April 20, 2024

RBI launches UDGAM for searching unclaimed deposits

RBI launches web portal for unclaimed deposits

RBI launches web portal for unclaimed deposits

The Reserve Bank of India (RBI) today launched a Centralised Web Portal UDGAM (Unclaimed Deposits – Gateway to Access Information). This portal has been developed to facilitate and make it easier for the public to search their unclaimed deposits across multiple banks in one place

India’s central bank announced the development of a centralized web portal for searching unclaimed deposits as part of the Statement on Developmental and Regulatory Policies on April 06, 2023. 

Given the increasing trend in the number of unclaimed deposits, RBI has been undertaking public awareness campaigns from time to time to sensitize the public on this matter. Through these initiatives, the RBI has been encouraging members of the public to identify and approach their respective banks for claiming unclaimed deposits. 

The launch of this portal will help users to identify their unclaimed deposits/ accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks. 

The Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks have collaborated on developing the portal.

To begin with, users would be able to access the details of their unclaimed deposits in respect of seven banks presently available on the portal. The search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.

According to the RBI, balances in savings or current accounts which are not been operated for 10 years, or term deposits not claimed within 10 years from the date of maturity are classified as “Unclaimed Deposits”. These amounts are transferred by banks to the “Depositor Education and Awareness” (DEA) Fund maintained by the RBI. The depositors are, however, still entitled to claim the deposits at a later date from the bank(s) where such deposits were held along with interest, as applicable. However, despite public awareness campaigns undertaken by banks as well as RBI from time to time, the number of unclaimed deposits was showing an increasing trend.

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