RBI expands UDGAM portal to include 23 more banks
The Reserve Bank of India (RBI) has expanded its Unclaimed Deposits - Gateway to Access Information (UDGAM) portal by adding 23 more banks. This makes it easier for people to claim unclaimed deposits from these institutions. This move comes after the initial inclusion of seven banks on September 28, which covered about 90% of unclaimed deposits in value terms. The RBI aims to provide a search facility for the remaining banks in phases by October 15, 2023.
Head to these banks for claiming deposits
The list of newly added banks features Canara Bank, Kotak Mahindra Bank, ICICI Bank, UCO Bank, Indian Bank, Union Bank of India, and Bank of India. Bank of Baroda, Indian Overseas Bank, Standard Chartered Bank, HDFC Bank, Federal Bank, Bank of Maharashtra, Punjab and Sind Bank, IDBI Bank, and Jammu and Kashmir Bank, are on the list. Axis Bank, HSBC, Karnataka Bank, Karur Vysya Bank, Saraswat Co-operative Bank, IndusInd Bank, and Tamilnad Mercantile Bank have been included too.
UDGAM portal: A centralized platform for unclaimed deposits
In April 2023, during its monetary policy meeting, the RBI announced plans to develop a centralized web portal for searching unclaimed deposits. RBI Deputy Governor M Rajeshwar Rao said the portal would be ready within three to four months. True to his word, the UDGAM portal was launched, enabling the public to look for unclaimed deposits across multiple banks in one convenient location.
A decline in unclaimed deposits transferred to RBI
Minister of State (MoS) for Finance, Bhagwat Karad revealed the total sum of unclaimed deposits transferred to RBI by public sector banks dropped from Rs. 48,262 crore in March 2022 to Rs. 35,012 crore in February 2023. The State Bank of India holds the largest share of unclaimed deposits at Rs. 8,086 crore. It is followed by Punjab National Bank (Rs. 5,340 crore), Canara Bank (Rs. 4,558 crore), and Bank of Baroda with Rs. 3,904 crore.
