Rs 42,270 cr lying unclaimed, 30 banks join RBI's portal to return some to depositors

30 banks are enabling customers to search their unclaimed deposits or accounts through the UDGAM portal, according to a statement released by the Reserve Bank on Tuesday. The remaining banks are currently in the process of doing the same.

An internet portal called UDGAM, or Unclaimed Deposits-Gateway to Access Information, was created by the RBI. It makes it easier for registered users to centrally search unclaimed deposits and accounts from several banks in one location.

The UDGAM portal allows users to search all unclaimed deposits and accounts included in the RBI’s Depositor Education and Awareness (DEA) Fund.

“As on March 4, 2024, there are 30 banks, which are part of UDGAM portal, and they cover around 90 per cent of unclaimed deposits (in value terms) in DEA Fund of RBI,” the central bank said in a set of Frequently Asked Questions on UDGAM portal.

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A user is required to register on the portal by providing his/her name and mobile number.

The portal facilitates only the search of unclaimed deposits/accounts across multiple banks at one place and provides information on claim/settlement process of each bank.

“The unclaimed deposits can be claimed only from the respective bank,” the FAQ said.

The unclaimed deposits totalled Rs 42,270 crore as of March 2023.

With inputs from PTI