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Unclaimed Deposits: RBI Launches UDGAM Web Portal
The Reserve Bank of India (RBI) has taken a significant stride in simplifying the retrieval of forgotten deposits with the introduction of the UDGAM (Unclaimed Deposits – Gateway to access Information) website. This innovative platform consolidates unclaimed deposits from multiple banks, offering individuals an accessible solution to locate their dormant funds.
Enhancing Accessibility Through Digital Technology
Its website marks a noteworthy advancement in leveraging digital technology to make banking services more inclusive. By facilitating the return of unclaimed deposits to their rightful owners, the web portal ensures that previously untouched funds are now within reach.
Bridging the Gap: RBI’s Awareness Initiatives
RBI’s initiative to create the its portal stems from a growing concern about unclaimed money lying dormant in banks. This move aligns with their ongoing efforts to raise public awareness about the issue, urging individuals to check for unclaimed funds and take steps to reclaim them through their respective banks.
Streamlining the Process with Portal
Sanchit Garg, CEO & Co-Founder of GLC Wealth, highlights the its portal’s role in simplifying the process for both account holders and the public. Accounts that have remained inactive for an extended period have been transferred to the Depositor Education and Awareness Fund (DEAF) by RBI. This initiative follows the successful “100 days 100 pays” campaign, further underlining RBI’s commitment to facilitating fund retrieval.
Collaborative Efforts for a Unified Approach
The development of the its portal is the result of collaborative efforts involving Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and numerous banks. This collaboration aims to streamline the process of locating forgotten deposits and reactivating dormant accounts.
Current Status and Future Expansion
Its portal currently provides information about unclaimed deposits from seven banks, including Central Bank of India, DBS Bank India Limited, Dhanlaxmi Bank Limited, Punjab National Bank, South Indian Bank Limited, and State Bank of India. This phased approach to adding more banks is set to culminate in full access to information from all banks by October 15, 2023.
- Go to the website udgam.rbi.org.in.
- Choose the option to register by entering your mobile number.
- Anyone can sign in to the portal using their phone number. Once logged in, you can search for information about your unclaimed accounts. You’ll need to provide your name and any of your ID proofs like PAN, Voter ID, or date of birth. This was explained by Garg.
Register by using your mobile number. Fill in your name, make a password, type in the captcha, and then click “next.
Put in the One Time Password (OTP) that you got on your mobile number. That’s all you need to do. After this, you’ll be taken to the login page.
Type in your registered mobile number and the password you created to access the portal. After you enter your details, you’ll need to provide the OTP again to continue.
Begin searching for unclaimed deposits by typing in the account holder’s name. Make sure you have either the PAN, Voter ID, Driving License Number, Passport Number, or the account holder’s date of birth. You can even add an address for more search options. Once you provide the correct details, you’ll be able to see if there are any unclaimed deposits.
“It will really help those who have opened many accounts over the years and may not remember them or even know that there’s a lot of money waiting,” Garg explained.
UDGAM isn’t just a new online banking tool; it plays a part in creating a clear and honest financial system. By providing a trustworthy way for account holders to locate their unclaimed money, it reduces the chances of overlooked financial assets and boosts confidence in the banking system. These efforts show that the RBI is committed to fulfilling user requirements and continuously enhancing and updating India’s banking industry.