RBI Launches UDGAM Portal for Accessing Unclaimed Deposits: Simplifying Reclaim Process

RBI Launches UDGAM Portal for Accessing Unclaimed Deposits: Simplifying Reclaim Process
RBI Launches UDGAM Portal for Accessing Unclaimed Deposits: Simplifying Reclaim Process

The Reserve Bank of India (RBI) has unveiled a pioneering solution that addresses the challenge of unclaimed deposits through the introduction of the UDGAM (Unclaimed Deposits – Gateway to Access Information) portal. This centralized online platform has been meticulously designed to provide individuals with a convenient and streamlined approach to locate their unclaimed deposits across a spectrum of banks. Below is a comprehensive exploration of the portal’s key features and the sequential steps involved in its utilization:

The UDGAM portal, instituted by RBI, serves as an intuitive tool enabling individuals to seamlessly trace their unclaimed deposits. This portal unifies information from diverse banks into a singular accessible repository. Recognizing the escalating prevalence of unclaimed deposits, RBI has taken proactive measures, including awareness campaigns, to inform the public about this concern. The UDGAM platform stands as an empowering initiative, enabling citizens to identify their unclaimed deposits and engage with their respective banks to initiate the reclamation process.

The UDGAM portal facilitates the journey of identifying and reclaiming unclaimed deposits by streamlining each phase of the process. The development of this platform has been a collaborative effort, involving RBI, Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and select banks.

Currently, the UDGAM portal provides access to unclaimed deposit information from seven distinguished banks, including names like State Bank of India, Punjab National Bank, South Indian Bank, Central Bank of India, Dhanlaxmi Bank, DBS Bank India, and CitiBank N.A. The portal is set to gradually integrate the search feature for other banks in a phased manner, aiming for full functionality by October 15, 2023.

Initiating your journey with the UDGAM portal is straightforward. Follow these steps to seamlessly register and commence your search for unclaimed deposits:

  1. Visit the UDGAM portal.
  2. Complete the registration form by entering your mobile number, name, password, and the provided CAPTCHA. After filling in the details, submit the form.
  3. An OTP (One-Time Password) will be dispatched to your registered mobile number. Enter this OTP to proceed.
  4. Use your registered mobile number and password to access your UDGAM account.
  5. Upon entering your login credentials, an additional OTP will be required for enhanced security.
  6. Navigate to a page where you are prompted to input the account holder’s name and the name of the bank. Additionally, select at least one search criterion from the options provided, including PAN, Voter ID, Driving License Number, Passport Number, or Date of Birth.
  7. Initiate the search process by clicking the designated button, prompting the system to retrieve and exhibit the details of your unclaimed deposits.

The UDGAM portal marks a significant advancement in simplifying the reclamation process for unclaimed deposits. By offering a user-friendly and centralized platform, RBI is not only fostering financial awareness but also empowering individuals to regain their dormant funds. This initiative resonates with RBI’s commitment to leveraging technology for the greater benefit of citizens’ financial well-being.