UDGAM Portal: The introduction of this online platform will assist individuals in recognizing their unclaimed deposits or accounts, empowering them to either retrieve the deposited amount or reactivate their dormant accounts at their respective banks.
The Reserve Bank of India (RBI) has unveiled a centralized online hub known as the UDGAM (Unclaimed Deposits - Gateway to Access Information) Portal. This initiative, launched on a Thursday, will provide unclaimed deposit account holders from various banks with access to their deposits through a unified interface, enabling withdrawals. The inauguration of this web portal will support users in identifying their unclaimed deposits or accounts and granting them the choice to either reclaim the deposit balance or reactivate their inactive accounts with their respective banks. The central bank has cited the escalating trend in unclaimed deposits as the impetus for this action.
Previously, the central bank had disclosed the establishment of a consolidated web portal designed for the exploration of unclaimed deposits, as outlined in the Statement on Developmental and Regulatory Policies dated April 06, 2023.
UDGAM Portal: Inclusion of Bank Information on the Portal
Initially, users will have the capability to retrieve information about their unclaimed deposits in seven specific banks. The particulars of these banks are currently accessible through the portal. The functionality to search for information on deposits held in other banks will be progressively incorporated into the portal, with full availability expected by October 15, 2023.
Currently, the UDGAM portal will host the banking information of the following 7 banks:
- State Bank of India (SBI)
- Punjab National Bank (PNB)
- Central Bank of India
- Dhanlaxmi Bank Ltd
- South Indian Bank Ltd
- DBS Bank India Ltd
- Citibank N.A.
The data pertaining to the remaining banks is anticipated to be incorporated into the UDGAM portal by October 15.
UDGAM Portal: How to Retrieve Unclaimed Deposits?
To access information regarding their unclaimed deposits held in banks, account holders will be required to register by providing their name, phone number, and additional details.
UDGAM Portal: What Constitutes an Unclaimed Amount or Deposit?
An account within a bank is categorized as 'unclaimed' if it remains inactive, devoid of any deposit or withdrawal transactions, for a period of 10 years.
In the absence of this portal, account holders would have had to individually access multiple banks to ascertain the specifics of their unclaimed deposits.
Following the implementation of UDGAM, all the particulars related to unclaimed bank accounts will be conveniently accessible through a single platform.
In accordance with the existing regulations, banks are obligated to transfer unclaimed deposits to the Depositors Education and Awareness Fund (DEAF).
Recently, the RBI introduced the '100 Days 100 Pays' initiative aimed at returning unclaimed deposits to account holders.
The RBI has consistently initiated various public awareness campaigns to sensitize individuals about the process of reclaiming unclaimed deposits held within banks. These endeavors by the RBI have effectively encouraged the general public to proactively identify and approach their respective banks for the retrieval of unclaimed deposits.
The UDGAM portal has been collaboratively developed by Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks.
