SBI, HDFC to ICICI: RBI enrolls 30 banks on UDGAM portal for unclaimed deposits. Full list here | Mint
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Business News/ Industry / Banking/  SBI, HDFC to ICICI: RBI enrolls 30 banks on UDGAM portal for unclaimed deposits. Full list here
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SBI, HDFC to ICICI: RBI enrolls 30 banks on UDGAM portal for unclaimed deposits. Full list here

The RBI had in August 2023 launched a centralised web portal UDGAM to help people to search and claim their unclaimed deposits across multiple banks in one place

RBI onboards 30 banks on UDGAM portal (Photo: Mint)Premium
RBI onboards 30 banks on UDGAM portal (Photo: Mint)

The Reserve Bank of India has by far onboarded 30 banks on its UDGAM platform, a portal that enables the public to search for unclaimed deposits. These banks, the list of which can be accessed below, has been made available on the portal on September 28 this year, which covers around 90 per cent of such unclaimed deposits (in value terms) in Depositor Education and Awareness (DEA) Fund, the central bank said Thursday in a release.

“The search facility was initially made available on the portal for seven banks and it was intimated to public that the search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023," Yogesh Dayal, Chief General Manager RBI said.

The RBI had in August 2023 launched a centralised web portal UDGAM to help people to search and claim their unclaimed deposits across multiple banks in one place.

The portal was initially launched with a search facility for 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.

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Given the increasing trend in the number of unclaimed deposits, the RBI has been undertaking public awareness campaigns from time to time to sensitise the public on this matter, the RBI had said in a statement.

The web portal will aid users to identify their unclaimed deposits/ accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks.

About 35,000 crore unclaimed deposits as of February 2023 were transferred to the RBI by public sector banks (PSBs) in respect of deposits, which were not operated for 10 years or more.

SBI tops the list of unclaimed deposits worth 8,086 crore, followed by PNB 5,340 crore, Canara Bank 4,558 crore and Bank of Baroda 3,904 crore.

The deposits remaining unclaimed for 10 years in a bank are transferred to the 'Depositor Education and Awareness' (DEA) Fund maintained by the Reserve Bank of India (RBI).

Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks have collaborated on developing the portal.

List of Banks available on UDGAM Portal

1. State Bank of India

2. Punjab National Bank

3. Central Bank of India

4. Dhanlaxmi Bank Ltd.

5. South Indian Bank Ltd.

6. DBS Bank India Ltd.

7. Citibank N.A.

8. Canara Bank

9. Bank of India

10. Bank of Baroda

11. Indian Bank

12. Union Bank of India

13. HDFC Bank

14. Federal Bank

15. Kotak Mahindra Bank

16. ICICI Bank

17. UCO Bank

18. Bank of Maharashtra

19. IDBI Bank

20. Jammu and Kashmir Bank Ltd.

21. Punjab and Sind Bank

22. Axis Bank Ltd.

23. Indian Overseas Bank

24. Standard Chartered Bank

25. HSBC Ltd.

26. Karnataka Bank Ltd.

27. The Karur Vysya Bank Ltd.

28. Saraswat Co-operative Bank

29. IndusInd Bank Ltd.

30. Tamilnad Mercantile Bank Ltd.

 

 

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Published: 05 Oct 2023, 06:36 PM IST
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