The Reserve Bank of India has announced the launch of its centralized electronic portal, UDGAM (Unclaimed Deposits – Information Gateway), marking an important step forward in solving the deposit problem. unclaimed at banks. RBI has developed an electronic portal to make it easier for the public to identify their unclaimed deposits at multiple banks in one place.
With the UDGAM integration, RBI takes a big step forward in financial inclusion, using digital advancements to efficiently deliver banking services to customers. This centralized web portal ensures that every coin lying unclaimed at the banks reaches its rightful owner.
The RBI announced the development of a centralized web portal for the search for unclaimed deposits as part of the April 6 Regulatory and Development Policy Statement. unclaimed deposits, RBI has conducted public awareness campaigns from time to time to raise public awareness of the issue. Furthermore, through these initiatives, RBI has encouraged members of the community to identify and approach their respective banks to claim unclaimed deposits.
Sanchit Garg, CEO & Co-Founder of GLC Wealth, said: “The UDGAM portal launched by RBI has provided a streamlined and easy-to-use platform for account holders and the general public to search for accounts. their old account has been inactive/inactive for years and has been moved to RBI’s Depositor Education and Awareness Fund (DEAF) which is a sequel to the “100 Days 100 Payments” campaign payment” was implemented earlier in May, whereby banks were directed to find the top 100 unclaimed account holders in their respective local counties and assist them in reclaiming the funds.”
Launch of an e-portal that will assist users in identifying their unclaimed deposits/accounts and allow them to claim deposit amounts or make their deposit accounts active at banks their respective. Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks have collaborated to develop the portal.
Users can access details of their unclaimed deposits related to seven banks currently on the portal. These banks are Central Bank of India, DBS Bank India Limited, Dhanlaxmi Bank Limited, Punjab National Bank, South India Bank Limited and State Bank of India. The facility to search for the remaining banks on the portal will be made available in a manner no later than October 15, 2023.
Step 1: Visit the website udgam.rbi.org.in. Click register with your mobile number. “Anyone can log into the portal with their phone number and look up details on unclaimed accounts using their name and any proof of identity like PAN,” Garg said. , Voter ID, Date of Birth, etc.
Step 2: You need to register yourself with your mobile number. Enter your name, create a password, enter a captcha and click next.
Step 3: Enter the One Time Password (OTP) received on your mobile number and that’s it. You will be redirected to the login page.
Step 4: Enter your registered mobile number and password to login to the portal. Once you enter the details, you must re-enter the OTP to continue.
Step 5: Now search for unclaimed deposits by entering the account holder’s name. Make sure you have the PAN, Voter ID, Driver’s License Number, Passport Number or date of birth of the account holder. You can also add Addresses to additional search criteria. Once you enter the details correctly, you can check the unclaimed deposit.
“It will go a long way in helping people who have opened multiple accounts over the years and either lost track of them or are unaware of the trillions of coins in them,” said Garg.
UDGAM is not merely an innovation in e-banking services; it contributes to building a transparent financial ecosystem. Acting as a reliable means for depositors to recover unclaimed deposits reduces the risk of dislodged financial assets and strengthens confidence in the banking system. Such initiatives reflect RBI’s determination to meet the needs of its users while continuously improving and modernizing India’s banking sector.
Also read: How can I get my deceased father’s unclaimed money back that has been in a savings bank account for 10 years?