Shaktikanta Das, governor of the Reserve Bank of India, unveiled on Thursday UDGAM (Unclaimed Deposits - Gateway to Access inforMation), a centralised web service that allows users to "search their unclaimed deposits across different institutions at one place.

"This portal has been developed by RBI for use by members of the public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks at one place," said RBI in a statement.

As part of  the Statement on Developmental and Regulatory Policies dated April 6, 2023, the Reserve Bank of India has announced the creation of a centralised web platform for finding unclaimed deposits. "Given the increasing trend in the amount of unclaimed deposits, RBI 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 the public to identify and approach their respective banks for claiming unclaimed deposits," said the banking regulator.

According to RBI, the establishment of the web site would help customers find their unclaimed deposits and accounts so they may either submit a claim for the deposit amount or activate their deposit accounts at their respective banks. The platform was created in partnership with participating banks, Indian Financial Technology & Allied Services (IFTAS), and Reserve Bank Information Technology Pvt Ltd (ReBIT).

Users will first have access to information about their unclaimed deposits from the seven banks now represented on the platform. State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank Ltd, South Indian Bank Ltd, DBS Bank India Ltd, and Citibank N.A. are the seven banks.

By October 15, 2023, the search functionality for the remaining banks on the platform would be made accessible gradually, according to RBI.

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