The Reserve Bank of India (RBI) has launched a centralised web portal named UDGAM for unclaimed deposits with banks.

UDGAM aims to address the issue of unclaimed deposits by providing a single platform for individuals to locate their funds across multiple banks.

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The portal was introduced as part of the RBI's commitment to financial inclusivity and transparency.

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The RBI had been conducting public awareness campaigns to raise awareness about unclaimed deposits before introducing UDGAM.

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UDGAM simplifies the process of identifying unclaimed deposits and encourages depositors to claim their funds.

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The portal's integration signifies a significant leap in using digital advancements to deliver efficient banking services.

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UDGAM enables users to search for unclaimed deposits by entering account holder details such as name, PAN, Voter ID, and more.

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Seven banks, including Central Bank of India, DBS Bank India Limited, and State Bank of India, are currently supported by UDGAM.

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Users can register on the UDGAM portal using their mobile number, creating a password, and verifying with a one-time password (OTP).

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