RBI’s UDGAM Portal Streamlines Search For Unclaimed Deposits

The Reserve Bank of India (RBI) announced on Tuesday that 30 banks are currently facilitating individuals to search for their unclaimed deposits/accounts through the UDGAM portal, with additional banks in the process of joining the platform.

UDGAM, acronym for Unclaimed Deposits-Gateway to Access inforMation, stands as an online portal developed by the RBI. Its primary function is to enable registered users to search for unclaimed deposits/accounts across multiple banks in a centralised manner, providing a streamlined approach to reclaiming lost funds.

All unclaimed deposits/accounts falling under the purview of the Depositor Education and Awareness (DEA) Fund of the RBI can be accessed and searched through the UDGAM portal.

According to the central bank's statement released in a set of Frequently Asked Questions (FAQ) on the UDGAM portal, "As on 4 March 2024, there are 30 banks, which are part of UDGAM portal, and they cover around 90 per cent of unclaimed deposits (in value terms) in DEA Fund of RBI."

Users are required to register on the portal by providing basic information such as their name and mobile number. Once registered, individuals can utilise the portal to search for unclaimed deposits/accounts across multiple banks, consolidating information in one convenient location. The portal also offers insights into the claim/settlement process for each bank.

It  is important to note that while the UDGAM portal streamlines the search process, the actual reclaiming of unclaimed deposits must be initiated with the respective bank holding the funds. The portal serves as a tool for information and guidance throughout this process.

The total value of unclaimed deposits as of March 2023 stood at Rs 42,270 crore, highlighting the significant amount of funds awaiting reclamation. Through initiatives like the UDGAM portal, the RBI aims to increase awareness and accessibility for individuals seeking to recover their unclaimed deposits, ultimately fostering financial inclusion and empowerment.