Reserve Bank's UDGAM Portal Expands: Now Includes 30 Banks for Easy Access to Unclaimed Deposits

The Reserve Bank of India (RBI) announced on Thursday that 30 banks have been added to the UDGAM Unclaimed Deposits – Gateway to Access information portal. This move is set to facilitate Indian citizens in claiming and searching unclaimed deposits across multiple banking institutions from a single platform. The RBI had initially launched the UDGAM portal on August 17, with seven banks onboarded at the outset.

UDGAM Portal's Expansion

The UDGAM portal was initiated with an assurance of expanding its reach by including more financial institutions in a phased manner by October 15. As per this promise, RBI has successfully onboarded 30 banks onto the portal as of September 28, 2023. This expansion now covers approximately 90% of all unclaimed deposits in value terms within the Depositor Education and Awareness (DEA) Fund.

List of Banks Onboarded

The list comprises major public sector lenders such as State Bank of India (SBI), Bank of Baroda, Punjab National Bank, Canara Bank and Bank of India. Additionally, foreign banks like Citibank, Standard Chartered and HSBC are also included. Private sector lenders like HDFC Bank, ICICI Bank and Axis Bank have also joined this initiative.

Facilitating Public Convenience

This web-based platform is designed specifically to assist members of the public in identifying their unclaimed deposits/accounts across these diverse banking institutions. The goal is to simplify the process for customers who may have forgotten about certain accounts or those who find it difficult tracking their various bank deposits.

Unclaimed funds often lie dormant due to lack of awareness among depositors or because they fail to claim them within a stipulated time period owing to procedural complexities or other reasons such as change in contact details etc. With the introduction of this portal, depositors can now conveniently search and claim their unclaimed deposits without having to navigate through different bank websites or visiting branches.

Boosting Depositor Education and Awareness

This initiative by RBI is also a significant step towards promoting depositor education and awareness. By providing a centralized platform for searching unclaimed deposits, the RBI aims to increase transparency in the banking sector and ensure that customers have easy access to information about their funds.

In conclusion, the onboarding of 30 banks onto the UDGAM Unclaimed Deposits – Gateway to Access information portal marks an important milestone in India's financial landscape. It not only simplifies the process of claiming unclaimed deposits for millions of Indians but also aids in boosting depositor education and awareness across the country. This initiative underscores RBI's commitment towards enhancing customer service standards within India’s banking industry while ensuring greater transparency and accountability.