Reserve Bank of India (RBI) Governor Shaktikanta Das launched a centralised website, UDGAM (Unclaimed Deposits – Gateway to Access inforMation), on Thursday. This portal aims to facilitate the search and claiming of unclaimed deposits across multiple banks for rightful beneficiaries.
According to an RBI statement, the web portal will assist users in identifying their unclaimed deposits and accounts. It will enable them to either claim the deposit amount or activate their deposit accounts at their respective banks.
The development of the portal was a collaborative effort involving Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks.
Steps to claim unclaimed deposits
- Visit the UDGAM portal (click here).
- Register on the portal by clicking the ‘Register’ link.
- After registration, log in using your credentials.
- To search for an unclaimed deposit, beneficiaries need to enter the account holder’s name, bank name, and one of the following:
a. PAN
b. Voter ID
c. Driving License Number
d. Passport Number
e. Date of Birth
Initially, users can access details of their unclaimed deposits from seven banks available on the portal. Access for remaining banks will be phased in by October 15, 2023.
The central bank announced the creation of this centralised web portal as part of its “Statement on Developmental and Regulatory Policies” on April 6 of this year.
Need of the initiative
The initiative is a response to the growing amount of unclaimed deposits in banks. The RBI has been conducting public awareness campaigns to sensitise the public to this matter.
As of the end of February 2023, the total amount of unclaimed deposits transferred to the RBI by Public Sector Banks (PSBs), which have been inactive for 10 years or more, was Rs. 35,012 crore, according to a written reply in the Lok Sabha by Minister of State for Finance, Bhagwat Karad.
These initiatives aim to encourage people to identify and approach their respective banks to claim their unclaimed deposits.
