Shaktikanta Das launched UDGAM, a central online platform for Unclaimed Deposits

The central bank's governor, Shaktikanta Das, inaugurated a centralised online platform named UDGAM (Unclaimed Deposits – Gateway to Access inforMation) on Thursday. This portal enables individuals to conveniently search for their unclaimed deposits across multiple banks from a single location.

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According to a statement by the Reserve Bank of India (RBI), this portal has been created by the RBI to provide convenience and streamline the process for members of the public to locate their unclaimed deposits across various banks through a single platform.

In the Statement on Developmental and Regulatory Policies issued on April 06, 2023, the Reserve Bank of India disclosed its plans to establish a centralised web platform targeted at facilitating the recovery of unclaimed deposits. The Reserve Bank of India (RBI) has been conducting periodic public awareness efforts in response to the growing prevalence of unclaimed deposits.

These programs aim to educate and sensitize the general public about this issue. The banking regulator stated that the Reserve Bank of India (RBI) has been promoting the identification and approach of various banks by members of the public for the purpose of collecting unclaimed deposits, as part of its ongoing activities.

An introduction of the web portal will facilitate customers in identifying their unclaimed deposits and accounts. This platform will empower them to either recover the deposit amount or activate their deposit accounts at their respective banks. The development of the portal has been a collaborative effort between Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and several cooperating institutions.

Initially, individuals would have the capability of recovering information pertaining to their unclaimed deposits from the seven banks that are now accessible on the portal. The seven financial institutions 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.

According to the Reserve Bank of India (RBI), the implementation of the search feature for the other banks on the portal will be carried out in a gradual way and is expected to be completed by October 15, 2023.