RBI launched Unclaimed Deposits Gateway to Access inforMation

By Consultants Review Team Friday, 18 August 2023

ReserveReserve Bank of India (RBI) Governor Shaktikanta Das launched a centralised web portal UDGAM (Unclaimed Deposits - Gateway to Access inforMation), which would make it easier for people to search for their unclaimed deposits across multiple banks at one place. The launch of the web portal will aid users to identify their unclaimed deposits and accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks, a statement issued by RBI said. 

Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks have collaborated on developing the portal. 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. 

The central bank had announced the development of a centralised web portal for searching unclaimed deposits as part of its "Statement on Developmental and Regulatory Policies" on April 6 this year. The initiative has been launched amid rising amount of unclaimed deposits in banks and 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 people to identify and approach their respective banks for claiming unclaimed deposits. 

Current Issue