Lost Money in Forgotten Bank Deposits? RBI’s New Tool Might Have Your Back!

The Reserve Bank unveiled UDGAM (Unclaimed Deposits Gateway to Access inforMation), a new digital platform, on Thursday, aiming to help users rediscover and reclaim forgotten bank deposits.

Shaktikanta Das, the chief of RBI, presented the UDGAM platform, offering a convenient space for individuals to scan several banks for any untouched funds.

At the moment, deposits from seven prominent banks, including names like State Bank of India and Citibank, can be traced on the portal.

Earlier in 2023, the idea of such a portal was hinted at by the RBI due to the growing number of dormant deposits. The central bank has been actively encouraging the public to reclaim their funds through awareness drives.

With UDGAM, users can not only identify any untouched deposits but also claim them or reactivate dormant accounts. The creation of this user-friendly platform involved collaborative efforts from Reserve Bank Information Technology Pvt Ltd, Indian Financial Technology & Allied Services, and the included banks.

Currently, UDGAM only covers seven banks, but more banks will join the list by October 15, 2023.

Records show that by February 2023, a whopping Rs 35,000 crore in forgotten deposits were moved to the RBI from public sector banks. These are funds untouched for over a decade, with the State Bank of India leading the list with Rs 8,086 crore.

Funds left unclaimed for a decade in banks are channeled into the ‘Depositor Education and Awareness’ Fund, managed by the RBI.

Ensuring depositor security remains the RBI’s priority. They’re committed to introducing measures to decrease the number of dormant deposits and assist individuals in retrieving their dormant funds.