RBI launches ‘UDGAM’ platform for unclaimed deposit search
The Reserve Bank of India (RBI) has launched a centralised web portal UDGAM (Unclaimed Deposits – Gateway to Access inforMation), which simplifies people's search for unclaimed cash deposits.
According to the Reserve Bank, the web portal will "facilitate people and make it easier for them to search unclaimed deposits across multiple banks at one place".
The current development comes after the central bank on April 6, 2023, announced the formation of a centralised web portal for searching unclaimed deposits as part of the 'Statement on Developmental and Regulatory Policies'.
These policies set out various developmental and regulatory measures relating to financial markets; regulation and supervision; and payment and settlement systems.
"Given the increasing trend in the amount of unclaimed deposits, RBI has been undertaking public awareness campaigns from time to time to sensitise the public on this matter. Further, through these initiatives, the RBI has been encouraging members of the public to identify and approach their respective banks for claiming unclaimed deposits," says the RBI.
How to access unclaimed deposits?
Go to RBI platform udgam.rbi.org.in
Put in your details & register
Enter the name of the account holder & bank name
Enter voter ID, PAN, driving licence number, or passport number (if any) and date of birth
If the details match, the results show bank account details along with the unclaimed amount
The web portal launch will help users to identify their unclaimed deposit accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks.
The RBI says to begin with, the facility is available for customers of seven banks presently, including 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 search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.
Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks have collaborated on developing the portal.
Notably, the deposits remaining unclaimed for 10 years in a bank are transferred to the “Depositor Education and Awareness” (DEA) Fund, which is maintained by the Reserve Bank of India.
The RBI says it has taken various measures to ensure newer deposits do not turn "unclaimed" and existing unclaimed deposits are returned to the rightful owners or beneficiaries after following due procedure.
Secondly, banks display the list of unclaimed deposits on their website. In order to improve and widen the access of depositors to such data, the RBI has developed this web portal to enable search across multiple banks for possible unclaimed deposits based on user inputs. "The search results will be enhanced by the use of certain AI tools," says the RBI.