“RBI Launches UDGAM Portal for Effortless Tracking of Unclaimed Deposits: Empowering Depositors”

RBI Launches UDGAM Portal to Streamline Tracking of Unclaimed Deposits

The Reserve Bank of India (RBI) has introduced a centralized web portal, UDGAM (Unclaimed Deposits – Gateway to Access inforMation), designed to simplify the tracking of unclaimed deposits held across various banks. This initiative is in line with the RBI’s continuous efforts to raise public awareness about the escalating amount of unclaimed deposits. The portal facilitates users in identifying and claiming their unclaimed deposits or activating their dormant accounts.

The RBI’s unveiling of the UDGAM portal marks a significant step toward providing depositors with a comprehensive tool to manage their unclaimed deposits efficiently. The central bank’s announcement emphasized that the web portal aims to streamline the process for users to retrieve their unclaimed funds or reactivate dormant accounts through a user-friendly interface.

The UDGAM portal is a result of collaborative efforts involving the Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks. By leveraging technological advancements, the RBI seeks to offer a unified platform that connects depositors with their unclaimed deposits across multiple banks.

Initially, the UDGAM portal will feature unclaimed deposit details for seven prominent banks, including 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. However, the RBI plans to expand this service by gradually adding more banks to the platform, with the full search facility expected to be available for all banks by October 15, 2023.

Depositors can access the UDGAM portal by registering with their mobile number and creating a password. Upon entering the OTP received on their registered mobile number, users can input their account holder’s name, bank name, and select one of the provided identification inputs, such as PAN number, Voter ID number, driving license number, or date of birth. The portal’s search feature will then generate results, indicating if there are any unclaimed deposits associated with the provided information.

Sources By Agencies

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