Unclaimed Deposits: RBI Onboards 30 Banks on UDGAM Portal Including HDFC, ICICI

10 Oct, 2023 Author: Ayushee Joshi

Unclaimed Deposits: In order to make it easier for consumers to look for their unclaimed deposits across different banks in one location, the Reserve Bank of India (RBI) launched the centralised web portal Unclaimed Deposits- Gateway to Access Information (UDGAM) on 17th August. The portal initially started by providing assistance to seven banks: State Bank of India (SBI), Punjab National Bank (PNB), Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India, and Citibank. In a recent announcement, the central bank has added 30 banks to the web portal to make it easier for customers to get their unclaimed deposits.

Private and Public Banks in UDGAM

Amongst the 30 banks that are included in the UDGAM, both public and private sector lending banks are added to the web portal. These include SBI, Bank of Baroda, Punjab National Bank, Bank of India, Canara Bank, HDFC Bank, ICICI Bank, and Axis Bank. Foreign lending banks Citibank, Standard Chartered, and HSBC are also included in the list. According to a press release statement given by RBI, on September 28, 2023, these banks were made available on the portal, which covers about 90% of such unclaimed deposits (in value terms) in the Depositor Education and Awareness (DEA) Fund.