The Reserve Bank of India’s Governor has unveiled a centralised/unified web gateway उद्गम UDGAM (Unclaimed Deposits – Gateway to Access inforMation), devised by the RBI to assist the public in locating their unclaimed deposits across various banks conveniently.
This initiative, announced on April 06, 2023, as part of the Statement on Developmental and Regulatory Policies, comes in response to the growing number of unclaimed deposits and RBI’s ongoing public enlightenment drives urging citizens to recognize and claim these deposits at their respective banks.
The portal’s introduction enables users to identify unclaimed deposits/accounts and activate these at their banks. It’s a collective effort of Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks.
Initially, the portal will encompass seven banks, with the remaining to be incorporated gradually by October 15, 2023. As on date, the list of banks available on Centralised Web Portal for Unclaimed Deposits (UDGAM) is as under:
1. State Bank of India
2. Punjab National Bank
3. Central Bank of India
4. Dhanlaxmi Bank Ltd.
5. South Indian Bank Ltd.
6. DBS Bank India Ltd.
7. Citibank N.A.
The centralised portal (UDGAM) provides numerous advantages to depositors and beneficiaries, including serving as a singular access point for looking up unclaimed deposits across different banks, thus eliminating the necessity to check each bank individually.
The portal increases transparency by keeping claimants aware with the latest, accurate data about their unclaimed deposits. The portal offers the ease of accessing this information from anywhere at any moment. It also streamlines the resolution process of unclaimed deposits by offering effortless access to relevant information and aiding in the deposit claims process.
The introduction of the RBI’s centralised portal is a noteworthy step benefitting claimants nationwide, offering easy access to information regarding their unclaimed money, and facilitating a swift resolution. It aims to enhance transparency, accountability, and assure rightful possession of unclaimed deposits.