Introduction
In a bid to assist individuals in locating their forgotten or unclaimed deposits scattered across various banks, the Reserve Bank of India (RBI) has introduced a revolutionary web portal called UDGAM (Unclaimed Deposits – Gateway to Access inforMation). The launch of this centralised platform marks a significant step towards streamlining the process of reuniting account holders with their unclaimed funds.
The UDGAM portal, conceived as a one-stop solution, allows the public to conveniently search and identify unclaimed deposits held across multiple banks. Developed by the Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and collaborating banks, this initiative addresses the challenge posed by the mounting volume of unclaimed deposits in the banking sector.
The inception of this centralised platform comes in response to the growing prevalence of unclaimed deposits and accounts. The RBI, recognizing the necessity to raise awareness on this matter, has periodically conducted public campaigns to sensitize individuals to the issue. Through these efforts, the central bank has encouraged account holders to actively engage with their respective banks to claim their forgotten funds.
With the UDGAM portal’s launch, individuals gain a user-friendly interface to discern their unclaimed deposits and accounts. This platform empowers them to initiate the process of reclaiming these funds or reactivating their dormant accounts. The portal initially provides access to information regarding unclaimed deposits held within seven banks. The search functionality for the remaining banks will be incrementally incorporated by October 15, 2023, ensuring comprehensive coverage.
The banks currently accessible via the UDGAM portal include:
1. State Bank of India
2. Punjab National Bank
3. Central Bank of India
4. Dhanlaxmi Bank Ltd.
5. South Indian Bank Ltd.
6. DBS Bank India Ltd
This innovative initiative underscores the RBI’s commitment to enhancing financial literacy and providing efficient avenues for individuals to access their rightful funds. The UDGAM portal not only facilitates ease of access but also encourages individuals to take proactive steps in reestablishing their financial connections.
In an era of digitization and streamlined services, the UDGAM portal emerges as a valuable asset, bridging the gap between account holders and their dormant funds. As this portal’s influence expands and evolves, it has the potential to revolutionize how unclaimed deposits are managed, thereby contributing to a more efficient and transparent banking landscape.
Direct Link to UDGAM Portal: [UDGAM Portal](https://udgam.rbi.org.in/)
Conclusion
The RBI’s commitment to fostering financial awareness and inclusion is exemplified through this innovative approach, marking a pivotal juncture in the country’s banking sector. The UDGAM portal stands as a testament to the RBI’s ongoing efforts to modernize and simplify financial interactions for the greater benefit of the public.
