The Reserve Bank of India (RBI) has unveiled the UDGAM (Unclaimed Deposits – Gateway to access information) portal, designed to aid citizens in locating their unclaimed deposits. This centralized web portal facilitates a comprehensive search for unclaimed deposits across multiple banks, streamlining the process.
Centralized Solution for Unclaimed Deposits
Developed by the RBI, the UDGAM portal presents a user-friendly platform for the public to identify and claim their unclaimed deposits from various banks. This initiative aims to address the mounting trend of unclaimed deposits, with the RBI actively promoting awareness about this matter through public campaigns.
Operational Framework of UDGAM Portal
The portal's launch empowers users to identify their unclaimed deposit accounts. This enables them to either reclaim the deposited amount or reactivate their dormant deposit accounts with their respective banks.
Collaborative Development and Accessibility
Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and collaborating banks have collaborated in crafting this portal.
Initial Banks Covered
The UDGAM portal presently provides access to unclaimed deposit details from seven banks:
- State Bank of India
- Punjab National Bank
- South Indian Bank
- Central Bank of India
- Dhanlaxmi Bank
- DBS Bank India
- CitiBank N.A.
Upcoming Phases and Enhanced Access
The portal's reach is set to expand further. By October 15, 2023, the search facility for additional banks will be phased in.
Step-by-Step Registration and Utilization
Users intending to utilize the UDGAM portal can follow these steps:
- Visit the UDGAM portal and initiate the registration process.
- Input necessary details including mobile number, name, password, and CAPTCHA, followed by submitting the form.
- An OTP will be sent to the registered mobile number for verification.
- Utilize the received OTP to log in and access the UDGAM account.
- Another OTP validation step will be required before proceeding.
- Users then input the account holder's name, bank name, and at least one search criterion like PAN, Voter ID, etc.
- Initiate the search to discover unclaimed deposits.
The UDGAM portal represents an innovative step by the RBI to facilitate citizens in reclaiming their unclaimed deposits, promoting financial empowerment and transparency.
ALSO READ: Microsoft announces closure of Xbox 360 Store in July 2024
