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RBI unveils UDGAM portal to track unclaimed deposits

August 18, 2023

RBI unveils UDGAM portal to track unclaimed deposits
The Reserve Bank of India on Thursday unveiled a centralised web portal to faciilitate the tracking of unclaimed deposits across multiple banks at one place. The central bank announced the launch of UDGAM (Unclaimed Deposits – Gateway to Access inforMation) as part of its statement on Development and Regulatory Policies.

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 in respect of seven banks presently available on the portal. The search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.
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