can either activate their deposit accounts at their respective banks or withdraw the unused deposit amount. The platform was created in collaboration with the collaborating organisations, the Reserve Bank of Information Technology Private Limited (REBIT) and the Indian Institute of Financial Technology and Allied Services (IFTAS), according to a press release from the RBI. Customers can currently examine details about the seven banks featured on the portal regarding their unclaimed money.
By October 15, 2023, RBI stated it would gradually roll out the search feature for the remaining banks on the web.
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