Search for unclaimed deposits in 30 banks available on UDGAM: RBI

The search facility for unclaimed deposits in thirty banks has been made available on the Reserve Bank of India’s Centralised Web Portal, UDGAM (Unclaimed Deposits – Gateway to Access inforMation), from September 28, 2023.

“The members of the public are hereby informed that the search facility for 30 banks was made available on the portal on September 28, 2023, which covers around 90 per cent of such unclaimed deposits (in value terms) in the Depositor Education and Awareness (DEA) Fund,” the RBI stated in a press release on Thursday.

In August, the RBI launched the portal to assist the public in searching for their unclaimed deposits across banks in one location. The new setup will help users identify their unclaimed deposits in various accounts and enable them to either claim it or make the account operative at their respective banks.

The search facility now includes Canara Bank, Bank of India, Bank of Baroda, Indian Bank, Union Bank of India, HDFC Bank, Federal Bank, Kotak Mahindra Bank, ICICI Bank, UCO Bank, Bank of Maharashtra, IDBI Bank, Jammu and Kashmir Bank Ltd, Punjab and Sind Bank, Axis Bank Ltd, Indian Overseas Bank, Standard Chartered Bank, HSBC Ltd, Karnataka Bank Ltd, The Karur Vysya Bank Ltd, Saraswat Co-operative Bank, IndusInd Bank Ltd, and Tamilnad Mercantile Bank.

In the initial phase, only seven banks were available on the portal: State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India, and Citi Bank. A search facility for the remaining banks was scheduled to be made available from October 15, 2023, in a phased manner.

The RBI announced the initiative on April 6, 2023, as part of the Statement on Developmental and Regulatory Policies, due to the increase in the amount of unclaimed deposits with the lenders.