UDGAM Web Portal Launch: The Reserve Bank of India (RBI) introduced a centralized online platform called UDGAM (Unclaimed Deposits - Gateway to Access Information) on Thursday. This portal aims to provide account holders with unclaimed deposits across various banks the convenience of accessing and withdrawing their funds from a consolidated interface. The primary objective of this initiative is to assist users in identifying their dormant deposits or accounts and facilitating either withdrawal of the deposit amounts or reactivating the dormant accounts at their respective banks. The impetus for this move stems from the upward trajectory in unclaimed deposits.
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UDGAM Web Portal Launch: The Reserve Bank of India (RBI) introduced a centralized online platform called UDGAM (Unclaimed Deposits - Gateway to Access Information) on Thursday. This portal aims to provide account holders with unclaimed deposits across various banks the convenience of accessing and withdrawing their funds from a consolidated interface. The primary objective of this initiative is to assist users in identifying their dormant deposits or accounts and facilitating either withdrawal of the deposit amounts or reactivating the dormant accounts at their respective banks. The impetus for this move stems from the upward trajectory in unclaimed deposits.
Earlier, the RBI had announced the creation of a centralized web portal for locating unclaimed deposits as outlined in the Statement on Developmental and Regulatory Policies released on April 06, 2023.
UDGAM Web Portal: Bank Details Accessible
Initially, users can view the particulars of their unclaimed deposits held in seven banks—details of which are presently accessible on the portal. The functionality to search for deposits in the remaining banks will be progressively rolled out and anticipated to be fully operational by October 15, 2023.
Presently, the UDGAM portal features bank details from the following seven banks:
1.State Bank of India (SBI),
2.Punjab National Bank (PNB),
3.Central Bank of India,
4.Dhanlaxmi Bank Ltd,
5.South Indian Bank Ltd,
6.DBS Bank India Ltd,
7.Citibank N.A.
Subsequent to the specified date, the data pertaining to other banks will be incorporated into the UDGAM portal.
UDGAM Web Portal: Steps to Claim Unclaimed Deposits
Account holders are required to register using their name, phone number, and other pertinent information to access information about their unclaimed deposits held in banks.
UDGAM Web Portal: Unclaimed Amount Definition
An account is classified as 'unclaimed' if there has been no deposit or withdrawal activity for a period of 10 years.
Previously, account holders had to navigate through multiple banks individually to ascertain the details of their unclaimed deposits. However, the introduction of the UDGAM portal streamlines this process, offering access to information about all unclaimed bank accounts through a single interface.
Per existing regulations, banks are mandated to transfer unclaimed deposits to the Depositors Education and Awareness Fund (DEAF).
The RBI recently initiated the '100 Days 100 Pays' campaign aimed at returning unclaimed deposits to account holders.
Over time, the RBI has launched numerous public awareness campaigns to sensitize individuals about claiming their unclaimed deposits, urging them to reach out to their respective banks for the retrieval process. The development of the UDGAM portal has been a collaborative effort involving Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks
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