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The Governor of the Reserve Bank of India (RBI) today launched UDGAM (Unclaimed Deposits – Gateway to Access inforMation), a centralised web portal designed to help the public search for unclaimed deposits across multiple banks from a single platform.
The portal, developed by RBI in collaboration with Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks, aims to simplify the process of identifying unclaimed deposits and enable users to either claim the amount or reactivate their accounts.
This initiative was first announced in RBI’s Statement on Developmental and Regulatory Policies dated April 6, 2023, in response to the rising trend of unclaimed deposits. The central bank has also been conducting public awareness campaigns to encourage account holders to identify and claim their deposits.
Initially, the portal allows access to unclaimed deposit details of seven banks, with the remaining banks to be included in a phased rollout by October 15, 2023. UDGAM represents a significant step by RBI to enhance financial transparency and ease for customers, allowing them to track unclaimed funds efficiently from a single platform.
[RBI]