RBI launches 'UDGAM', centralised web portal for unclaimed deposits

The web portal will help users identify and approach their banks for either claiming unclaimed deposits or making their deposit accounts operative at their banks, the RBI said

The Reserve Bank of India (RBI) on Thursday launched a centralised web portal UDGAM (Unclaimed Deposits – Gateway to Access inforMation), to make it easier for the public to search for their unclaimed deposits across multiple banks in one place.

The web portal will help users identify and approach their banks for either claiming unclaimed deposits or making their deposit accounts operative at their banks, the central bank said in a release.

Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks have jointly worked to set up the portal. Currently, users will be able to access the details of their unclaimed deposits in respect of seven banks available on the portal. These banks include the 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.

RBI said that the search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.

In the monetary policy statement announced on April 6, RBI had said that a centralised web portal is in the works. The central bank said that with a view to protect depositors' interests, it is taking several measures to make sure that newer deposits do not turn unclaimed and existing unclaimed deposits are returned to rightful owners or beneficiaries after following due procedures.

In April, RBI Deputy Governor M Rajeshwar Rao had said the portal for reclaiming unclaimed deposits will be ready in 3-4 months.

Deposits left unclaimed after 10 years in a bank are transferred to the Depositor Education and Awareness (DEA) fund, which is maintained by the central bank. Latest data shows that at the end of February 2023, the total amount of unclaimed deposits transferred to the RBI by public sector banks (PSBs) in respect of deposits that have not been operated for 10 years or more, was Rs 35,012 crore. The number of unclaimed accounts amounted to 102.4 million.