The Reserve Bank of India said on Thursday the search facility under its Centralised Web Portal UDGAM (Unclaimed Deposits – Gateway to Access inforMation) has been made available for 30 banks. This facility, which was made available on the portal on September 28, covers around 90 per cent of such unclaimed deposits (in value terms) in Depositor Education and Awareness (DEA) Fund, per a central bank statement.
The RBI observed that the search facility was initially, in August, made available on the portal for seven banks. Further, it was intimated to public that the search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.
This portal has been developed by the RBI for use by members of public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks at one place.
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Given the increasing trend in the amount of unclaimed deposits, RBI said it has been undertaking public awareness campaigns from time to time to sensitise the public on this matter.
Further, through these initiatives, the RBI has been encouraging members of public to identify and approach their respective banks for claiming unclaimed deposits.
The RBI said 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.
Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks have collaborated on developing the portal.