The Reserve Bank of India (“RBI”) through its recent press release no. 2023-2024/765 dated August 17, 2023, launched a centralized web platform named “उद्गम UDGAM” (unclaimed Deposits –Gateway to Access Information). The RBI has designed this portal to provide the general public with a convenient means to explore their unclaimed deposits from various banks all in one place.
The RBI had previously announced the development of a centralized web portal to assist in locating unclaimed deposits, as outlined in the Statement on Developmental and Regulatory Policies on April 6, 2023. Given the escalating prevalence of unclaimed deposits, the RBI has periodically initiated public awareness campaigns to sensitize individuals about this matter. These initiatives have been aimed at motivating the public to recognize and engage with their respective banks to recover their unclaimed deposits.
The launch of this web portal will greatly assist users in identifying their unclaimed deposits or accounts, offering them the option to either claim the deposit amount or reactivate their deposit accounts at their corresponding banks. The development of the portal has been a collaborative effort involving Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks.
Initially, users will have access to details about their unclaimed deposits in respect of seven banks currently featured on the portal. The search functionality for deposits in the remaining banks will be gradually incorporated and available on the portal by October 15, 2023.
The banks which are currently available on the centralized web portal for unclaimed deposits are:
- State Bank of India
- Punjab National Bank
- Central Bank of India
- Dhanlaxmi Bank Ltd.
- South Indian Bank Ltd.
- DBS Bank India Ltd.
- Citibank N.A.
In essence, the launch of the “उद्गम UDGAM” web platform by the RBI heralds a new era of financial accessibility and empowerment. This initiative aligns perfectly with the evolving digital landscape and the RBI’s vision of a financially literate and engaged citizenry. By facilitating easy access to unclaimed deposits, the RBI not only fulfills its regulatory role but also positions itself as a proactive enabler of financial well-being for all.