30 banks join RBI UDGAM to search for recipients of unclaimed deposits

Mumbai, Mar 5, 2024 

The Reserve Bank on Tuesday said 30 banks are facilitating people to search their unclaimed deposits/accounts through UDGAM portal, and the remaining banks are in the process of getting on-boarded.

UDGAM -- Unclaimed Deposits-Gateway to Access inforMation -- is an online portal developed by RBI. It facilitates the registered users to search unclaimed deposits/accounts across multiple banks in one place in a centralised manner.

All unclaimed deposits/accounts that are part of the Depositor Education and Awareness (DEA) Fund of RBI can be searched in the UDGAM portal.

"As on March 4, 2024, there are 30 banks, which are part of UDGAM portal, and they cover around 90 per cent of unclaimed deposits (in value terms) in DEA Fund of RBI," the central bank said in a set of Frequently Asked Questions on UDGAM portal.

A user is required to register on the portal by providing his/her name and mobile number.

The portal facilitates only the search of unclaimed deposits/accounts across multiple banks at one place and provides information on claim/settlement process of each bank.

"The unclaimed deposits can be claimed only from the respective bank," the FAQ said.

The unclaimed deposits totalled Rs 42,270 crore as of March 2023.

[Press Trust of India]