RBI Launches A Centralized Portal “UDGAM” To Search Unclaimed Deposits
The regulatory body of all the banks in our country “RBI” has launched a centralized portal called UDGAM through which users can search for their unclaimed deposits across multiple banks.
UDGAM stands for Unclaimed Deposits – Gateway to Access Information.
Seeing the rising unclaimed deposits on banks, it became difficult for the bank to keep optimized records.
To inform customers regarding either keeping their bank account operational or closing it, RBI initiated several awareness campaigns in the past. But, it seems like such campaigns haven’t given any fruitful results so far.
Hence, RBI in collaboration with ReBIT (Reserve Bank Information Technology Pvt Ltd) and IFTAS (Indian Financial Technology & Allied Services) thought why not to create a centralized web portal through which customers can easily search for their unclaimed deposits.
And, after finding out about their unclaimed amount, they can either claim it or make the account operative.
Isn’t it a nice idea! However, they still have to let users know about the existence of this portal called UDGAM. But, anyways, the team has made the journey easy to see how many unclaimed deposits a banking customer in India has.
UDGAM Supporting Banks
The portal is live and working but currently it have data from seven Indian banks only which are mentioned below:
- State Bank of India
- Punjab National Bank
- Central Bank of India
- Dhanlaxmi Bank Ltd
- South Indian Bank Ltd
- DBS Bank India Ltd
Now, while currently the portal stores unclaimed deposits data from seven banks only, the data for remaining banks will be made available in a phased manner starting October 15, 2023.
RBI Governor, Shaktikanta Das himself launched this portal today and let users know about its benefits and how it works.
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