NEW DELHI: With the growing number of unclaimed deposits in banks, the Reserve Bank of India (RBI) has introduced an initiative to locate and withdraw such funds. Numerous accounts have remained unclaimed due to various reasons, resulting in unwithdrawn amounts. To address this, the RBI has launched a centralized portal named ‘Unclaimed Deposits – Gateway to Access inforMation’ (UDGAM).
The RBI has been conducting public awareness campaigns periodically to sensitize individuals about the escalating trend of unclaimed deposits. It actively encourages people to connect with their respective banks to reclaim these funds.
The UDGAM currently features details from seven banks, and there are plans to incorporate more banks into the portal in the future.
At the outset, users will be able to access information about their unclaimed deposits in relation to the seven banks currently available on the portal. The search functionality for deposits in remaining banks will gradually be integrated into the portal, with the full scope expected to be accessible by October 15, 2023.
The seven listed banks are:
1. State Bank of India
2. Punjab National Bank
3. Central Bank of India
4. Dhanlaxmi Bank Ltd.
5. South Indian Bank Ltd.
6. DBS Bank India Ltd.
Legal heirs now have the avenue to approach their respective banks to reclaim unclaimed deposits belonging to their ancestors. Additionally, there’s an option to reactivate accounts within the same bank if the deposit remains unwithdrawn.
For further information about UDGAM, individuals can visit: