RBI brings 30 banks on UDGAM portal to help search for unclaimed deposits

The Reserve Bank of India (RBI) has brought 30 banks on board its Centralised Web Portal UDGAM (Unclaimed Deposits – Gateway to Access inforMation) for the public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks at one place.

The RBI said on Thursday that the search facility for 30 bankshas been made available on the portal on September 28, 2023, which covers around 90 per cent of such unclaimed deposits (in value terms) in Depositor Education and Awareness (DEA) Fund.

The RBI had launched UDGAM web portal on August 17 this year with the search facility initially made available on the portal for seven banks.

The search facility for the remaining banks on the portal was to be made available in a phased manner by October 15, 2023.

The UDGAM 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.

Given the increasing trend in the amount of unclaimed deposits, RBI has been undertaking public awareness campaigns from time to time to sensitise 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.