RBI launches UDGAM portal to reclaim unclaimed bank deposits | Fusion - WeRIndia

The Reserve Bank of India (RBI) has introduced a centralized web portal called UDGAM (Unclaimed Deposits – Gateway to Access inforMation).

It provides individuals with a convenient platform to search for unclaimed deposits across multiple banks.

Unclaimed deposits are defined as balances in savings or current accounts that have remained untouched for a decade, or term deposits left unclaimed for ten years from their maturity date.

The UDGAM portal aims to assist users in identifying and claiming these dormant accounts.

It has been developed in collaboration with Reserve Bank Information Technology Pvt. Ltd. (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks.

To access the portal, individuals must register and provide essential information such as their name and contact details.

Additionally, users should have the account holder’s PAN, voter ID, driving license number, or passport details readily available.

By entering these details, individuals can search for unclaimed deposits linked to the account holder.

The RBI announced that the search facility for 30 banks became available on the UDGAM portal starting from September 28, 2023.

These cover approximately 90% of unclaimed deposits in Depositor Education and Awareness (DEA) Fund.

The RBI had previously launched this central web portal, UDGAM, in August 2023 to simplify the process of locating and claiming unclaimed deposits scattered across various banks.

Unclaimed deposits have been on the rise, prompting the RBI to raise public awareness about the issue.

As of February 2023, public sector banks (PSBs) transferred around ₹35,000 crore in unclaimed deposits to the RBI.

Among these, SBI held the highest value of unclaimed deposits at ₹8,086 crores, followed by PNB with ₹5,340 crores, Canara Bank with ₹4,558 crores, and Bank of Baroda with ₹3,904 crores.

Deposits left unclaimed for a decade in a bank are transferred to the DEA Fund managed by the RBI.

This initiative not only streamlines the process for individuals to reclaim their forgotten deposits but also underscores the RBI’s commitment to financial awareness and ease of access for citizens.

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