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RBI Launches UDGAM Portal to Help Individuals in Reclaiming Unclaimed Deposits

  • Posted on August 17, 2023
  • News
  • By Sakshi Gupta
  • 173 Views
RBI


The Reserve Bank of India (RBI) has introduced a user-friendly solution to address the issue of unclaimed deposits scattered across various banks. 

In an effort to simplify the process, the central bank recently unveiled the Unclaimed Deposits – Gateway to Access inforMation (UDGAM) portal.

This innovative initiative aims to centralize information about unclaimed deposits from multiple banks, making it convenient for individuals to track and reclaim their funds.

UDGAM APP
RBI has just launched a new portal called UDGAM to help people get their unclaimed deposits back.

The RBI's move to launch UDGAM reflects its commitment to addressing the growing concern of unclaimed deposits. To enhance public awareness, the RBI has conducted awareness campaigns to educate people about the mounting volume of such deposits. The central bank has encouraged account holders to proactively connect with their respective banks to claim these unclaimed funds.


The UDGAM portal is a collaborative achievement, developed in partnership with Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks. The portal is set to be an all-encompassing solution for individuals seeking to trace their unclaimed deposits across multiple financial institutions.

Access unclaimed deposit details via Udgam App
Account holders of seven banks can access unclaimed deposit details via Udgam App

The initiative's implementation comes with a phased approach. Initially, account holders can access unclaimed deposit details from seven banks through the portal, including prominent institutions such as State Bank of India, Punjab National Bank, and DBS Bank India Ltd., among others. For the remaining banks, the search functionality will gradually be rolled out, with completion anticipated by October 15, 2023.


To utilize the UDGAM portal, individuals need to follow a simple process:


1. Log in using your mobile number and a password. An OTP will be sent to the registered mobile number for verification.


2. Upon entering the OTP, a page will prompt users to fill in the account holder's name, the bank's name, and one of the following inputs: PAN number, Voter ID number, driver's license number, or date of birth.


3. If unclaimed deposits are associated with the provided details, the search result will lead to the respective account. Alternatively, if no unclaimed deposits are found, the result will indicate "none."


The launch of the UDGAM portal marks a significant step toward empowering individuals to claim their unclaimed deposits and ensure their financial resources are put to rightful use. As this user-friendly platform gains traction, it promises to streamline the process of locating and reclaiming dormant funds, bringing financial relief to many account holders.


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Sakshi Gupta

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