RBI launches UDGAM portal: You can get unclaimed bank deposits with ease now
The Reserve Bank of India (RBI) has introduced the UDGAM (Unclaimed Deposits – Gateway to access information) portal, simplifying the process for citizens to locate their unclaimed deposits across multiple banks.
Minister of State for Finance Bhagwat Karad revealed, "As of February 2023, unclaimed deposits worth Rs. 35,012 crore from public sector banks (PSBs), inactive for a decade or more, have been transferred to RBI," as reported by Mint.
The UDGAM portal, conceptualised by RBI, aims to create an accessible way for the public to identify and recover their unclaimed deposits from various banks. This initiative addresses the concerning rise in unclaimed deposits, accompanied by RBI's efforts to raise awareness through public campaigns.
The portal empowers users to identify their (from own or from parents accounts that got neglected and forgotten) unclaimed deposit accounts, allowing them to reclaim the funds or reactivate dormant deposit accounts with their respective banks.
The portal's development has been a collaborative effort involving Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks. Presently, the UDGAM portal covers seven banks:
1. State Bank of India
2. Punjab National Bank
3. South Indian Bank
4. Central Bank of India
5. Dhanlaxmi Bank
6. DBS Bank India
7. CitiBank N.A.
The UDGAM portal's accessibility is set to expand further. By October 15, 2023, the search facility will encompass additional banks.
To benefit from the UDGAM portal, follow these steps:
1. Visit the UDGAM portal and commence the registration process.
2. Input necessary details, including name, mobile number, password, and CAPTCHA, and submit the form.
3. Verify your
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