RBI’s UDGAM Portal: Track Down Your Unclaimed Bank Deposits Easily

UDGAM Portal

The UDGAM Portal is a digital platform developed for the purpose of managing unclaimed deposits in banks. It aims to address the issue of unclaimed deposits in Indian banks and developed by the RBI. It empowers the public to easily search for unclaimed deposits across multiple banks from this single platform.

Introduction

The introduction of the UDGAM portal by the Reserve Bank of India (RBI) aims to provide a centralized web platform for individuals to search for unclaimed deposits across multiple banks, facilitating ease in locating and claiming their funds. This initiative is part of RBI’s continuous efforts to protect depositors’ interests and return unclaimed deposits to their rightful owners.

The UDGAM portal allows users to access information about their unclaimed deposits and dormant accounts in one place, eliminating the need for them to navigate through multiple bank websites. By consolidating this information, the UDGAM portal simplifies the process of identifying and claiming unclaimed deposit amounts or reactivating dormant accounts with respective banks.

This user-friendly interface enhances transparency and empowers individuals with greater control over their financial assets.

Purpose

One of the key purposes of the UDGAM portal is to simplify the search for unclaimed deposits by providing a single platform where account holders can check for any unpaid amounts spread across multiple banks. This centralized approach eliminates the need for individuals to individually contact various banks, saving time and effort.

By accessing the UDGAM portal, users can efficiently search for their unclaimed deposits without having to navigate through multiple bank websites or visit different branches. The portal not only helps in identifying unclaimed deposits but also facilitates the process of claiming back the funds or reactivating dormant accounts.

Once users find details of their unclaimed deposits on UDGAM, they can directly approach the respective banks to complete necessary KYC procedures and withdraw funds or make their deposit accounts operative again. Therefore, UDGAM serves as a valuable tool for searching and acting on unclaimed amounts in a convenient manner.

Development

Developed in collaboration with multiple entities, the UDGAM portal’s infrastructure and integration were facilitated by Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and the participating banks.

ReBIT provided technological expertise for developing the web platform, while IFTAS offered banking solution integration support to link UDGAM with individual bank databases.

The banks shared necessary data and infrastructure to enable their customers’ unclaimed deposit details to be made available on UDGAM.

This collaborative effort between RBI, ReBIT, IFTAS, and the participating banks has resulted in the creation of a unified gateway for searching unclaimed deposits.

Usage

An individual can utilize the UDGAM platform to search for unclaimed deposits by providing their personal information such as PAN number, voter ID, driving license, or passport details. This feature ensures accurate and efficient searching of unclaimed amounts associated with the person.

Once users find unclaimed deposit details in their name, they must approach the relevant bank branch to complete the necessary KYC process and validation steps. The KYC process is mandatory for banks to confirm the identity of the claimant.

Following successful completion of KYC requirements, users can retrieve and claim their unclaimed deposit amount according to the bank’s procedures.

Thus, UDGAM facilitates a straightforward search while ensuring that banks adhere to due diligence before disbursing unclaimed amounts to customers.

Banks Covered

Currently, the UDGAM platform includes participation from seven major banks, including public sector banks like State Bank of India, Punjab National Bank, Central Bank of India, as well as private banks like DBS Bank India and CitiBank. The inclusion of these prominent financial institutions enhances the credibility and reach of the UDGAM portal.

By collaborating with both public and private sector banks, UDGAM ensures that a diverse range of customers can access the platform and search for unclaimed deposits. This wide coverage is significant as it enables users to explore their unclaimed deposits within these seven banks through a single portal.

Furthermore, the phased approach adopted by UDGAM allows for effective management of scale across more than 100 banks in the country. As per RBI’s plan, additional banks will be incorporated into the UDGAM platform by October 15, 2023, gradually expanding its scope and enabling individuals to search an even wider network of bank accounts for any unpaid deposits.

Unclaimed Deposits Issue

Unclaimed deposits have become a pressing concern in the banking sector, prompting the Reserve Bank of India (RBI) to take action. When an account remains inactive for 10 years, it is considered an unclaimed deposit and is transferred to the Depositor Education and Awareness Fund (DEA Fund) maintained by the RBI.

The value and volume of unclaimed deposits held in the DEA Fund have been on the rise, with public sector banks experiencing a surge of over 70% between December 2020 and February 2023.

To address this issue, the RBI has introduced the UDGAM portal as a unified gateway for individuals to search and identify their unclaimed deposits across different banks. This initiative aims to facilitate the return of these funds to their rightful owners or nominees through improved public awareness campaigns.

Significance

The UDGAM portal’s significance lies in its ability to provide a centralized platform for individuals to search and claim their unclaimed deposits across multiple banks, effectively addressing the pressing concern of unclaimed funds in the banking sector.

This online facility enables citizens to access information about forgotten deposits that may have been spread across various financial institutions. By consolidating this information into one accessible platform, the UDGAM portal simplifies and streamlines the process for individuals to identify and claim their unclaimed funds.

This centralized approach not only saves time and effort for depositors but also enhances transparency within the banking system. The wide coverage of banks included in the portal ensures that all depositors have equal opportunity to discover any unclaimed amounts they may be entitled to, thereby safeguarding their interests and promoting trust in the banking sector.