On August 17, the Reserve Bank of India (RBI) introduced the Centralised Web Portal UDGAM (Unclaimed Deposits – Gateway to Access inforMation), which allows the general people to search their unclaimed deposits from various banks in one location.
According to an announcement from the RBI, the establishment of the web site would help customers find their unclaimed deposits and accounts so they may either collect the deposit money or activate their deposit accounts at their respective banks.
The platform was created in partnership with participating banks, Indian Financial Technology & Allied Services (IFTAS), and Reserve Bank Information Technology Pvt Ltd (ReBIT).
Users may already get information about their unclaimed deposits in relation to seven banks on the platform.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. are some of these banks.
By October 15, 2023, the search functionality for the remaining banks on the platform will be gradually made available.
The creation of a unified online platform for looking up unclaimed deposits was announced by the RBI in its monetary policy announcement on April 6.
It will be available three to four months, according to RBI Deputy Governor M. Rajeshwar Rao, who stated this during the post-policy news conference in April.
