Introduction: The Reserve Bank of India (RBI) has taken a significant step towards assisting the public in accessing their unclaimed deposits through the launch of a Centralised Web Portal named “उद्गम” (UDGAM). The portal was officially introduced on August 17, 2023, by the Governor of RBI. This user-friendly portal aims to simplify the process of locating and claiming unclaimed deposits held across various banks, thus ensuring easier access to these funds for the public.
Analysis: Unclaimed deposits have become a growing concern, prompting the RBI to develop strategies to raise public awareness about the importance of claiming these funds. The UDGAM portal is a response to this concern, offering a consolidated platform for individuals to search for and recover their unclaimed deposits efficiently. The RBI has consistently emphasized the significance of this initiative and encouraged the public to reach out to their respective banks for unclaimed deposit retrieval.
Key Features of the UDGAM Portal:
1. Centralized Accessibility: The UDGAM portal provides users with a single platform to identify their unclaimed deposits/accounts held across multiple banks.
2. Claim or Reactivate: Individuals can use the portal to either claim the amount of their unclaimed deposit or reactivate their dormant deposit accounts.
3. Collaboration: The development of the portal is a collaborative effort involving the Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks.
4. Phased Approach: While the portal currently offers access to unclaimed deposit details from seven banks, the search facility for deposits from other banks will be gradually introduced by October 15, 2023.
Conclusion: The introduction of the UDGAM portal by the Reserve Bank of India signifies a proactive effort to address the issue of unclaimed deposits and streamline the process of reclaiming them. By providing an accessible and consolidated platform, the RBI aims to empower individuals to take control of their financial assets. The phased expansion of the portal’s services demonstrates the RBI’s commitment to ensuring that individuals can easily locate and retrieve their unclaimed funds. This initiative is expected to contribute not only to financial inclusivity but also to the efficient utilization of funds that might otherwise remain unclaimed. As the portal continues to evolve, it is poised to play a pivotal role in promoting financial awareness and empowering individuals to access their rightful funds.
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Reserve Bank of India
Date : Aug 17, 2023
The Governor, Reserve Bank of India today launched a Centralised Web Portal उद्गम UDGAM (Unclaimed Deposits – Gateway to Access inforMation). This portal has been developed by RBI for use by members of public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks at one place.
The Reserve Bank of India had announced the development of a centralised web portal for searching unclaimed deposits as part of the Statement on Developmental and Regulatory Policies dated April 06, 2023. 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 public to identify and approach their respective banks for claiming unclaimed deposits.
The launch of the web portal will aid 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. 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.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/765
List of Banks Available on Centralised Web Portal for Unclaimed Deposits
1. State Bank of India
2. Punjab National Bank
3. Central Bank of India
4. Dhanlaxmi Bank Ltd.
5. South Indian Bank Ltd.
6. DBS Bank India Ltd.
7. Citibank N.A.
