The Centralised Web Portal UDGAM, introduced by the Reserve Bank of India (RBI) on Thursday, marks a significant step towards enhancing accessibility and convenience for the general public in tracing their unclaimed deposits held across various banks.
This initiative comes as a response to the growing magnitude of unclaimed deposits, and is in line with the RBI’s consistent efforts to promote awareness on this subject. The RBI’s previous endeavours have aimed at sensitising individuals regarding unclaimed deposits and encouraging them to engage with their respective banks to claim these funds, as articulated in a recent statement.
Unveiling the centralised web portal aligns with the RBI’s commitment to technological innovation and efficient customer service. The concept of this portal was initially outlined in the Statement on Developmental and Regulatory Policies dated April 06, 2023. Collaboratively developed by the Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks, the portal ushers in a comprehensive platform to facilitate the retrieval of unclaimed deposits.
The platform’s launch is poised to empower users by enabling them to promptly ascertain details pertaining to their unclaimed deposits or accounts. This newfound visibility will empower individuals to initiate the process of either claiming the deposited amount or reactivating dormant accounts within their respective banking institutions.
Presently, the portal encompasses information regarding unclaimed deposits across seven banks. These banks encompass an array of renowned names, including 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. While these banks are currently accessible through the portal’s search functionality, additional banks will be gradually incorporated into the system. By October 15, 2023, the phased implementation will culminate in an all-encompassing resource, affording users the ability to access details concerning unclaimed deposits across an extended roster of banks.
The introduction of the UDGAM portal marks a pivotal stride in the RBI’s mission to combine financial prudence with technological advancement. By amalgamating information from diverse financial institutions into a unified interface, this platform ensures that individuals are equipped with the tools to reclaim their dormant funds with expediency and ease.
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