UDGAM Launched By RBI, To Search Unclaimed Deposits Across Multiple Banks

Thousands of crores of rupees are deposited in banks which have no claimants. But for common people to find unclaimed deposits, the Reserve Bank of India, the regulator of the banking sector, has launched a centralized web portal named Udgam (UDGAM), by visiting which any person can find out unclaimed deposits in banks. 

RBI issued a press release saying that Governor Shaktikanta Das has launched this web portal which has been developed by RBI itself. 

Through this web portal, common people will be helped to find out the unclaimed deposits deposited in banks by themselves or their near and dear ones, even if the amount is deposited in more than one bank. 

On April 6, 2023, RBI announced the development of a centralized web portal to track unclaimed deposits. In view of the growing trend of unclaimed deposits, RBI has also launched an awareness campaign to claim it. RBI has advised the common people to contact their respective banks to claim unclaimed deposits. 

Through the launching of the Udgam (Unclaimed Deposits – Gateway To Access Information) web portal, users will be able to trace the unclaimed deposits account and claim it or get the deposit account reactivated by visiting their respective banks. 

RBI said that at present unclaimed deposits deposited in 7 banks whose details are available on the website can be accessed by visiting the user portal. Details of unclaimed deposits deposited in other banks will be uploaded on the portal in a phased manner by October 15, 2023.   

Recently, the government has told in Parliament that public sector banks have transferred unclaimed deposits amounting to Rs 36,185 crore to the Depositor Education and Awareness Fund by March 31, 2023. 

While this amount was only Rs 15,090 crore in March 2019, while private banks have transferred Rs 6,087 crore to this fund till March 31, 2023. 

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