RBI Introduces Centralised Web Portal UDGAM for Retrieving Unclaimed Bank Deposits
Unclaimed Deposits Portal Enables Account Holders to Reclaim Funds from Multiple Banks in One Platform
The Reserve Bank of India (RBI) has launched a centralized web service named “UDGAM” (Unclaimed accounts – Gateway to Access information) to help people recover their unclaimed bank accounts. This ground-breaking tool, which was unveiled on Thursday, enables account holders with pending deposits from several banks to easily access and withdraw their money from a single, unified source.
Accessing Unclaimed Deposits Made Effortless:
The main objective of the UDGAM portal is to help users locate their inactive deposits or accounts and provide them the choice of either claiming the monies or immediately reactivating their deposit accounts with their individual banks. The central bank made this decision in response to the financial ecosystem’s growing trend of unclaimed deposits.
The Statement on Developmental and Regulatory Policies on April 6, 2023 first stated the RBI’s decision to create a centralized web platform for tracking down unclaimed deposits.
Seven Banks Leading the Way:
Users will initially have access to facts about their unclaimed deposits from seven institutions, the information for which has already been included in the UDGAM portal. These banks consist of:
– 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 UDGAM portal will progressively incorporate data from more banks, with the aim of adding all significant banks by October 15, 2023.
Claiming Unclaimed Deposits Simplified:
Account holders who want to collect their unclaimed deposits must register on the portal with their contact information, including their name and phone number. Account holders no longer need to independently browse different banks to find out the status of their unclaimed deposits thanks to this simplified process.
A bank account is deemed “unclaimed” if it is inactive for ten years without any deposits or withdrawals.
Advancing Financial Literacy :
The launch of the UDGAM platform is in line with the RBI’s aims to improve financial awareness and motivate people to get their unclaimed deposits back. In the past, the central bank has run initiatives like “100 Days, 100 Pays” to help account holders recover unclaimed money.
The Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and various partner institutions worked together to establish the UDGAM platform.
With the launch of UDGAM, the RBI has made a significant step in establishing a more open and transparent financial environment, guaranteeing account holders’ easy access to their money, and encouraging a broader understanding of one’s financial responsibilities.
