RBI launches UDGAM Portal, will help in finding Unclaimed Deposits lying in bank accounts

Reserve Bank of India (RBI) Governor Shaktikanta Das launched a centralized web portal today. It has been named UDGAM i.e. Unclaimed Deposits – Gateway to Access information. This portal has been developed by RBI for the use of the public to make it easier for them to find their unclaimed balance across multiple banks in one place. Come, let's know about this application.

The Reserve Bank of India had on April 06, 2023, announced the development of a centralized web portal for searching unclaimed deposits as part of the Statement on Developmental and Regulatory Policies. In view of the rising trend in the quantum of Unclaimed Deposits, RBI is undertaking PSUs.

Awareness campaigns are conducted from time to time to make the public aware of this subject. Furthermore, through these initiatives, RBI is encouraging the public to identify and approach their respective banks to claim unclaimed deposits.

The launch of the web portal will help the users to identify their unclaimed deposits/accounts and they will be able to either claim the deposits or activate their deposit accounts with their respective banks. Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology, Allied Services (IFTAS) and participating banks have collaborated in developing the portal.