RBI onboards more banks on UDGAM portal, public can search unclaimed deposits

The Reserve Bank of India has by far onboarded 30 banks on its UDGAM platform, a portal that enables the public to search for unclaimed deposits.
These banks, the list of which can be accessed below, has been made available on the portal on September 28 this year, which covers around 90 per cent of such unclaimed deposits (in value terms) in Depositor Education and Awareness (DEA) Fund, the central bank said Thursday in a release.

The search facility was initially made available on the portal for seven banks and it was intimated that the facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.

RBI had launched the centralised web portal 'udgm UDGAM' on August 17, 2023 for 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 said it has been undertaking public awareness campaigns from time to time to sensitise the public on the matter.

Further, through these initiatives, the RBI maintains it has been encouraging members of public to identify and approach their respective banks for claiming 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," RBI said during the launch of the platform in August.

To begin with, users were able to access the details of their unclaimed deposits in respect of only seven banks, to now 30.