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.

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

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

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

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

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

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

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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