UDGAM (Unclaimed Deposits – Gateway to Access inforMation)

August 18, 2023

The Reserve Bank of India (RBI) has introduced a Centralised Web Portal named UDGAM (Unclaimed Deposits – Gateway to Access inforMation). This portal, developed by the RBI, enables the public to conveniently search for unclaimed deposits across multiple banks from a single platform. The initiative aligns with RBI’s ongoing public awareness campaigns aimed at addressing the growing concern of unclaimed deposits.

The UDGAM Portal aims to empower users to identify their unclaimed deposits/accounts and provides options to either claim the deposit amount or reactivate their dormant accounts. The collaboration involves Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks. While initially available for seven banks, the portal will progressively incorporate more banks by October 15, 2023.

What is the purpose of the UDGAM Portal launched by RBI?

The UDGAM Portal serves as a Centralised Web Portal designed to help the public locate their unclaimed deposits across multiple banks efficiently. The RBI’s initiative aims to raise awareness and facilitate the process of reclaiming unclaimed deposits.

How did RBI address the issue of unclaimed deposits prior to launching the UDGAM Portal?

RBI had been conducting public awareness campaigns to sensitize individuals about unclaimed deposits. These initiatives encouraged individuals to approach their respective banks to claim their unclaimed deposits.

What benefits does the UDGAM Portal offer to users?

The UDGAM Portal empowers users to identify their unclaimed deposits/accounts and provides two options: claiming the deposit amount or reactivating dormant accounts. It offers a user-friendly way to manage financial reclamation.

What entities collaborated in the development of the UDGAM Portal?

Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks joined hands to develop the UDGAM Portal.

How will the rollout of the UDGAM Portal be phased?

Initially, users can access unclaimed deposit details for seven banks on the UDGAM Portal. The portal’s search facility for remaining banks will be introduced in phases and will be fully available by October 15, 2023.

How does the UDGAM Portal contribute to financial inclusion and awareness?

The UDGAM Portal fosters financial inclusion by reuniting individuals with their unclaimed funds. It enhances financial awareness by offering a centralized platform for users to track and reclaim their dormant deposits.

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