RBI’s UDGAM Portal Reclaims Unclaimed Deposits | How to Register and Check Status |

UDGAM Portal : In a significant stride towards tackling the issue of unclaimed deposits with banks, the Reserve Bank of India (RBI) has introduced a centralised web portal named UDGAM (Unclaimed Deposits – Gateway to access Information). This innovative step enhances financial inclusivity and harnesses digital advancements to provide efficient banking services. The launch of UDGAM marks the RBI’s commitment to ensuring that every unclaimed rupee finds its rightful owner.

The Birth of UDGAM

The RBI’s move to create a centralised web portal for unclaimed deposits was initially revealed in the Statement on Developmental and Regulatory Policies dated April 6. As the volume of unclaimed deposits increased, the RBI recognized the importance of raising public awareness about this matter. To this end, the RBI launched various public awareness campaigns, urging individuals to identify and approach their respective banks for unclaimed deposits.

Bridging the Gap

With the integration of UDGAM, the RBI takes a giant leap towards financial inclusivity. The centralised web portal simplifies the process of locating unclaimed deposits across multiple banks, all in one convenient place. This step ensures that individuals can effortlessly access information about their unclaimed deposits, regardless of which bank holds them.

How UDGAM Works

1. Visit the UDGAM Portal: Users can access the portal by visiting udgam.rbi.org.in.
2. Registration Process: To get started, users need to register using their mobile number. This involves entering their name, creating a password, and completing a captcha.
3. Verify with OTP: Users receive a one-time password (OTP) on their registered mobile number. This OTP is used to verify their identity and access the portal.
4. Login and Search: After verifying with OTP, users can log in to the portal using their registered mobile number and password. They can then search for unclaimed deposits by entering the account holder’s name. Additional search criteria such as PAN, Voter ID, Driving License Number, Passport Number, or date of birth can also be added.
5. View Unclaimed Deposits: Once the user enters the correct details, they can view their unclaimed deposits. The portal currently supports seven banks, including Central Bank of India, DBS Bank India Limited, Dhanlaxmi Bank Limited, Punjab National Bank, South Indian Bank Limited, and State Bank of India. Additional banks will be added in phases by October 15, 2023.

Impact and Significance

Beyond being a mere e-banking innovation, it plays a pivotal role in fostering a transparent financial ecosystem. By acting as a dependable medium for depositors to trace their unclaimed deposits, it mitigates the risk of overlooked financial assets and reinforces trust in the banking system. The initiative underscores the RBI’s dedication to catering to user needs while consistently modernising and enhancing India’s banking sector.

Conclusion

The launch of the portal by the Reserve Bank of India is a remarkable stride towards addressing the challenge of unclaimed deposits. This centralised web portal empowers individuals to effortlessly locate and claim their unclaimed deposits across multiple banks, propelling financial inclusivity and bolstering transparency. As the RBI continues to evolve its strategies and technologies, it stands as a testament to its commitment to bettering the banking experience for all.

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