RBI launches UDGAM portal: You can get unclaimed bank deposits with ease now

The Reserve Bank of India (RBI) has introduced the UDGAM (Unclaimed Deposits – Gateway to access information) portal, simplifying the process for citizens to locate their unclaimed deposits across multiple banks.

Minister of State for Finance Bhagwat Karad revealed, "As of February 2023, unclaimed deposits worth Rs. 35,012 crore from public sector banks (PSBs), inactive for a decade or more, have been transferred to RBI," as reported by Mint.

The UDGAM portal, conceptualised by RBI, aims to create an accessible way for the public to identify and recover their unclaimed deposits from various banks. This initiative addresses the concerning rise in unclaimed deposits, accompanied by RBI's efforts to raise awareness through public campaigns.

How the UDGAM Portal Works

The portal empowers users to identify their (from own or from parents accounts that got neglected and forgotten) unclaimed deposit accounts, allowing them to reclaim the funds or reactivate dormant deposit accounts with their respective banks.

Collaborative Efforts and Initial Inclusions

The portal's development has been a collaborative effort involving Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks. Presently, the UDGAM portal covers seven banks:

1. State Bank of India

2. Punjab National Bank

3. South Indian Bank

4. Central Bank of India

5. Dhanlaxmi Bank

6. DBS Bank India

7. CitiBank N.A.

Future Phases and Enhanced Reach

The UDGAM portal's accessibility is set to expand further. By October 15, 2023, the search facility will encompass additional banks.

How to Use the Portal

To benefit from the UDGAM portal, follow these steps:

1. Visit the UDGAM portal and commence the registration process.

2. Input necessary details, including name, mobile number, password, and CAPTCHA, and submit the form.

3. Verify your registration through an OTP sent to your mobile number.

4. Log in using the received OTP and access your UDGAM account.

5. Complete another OTP validation step to proceed.

6. Enter the account holder's name, bank name, and at least one search criterion (PAN, Voter ID, etc.).

7. Initiate the search to locate unclaimed deposits.

In short, The UDGAM portal is an innovative initiative by the RBI, aimed at empowering citizens to reclaim their unclaimed deposits, promoting financial transparency, and ensuring their financial well-being.