RBI launches portal Udgam for unclaimed deposit search

RBI has launched a centralised web portal aimed at simplifying the search for unclaimed deposits across banks. SBI, Punjab National Bank, Central Bank, DBS Bank, South Indian Bank, and Dhanlaxmi Bank have provided their data to the portal. Other banks are expected to join by October 15, an RBI statement said.

Customers can register on ‘Udgam’ (Unclaimed deposits – gateway to access information) platform using their mobile number. Once registered, they can search for unclaimed deposits under their name and provide additional inputs such as PAN, voter ID, driving licence and passport number.

Customers can then retrieve their deposits by completing a KYC process with their branch. In case the deposit-holder has passed away, their nominee will be required to submit documents.