People may use the web gateway to effortlessly discover their savings across numerous banks.
The Reserve Bank of India announced the introduction of UDGAM (Unclaimed Deposits – Gateway to Access Information), a centralized web service aimed at tackling the issue of unclaimed deposits with banks. The RBI has created a web platform to let the public quickly discover unclaimed deposits from numerous banks in one spot.
With the integration of UDGAM, the RBI takes a significant step forward in financial inclusion, utilizing digital innovations to effectively supply banking services to its consumers. This unified website guarantees that every money that has gone unclaimed at the banks is returned to its rightful owner.
As part of the April 6 Statement on Developmental and Regulatory Policies, the RBI announced the creation of a centralized web facility for locating unclaimed deposits. Due to the increase in unclaimed deposits, the RBI has initiated periodic public awareness campaigns to educate the public on the matter. Furthermore, the RBI has encouraged members of the public to locate and contact their local banks to claim unclaimed deposits through these efforts.
The online portal’s launch will assist users in finding unclaimed deposits/accounts and allowing them to either claim the deposit amount or make their deposit accounts operational at their respective banks. The portal was created in collaboration with Reserve Bank Information Technology Pvt Ltd (ReBIT), Allied Services (IFTAS), Indian Financial Technology & and collaborating institutions.
Users could view the information of their unclaimed deposits for the seven banks currently listed on the platform. Central Bank of India, DBS Bank India Limited, South Indian Bank Limited, Dhanlaxmi Bank Limited, Punjab National Bank, and State Bank of India are among them. The search function for the remaining banks on the platform will be rolled in by October 15, 2023.Â
Step 1: Visit the udgam.rbi.org.in website. Select Register with Mobile Number.
Step 2: You must register using your mobile phone number. Enter your name, create a password, complete a captcha, and then click next.
Step 3: Enter the One Time Password (OTP) sent to your cellphone number, and you’re done. You will be sent to the login page.
Step 4: To access the site, enter your registered cellphone number and password. After entering your information, you must input your OTP again to proceed.
Step 5: Enter the account holder’s name to look for unclaimed deposits. Ascertain that you have the account holder’s PAN, Driving Licence Number, Voter ID, Passport Number, or date of birth. You may also provide an address in the extra search criteria. You may check the unclaimed deposit once you have successfully entered the data.Â
UDGAM is more than just an e-banking service innovation; it helps to develop a transparent financial environment. Acting as a dependable means for depositors to locate unclaimed deposits reduces the danger of overlooked financial assets and strengthens trust in the banking system. Such efforts demonstrate the RBI’s commitment to meeting consumer requirements while constantly enhancing and modernizing India’s banking industry.
