In a significant move to streamline the management of unclaimed deposits across multiple banks, the Reserve Bank of India (RBI) introduced a centralised web portal on Thursday. The newly launched platform, named UDGAM (Unclaimed Deposits – Gateway to Access inforMation), aims to provide individuals with a comprehensive view of their unclaimed deposits from various banks, all conveniently accessible in one place. This groundbreaking initiative falls under the ambit of the RBI’s ongoing efforts to enhance development and regulatory policies.
Addressing the Unclaimed Deposits Phenomenon: RBI’s Proactive Approach
The RBI has taken proactive measures to address the rising prevalence of unclaimed deposits. Recognizing the necessity of public awareness, the central bank has consistently engaged in campaigns to sensitize individuals about the burgeoning trend of unutilized financial assets. Encouraging depositors to proactively engage with their banks to claim their dormant deposits has been a key element of these initiatives. The launch of the UDGAM web portal stands as an innovative step towards realizing this goal, enabling users to identify their dormant accounts and either claim the deposited amount or reactivate their accounts, thereby contributing to greater financial inclusion.
UDGAM Portal: The Collaborative Effort Behind the Innovation
The development of the UDGAM portal stands as a testament to collaborative innovation. The platform is the result of a combined effort by Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and a consortium of participating banks. This strategic partnership underscores the synergy between technological prowess and financial institutions, aligning their efforts to bring about tangible benefits for depositors.
Seamless Process: How to Navigate the UDGAM Portal
To access the UDGAM portal, users can initiate their journey by visiting the platform’s official website. The registration process is the key to unlocking the potential of the portal. Here’s a simplified guide on how to navigate the portal and unearth dormant deposits:
- Login and Verification: Users need to log in using their mobile number and password. A One-Time Password (OTP) will be sent to their registered mobile number to ensure secure access.
- Search and Discovery: After OTP verification, users will be presented with a form. This form requires the account holder’s name and the name of the bank. Additionally, users can input one of five identifiers: PAN number, Voter ID number, driving license number, or date of birth.
- Results and Empowerment: Upon submission, the portal will generate search results. If there are unclaimed deposits associated with the provided information, the portal will guide users to the relevant account. Conversely, if no dormant deposits are found, the result will indicate “none.”
Expanding Reach: Future Phases of UDGAM Portal
As of the initial phase, the UDGAM portal encompasses data from seven prominent banks, including the State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank Ltd., South Indian Bank Ltd., DBS Bank India Ltd., and Citibank N.A. Furthermore, the RBI has ambitious expansion plans to include more banks in a phased manner. By October 15, 2023, the search facility for remaining banks is expected to be incorporated, further amplifying the portal’s utility and accessibility.
