RBI launches centralised web portal for searching unclaimed deposits

The Reserve Bank of India (RBI) introduced a centralised online platform called UDGAM (Unclaimed Deposits – Gateway to Access inforMation) on Thursday. This portal aims to simplify the process for individuals to locate their unclaimed deposits from various banks through a single platform. According to a statement by the central bank, the web portal will assist users in identifying and contacting their banks to either claim their unclaimed deposits or reactivate their deposit accounts.

The Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and collaborating banks have collaboratively established the portal. At the moment, users can retrieve information about their unclaimed deposits from seven banks on the platform. These banks comprise the 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.

The RBI mentioned that the search feature for additional banks will be gradually introduced on the portal by October 15, 2023.