Unclaimed Bank Deposits: In an attempt to help individuals in locating unclaimed amounts deposited in the banks, the Reserve Bank of India (RBI) has launched an online portal to trace unclaimed deposits. The newly launched RBI’s Unclaimed Deposits – Gateway to Access Information Portal (UDGAM Portal), has offered a platform for searching unclaimed amounts deposited across various banks. It is undoubtedly a candid initiative to sort out the problems of the individual whose relatives such as grandparents, may have forgotten to claim or deposit funds.

RBI brought this UDGAM Portal to the public on August 17, 2023. It will streamline the process of searching and identifying unclaimed deposits.

Earlier in April, the RBI announced the forthcoming launch of this portal. At the time, it was revealed that a whopping Rs 35,012 crore remained unclaimed in various banks across the country. This considerable sum, unclaimed until February 2023, was held by banks and subsequently transferred to the RBI.

It is expected that the UDGAM Portal will play a key role as a comprehensive source in searching and identifying unclaimed deposits in multiple banks on a common platform. If an individual discovers that their relatives, such as grandparents, had deposited funds in various banks and this information had remained unknown, the UDGAM Portal offers ways to claim the unclaimed amount. The actual claimants can now easily claim their deposits by adhering to the rules of the UDGAM portal.