RBI launches UDGAM- portal to track unclaimed deposits

In a move to facilitate account holders of unclaimed deposits across multiple banks to access and withdraw their deposits from one consolidated platform, The Reserve Bank of India (RBI) has launched a Centralised Web Portal - UDGAM (Unclaimed Deposits - Gateway to Access information) on Thursday.

The launch of the web portal will aid users to identify their unclaimed deposits or accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks. The central bank has said that the move was warranted due to the rising trend in the amount of unclaimed deposits.

The RBI said it had been carrying out public awareness campaigns from time to time to sensitise the people on the increasing trend in the amount of unclaimed deposits. The top bank said it has been encouraging the people to identify and approach their respective banks to claim unclaimed deposits.

“The launch of the web portal will aid users to identify their unclaimed deposits/ accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks”, the RBI statement read.

The UDGAM portal has been developed by a collaborative effort of Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks.

To begin with, users would be able to access the details of their unclaimed deposits from the seven banks presently available on the portal. The seven banks are 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.