RBI Adds 30 Banks To UDGAM Portal, Covers 90% Of Unclaimed Deposits
On 28 September 2023, the Reserve Bank of India (RBI) announced the expansion of the search facility on the Unclaimed Deposits - Gateway to Access Information (UDGAM) portal to include 30 banks, covering approximately 90 per cent of the unclaimed deposits in the Depositor Education and Awareness (DEA) Fund. Yogesh Dayal, Chief General Manager of RBI, shared this update, emphasising that the earlier release of the search feature for seven banks was part of a phased rollout, with the remaining banks expected to be added by 15 October 2023.
Back in August 2023, the RBI introduced the UDGAM centralised web portal, which simplifies the process for individuals to search for and claim their unclaimed deposits held across various banks from a single platform. Initially, the portal featured search capabilities for seven banks: State Bank of India (SBI), Punjab National Bank (PNB), Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India and Citibank.
Recognising the rising prevalence of unclaimed deposits, the RBI has been actively engaging in public awareness campaigns to educate the public on this issue.
The UDGAM portal empowers users to identify their dormant deposit accounts and either claim the funds or reactivate their accounts at their respective banks. As of February 2023, public sector banks had transferred approximately Rs 35,000 crore in unclaimed deposits to the RBI for accounts that had remained inactive for a period of 10 years or more.
The list of banks with the highest unclaimed deposits includes SBI with Rs 8,086 crore, followed by PNB with Rs 5,340 crore, Canara Bank with Rs 4,558 crore, and Bank of Baroda with Rs 3,904 crore.
Deposits left untouched for a decade or more are transferred to the 'Depositor Education and Awareness' (DEA) Fund maintained by the Reserve Bank of India (RBI). The development of the UDGAM portal was a collaborative effort involving Reserve Bank Information Technology (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks.
