People may quickly find their deposits across numerous banks using the web interface.
An important step towards resolving the problem of unclaimed deposits with banks was taken with the announcement by the Reserve Bank of India of the development of a centralised web platform called UDGAM (Unclaimed Deposits – Gateway to access Information). The RBI has created a web platform to make it easier for the people to find their unclaimed deposits from various banks in one location.
The RBI makes a significant advancement in financial inclusion with the incorporation of UDGAM, utilising technological advancements to effectively provide banking services to its consumers. Every cash that has been languishing unclaimed with the banks is ensured to reach its proper owner thanks to this unified web portal.
As part of the Statement on Developmental and Regulatory Policies dated April 6, the RBI had announced the creation of a dedicated web portal for locating unclaimed deposits. The RBI has periodically launched public awareness initiatives to educate the public on this issue in light of the rise in unclaimed deposits. Additionally, the RBI has urged the public to locate and contact their local banks in order to recover unclaimed deposits through these measures.
According to Sanchit Garg, CEO and Co-Founder of GLC Wealth, “UDGAM portal launched by the RBI has provided a straightforward and user-friendly platform for accountholders and the general public to search for their old accounts that have been dormant or inactive for many years and that were transferred to the Depositor Education and Awareness Fund (DEAF) of the RBI. This is a follow-up to the “100 days, 100 pays” programme, which was started earlier in May and instructed banks to identify the top 100 account holders in each district with unclaimed funds and help them recover their funds.
The web portal’s launch will make it easier for consumers to locate their unclaimed deposits and accounts, allowing them to either submit a claim for the deposit amount or activate their deposit accounts at their respective banks. The platform was created in partnership by participating banks, Indian Financial Technology & Allied Services (IFTAS), and Reserve Bank Information Technology Pvt Ltd (ReBIT).
Users might view information about their unclaimed deposits for seven banks that are now accessible on the platform. These financial institutions include the Central Bank of India, State Bank of India, DBS Bank India Limited, Dhanlaxmi Bank Limited, Punjab National Bank, and South Indian Bank Limited. By October 15, 2023, the search functionality for the remaining banks on the portal will be gradually made available.
Step 1: Go to udgam.rbi.org.in on the internet. To register with your cellphone number, click the link. “Anyone can log in on the portal with their phone number and search for details of their unclaimed accounts with their name and any ID proofs, such as PAN, Voter ID, Date of Birth, etc.
Step 2: Enter your mobile number to register yourself. Name, password creation, captcha entry, and next button click are required.
Step 3: Enter the One Time Password (OTP) that you received to your cellphone number. The login page will be routed to you.
Step 4: To log in to the portal, enter your registered mobile number and password. To continue, you must enter the OTP once more after entering the details.
Step 5: Enter the account holder’s name to look for unclaimed deposits. Make sure you have the account holder’s PAN, voter identification number, driving licence number, passport number or date of birth. An Address can be included in the extra search criteria. You can check the unclaimed deposit once you’ve entered the information accurately.
It will help a lot of people who have opened numerous accounts over a long period of time and have either lost track of them or are ignorant that thousands of crores of money are stored there, according to Garg.
UDGAM helps create a transparent financial environment and goes beyond simply being a breakthrough in e-banking services. Serving as a dependable conduit for depositors to locate their unclaimed funds reduces the danger of neglected financial assets and increases public confidence in the banking system. Such initiatives demonstrate the RBI’s commitment to addressing user needs while advancing and modernising India’s banking industry.