The Reserve Bank of India on 17th August unveiled a centralised web portal UDGAM to faciilitate the tracking of unclaimed deposits across multiple banks at one place.
Key points
- The central bank announced the launch of UDGAM (Unclaimed Deposits – Gateway to Access in forMation) as part of its statement on Development and Regulatory Policies.
- 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.
- The UDGAM portal has been developed by a collaborative effort of Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks.
- 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.
