RBI Includes 23 More Banks Under UDGAM Portal For Unclaimed Deposits

The Reserve Bank of India has included 23 more banks under its UDGAM portal launched to help the public search for unclaimed deposits.

The Unclaimed Deposits Gateway to Access information platform now has 30 lenders, according to a statement by the RBI. The search facility for the lenders was activated on the portal on Sept. 28, the RBI said.

The banking regulator launched the centralised UDGAM portal on Aug. 17 to help members of the public to identify and approach their respective banks for claiming unclaimed deposits.

A total of Rs 35,000 crore as of February 2023 were unclaimed by the public and was transferred to the RBI by the public sector banks, according to a response to parliamentary query.

Initially, only seven banks, State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank Ltd., South Indian Bank Ltd., DBS Bank India Ltd. and Citibank N.A. were onboarded onto the UDGAM portal.

The 23 banks added in the second phase are:

• Canara Bank

• Bank of India

• Bank of Baroda

• Indian Bank

• Union Bank of India

• HDFC Bank

• Federal Bank

• Kotak Mahindra Bank

• ICICI Bank

• UCO Bank

• Bank of Maharashtra

• IDBI Bank

• Jammu and Kashmir Bank Ltd.

• Punjab and Sind Bank

• Axis Bank Ltd.

• Indian Overseas Bank

• Standard Chartered Bank

• HSBC Ltd.

• Karnataka Bank Ltd.

• The Karur Vysya Bank Ltd.

• Saraswat Co-operative Bank

• IndusInd Bank Ltd.

• Tamilnad Mercantile Bank Ltd.