by In a bid to empower individuals to claim and search their unclaimed deposits effortlessly, the Reserve Bank of India (RBI) announced on Thursday that a total of 30 banks have been integrated into the UDGAM (Unclaimed Deposits – Gateway to Access Information) portal. Launched on August 17, the UDGAM portal serves as a centralized platform allowing the public to track their unclaimed deposits across multiple banks, simplifying what was once a cumbersome process.
Initially inaugurated with seven banks on board, the RBI promised a phased inclusion of more banks by October 15, significantly expanding the accessibility of the portal. Now, with 30 banks onboarded, including major public sector lenders such as SBI, Bank of Baroda, Punjab National Bank, Canara Bank, Bank of India, and prominent foreign banks like Citibank, Standard Chartered, and HSBC, alongside private sector giants HDFC Bank, ICICI Bank, and Axis Bank, the portal covers a substantial portion of unclaimed deposits.
According to a release by the RBI, the integration of these banks into the portal on September 28, 2023, extends the search facility to approximately 90% of unclaimed deposits (in value terms) held within the Depositor Education and Awareness (DEA) Fund.
Designed with user convenience in mind, the UDGAM portal facilitates individuals in identifying their unclaimed deposits or accounts and offers them the option to either claim the deposit amount or reactivate their dormant accounts directly through their respective banks.
The development of the UDGAM portal was made possible through collaborative efforts between Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks. This concerted endeavor underscores the commitment to leveraging technology for financial inclusion and empowerment.
As of February 2023, public sector banks (PSBs) had transferred approximately Rs 35,000 crore in unclaimed deposits to the RBI. These deposits, which had remained dormant for a period of 10 years or more, were accumulated within the Depositor Education and Awareness (DEA) Fund maintained by the RBI.
Among the PSBs, State Bank of India (SBI) leads the tally with unclaimed deposits amounting to Rs 8,086 crore, followed by Punjab National Bank with Rs 5,340 crore, Canara Bank with Rs 4,558 crore, and Bank of Baroda with Rs 3,904 crore. This highlights the substantial magnitude of unclaimed deposits and the importance of initiatives like the UDGAM portal in facilitating their rightful claimants.
In adherence to standard protocols, deposits remaining unclaimed for a period of 10 years within a bank are transferred to the DEA Fund, reinforcing the central bank’s mandate to promote depositor education and awareness.
The integration of additional banks into the UDGAM portal represents a significant stride towards streamlining the process of reclaiming unclaimed deposits, fostering financial literacy, and ensuring greater financial inclusivity for all stakeholders. With the continued expansion of the portal and concerted efforts towards enhancing awareness, the RBI aims to empower individuals to rightfully access and manage their financial assets effectively.
Follow the given below steps to check
- Search as “udgam” on google and click the website link or click here (https://udgam.rbi.org.in/unclaimed-deposits/#/login)
- Register Now and Login
- Enter the account holder details such as account number, pan card number etc.
- Download the pdf to get the details.
