UDGAM portal expands: 30 more banks now covered under the scheme

In a move toward financial transparency and public awareness, the Reserve Bank of India (RBI) has expanded the reach of its UDGAM portal, a centralized platform designed to assist individuals in locating and claiming their unclaimed deposits.

Search functionality was extended to include 30 banks, covering an impressive 90% of unclaimed deposits in terms of value within the Depositor Education and Awareness (DEA) Fund.

Initially, the portal featured search options for seven major banks: State Bank of India (SBI), Punjab National Bank (PNB), Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India, and Citibank.

This expansion marks a significant step in the RBI's ongoing efforts to raise public awareness about unclaimed deposits. Yogesh Dayal, Chief General Manager at RBI, confirmed that this expansion was part of a phased approach, with the remaining banks set to be integrated by October 15, 2023.

The UDGAM portal, launched by the RBI in August 2023, empowers users to identify their unclaimed deposits and dormant accounts across multiple banks, allowing them to either claim the deposited amount or reactivate their accounts.

The need for such a platform became evident given the substantial volume of unclaimed deposits, totalling approximately ₹35,000 crore as of February 2023. Public sector banks, including SBI, PNB, Canara Bank, and Bank of Baroda, have transferred these unclaimed deposits to the RBI’s DEA Fund for accounts left inactive for a decade or more.

The development of the UDGAM portal is a collaborative effort involving Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks.

With this user-friendly platform, the RBI aims to enhance financial literacy, ensuring that individuals are informed about and have access to their rightful deposits, promoting a more financially inclusive society.

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