UDGAM Portal: Search and Claim Unclaimed Deposits from 30 Banks
Introduction UDGAM Portal
The Reserve Bank of India (RBI) has introduced the UDGAM (Unclaimed Deposits – Gateway to Access information) portal, which allows individuals to easily search and claim their unclaimed deposits. With the recent addition, a total of 30 banks are now onboarded on the UDGAM portal, making it a comprehensive platform for accessing information on unclaimed deposits. This initiative by the RBI aims to simplify the process of locating unclaimed deposits across multiple banks in one convenient place.
Expanded Availability and Coverage -UDGAM Portal
Since its launch on August 17, the UDGAM portal has rapidly expanded its coverage and accessibility. Initially, the portal started with seven banks and promised to include more banks in a phased manner by October 15. As of September 28, 2023, the search facility for 30 banks is now available on the portal, covering approximately 90 percent of unclaimed deposits in value terms within the Depositor Education and Awareness (DEA) Fund. This significant expansion ensures that a wide range of banks, including major public sector lenders like SBI, Bank of Baroda, Punjab National Bank, and Canara Bank, foreign banks such Citibank, Standard Chartered, and HSBC, included in the UDGAM portal. The list also comprises private sector banks like HDFC Bank, ICICI Bank, and Axis Bank.
Simplifying the Process with the UDGAM Portal
The UDGAM portal has been thoughtfully designed to assist the public in easily identifying their unclaimed deposits and enabling them to either claim the deposit amount or reactivate their dormant accounts at their respective banks. Through collaborative efforts between the Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks, this user-friendly platform streamlines the unclaimed deposits process with efficiency and convenience.
Unclaimed Deposits: A Significant Concern
As of February 2023, an astonishing amount of Rs 35,000 crore in unclaimed deposits transferred to the RBI by public sector banks (PSBs). These unclaimed deposits belong to accounts that have remained inactive for a period of 10 years or more. The State Bank of India (SBI) holds the highest value of unclaimed deposits, amounting to Rs 8,086 crore, followed by Punjab National Bank with Rs 5,340 crore, Canara Bank with Rs 4,558 crore, and Bank of Baroda with Rs 3,904 crore. To address this concern and facilitate the rightful return of these funds, the RBI has established the ‘Depositor Education and Awareness’ (DEA) Fund, unclaimed deposits transferred.
Conclusion
The UDGAM portal serves as an invaluable resource for individuals seeking to locate and claim their unclaimed deposits. With the inclusion of 30 banks, this centralized platform provides a seamless experience and ensures wider accessibility. Take advantage of this initiative by the RBI and retrieve your unclaimed funds or reactivate dormant accounts, taking a step towards financial empowerment.
Keywords: UDGAM portal, search unclaimed deposits, claim unclaimed deposits, Reserve Bank of India, RBI, public sector banks, major lenders, foreign banks, private sector banks, Depositor Education and Awareness Fund, unclaimed deposits process.
