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Business News/ Money / Personal Finance/  RBI introduces UDGAM to help users locate unclaimed deposits across various banks. Details here
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RBI introduces UDGAM to help users locate unclaimed deposits across various banks. Details here

The RBI has introduced a portal through which users can retrieve information about their unclaimed deposits from the currently featured seven banks on the platform.

Users can now locate unclaimed deposits across various banks using the RBI's UDGAM portal.Premium
Users can now locate unclaimed deposits across various banks using the RBI's UDGAM portal.

On August 17, 2023, the Reserve Bank of India (RBI) introduced Unclaimed Deposits – Gateway to Access Information (UDGAM), a centralized web platform. This innovative portal has been established to offer depositors a unified platform for locating and retrieving unclaimed deposits held within various deposit taking institutions (DTIs) under the jurisdiction of the RBI.

To access the UDGAM portal, individuals can visit the official RBI website. A straightforward process awaits those searching for unclaimed deposits, as they only need to provide their name, PAN, and date of birth. Subsequently, the portal will present a comprehensive list of DTIs where unclaimed deposits attributed to the depositor are held. To claim these deposits, depositors can directly engage with the pertinent DTI.

The banking regulator announced, “The Reserve Bank of India had announced the development of a centralised web portal for searching unclaimed deposits as part of the statement on developmental and regulatory policies dated April 06, 2023."

The UDGAM portal stands as a commendable initiative by the RBI, delivering enhanced convenience for depositors in identifying and recovering their unclaimed deposits. To start, individuals will have the capability to retrieve information about their unclaimed funds from the current selection of seven banks featured on the platform. These banks include the State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India, and Citibank N.A.

Beyond this, the portal is anticipated to bolster transparency within the realm of unclaimed deposits and contribute to a reduction in their overall count. The portal’s development has been a collaborative effort involving Reserve Bank Information Technology (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and the banks that are participating in this initiative.

Key Attributes of the UDGAM Portal:

  • Serves as a unified platform enabling depositors to locate and claim unclaimed deposits seamlessly.
  • Offers user-friendly navigation and ease of use.
  • Ensures robust security measures to safeguard confidential information.
  • Encompasses accessibility for depositors regardless of geographical location.

In sum, the UDGAM portal emerges as an invaluable resource for depositors, encompassing an encompassing repository of information pertaining to unclaimed deposits, all within a singular, user-friendly interface.

The search functionality for the remaining banks on the portal will be progressively rolled out and accessible by October 15.

 

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Published: 18 Aug 2023, 10:48 AM IST
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