The Reserve Bank of India (RBI) inaugurated the UDGAM (Unclaimed Deposits – Gateway to Access inforMation) web service to make it easier for the public to search for their unclaimed deposits across different institutions in one spot.
According to the central bank, the web service would assist customers in identifying and approaching their banks to either claim unclaimed money or make their deposit accounts operational at their banks.
The portal was created in collaboration with Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and collaborating institutions.
Currently, consumers will be able to view information about their unclaimed deposits from seven banks listed on the portal. 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 among these banks.
The RBI stated that the search function for the other banks on the platform would be rolled in by October 15, 2023. The RBI announced a centralised web gateway in its monetary policy release on April 6, 2023.
The central bank stated that in order to protect depositors’ interests, it is taking many steps to ensure that newer deposits do not go unclaimed and that current unclaimed deposits are given to legitimate owners or beneficiaries after following proper procedures.
In April, RBI Deputy Governor Mr. M Rajeshwar Rao stated that the portal for retrieving unclaimed deposits would be ready in 3-4 months. Unclaimed deposits in a bank after ten years are transferred to the central bank’s Depositor Education and Awareness (DEA) fund.
According to the most recent data, the total amount of unclaimed deposits handed to the RBI by public sector banks (PSBs) in respect of accounts that had not been operated for ten years or more at the end of February 2023 was US$ 4.21 billion (Rs. 35,012 crore). The total number of unclaimed accounts was 102.4 million.
