RBI introduces UDGAM web portal

RBI introduces UDGAM web portal 

This is a centralized web portal to locate unclaimed deposits across multiple banks


RBI has introduced a centralized web platform named UDGAM (Unclaimed Deposits – Gateway to Access Information), allowing users to conveniently access information about their unclaimed deposits from seven participating banks. Governor Shaktikanta Das unveiled this initiative, enabling individuals to effortlessly search for unclaimed deposits across various banks through a single interface. Visit https://udgam.rbi.org.in/unclaimed-deposits/#/login to know about unclaimed deposits. 

Initially, individuals will have the opportunity to retrieve information regarding their unclaimed deposits through the portal's current roster of seven banks. These banks include 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. Users will be able to access details about their unclaimed deposits from these specific financial institutions.

"This portal has been developed by RBI for use by members of the public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks at one place." said RBI in a statement. 

On April 6, 2023, the Reserve Bank of India revealed its plans to create a centralized web portal aimed at facilitating the search for unclaimed deposits. This initiative was announced as a part of the Statement on Developmental and Regulatory Policies. The web portal is designed to streamline the process of locating unclaimed deposits and make it more accessible to the public.

"Given the increasing trend in the amount of unclaimed deposits, RBI has been undertaking public awareness campaigns from time to time to sensitize the public on this matter. Further, through these initiatives, the RBI has been encouraging members of the public to identify and approach their respective banks for claiming unclaimed deposits." said the banking regulator.

According to the Reserve Bank of India (RBI), the introduction of the centralized web portal will assist individuals in identifying their unclaimed deposits or accounts. This platform will provide users with the option to either retrieve the deposited amount or reactivate their dormant accounts through their respective banks. The collaborative efforts of Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and several participating banks have been instrumental in the development of this portal.

The Reserve Bank of India (RBI) has announced that the search feature for the remaining banks will be progressively introduced on the portal in phases, with full access expected to be available by October 15, 2023. 

Prior to this the Reserve Bank of India (RBI) launched the ‘100 Days 100 Pays’ campaign from 1 June 2023. The objective was to trace and settle 100 unclaimed deposits in the bank. Under which 100 districts of Rajasthan came under this purview. 

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