The Reserve Bank of India has introduced a centralized online platform called RBI UDGAM (Unclaimed Deposits – Gateway to access Information) to address unclaimed deposits in banks. The RBI portal simplifies the process for the public to locate their unclaimed deposits from multiple banks in one place. This initiative reflects RBI's effort to enhance financial inclusiveness using digital innovations and ensure rightful owners receive any unclaimed funds held by banks.
RBI Launches Centralized RBI Portal For Unclaimed Deposits: Reclaim Your Funds Now
The RBI previously revealed plans for a centralized online platform to locate unclaimed deposits in its April 6 statement on developmental and regulatory policies. To counter the increase in unclaimed deposits, the RBI has conducted periodic public awareness campaigns to sensitize individuals about this issue. These campaigns have also encouraged people to contact their respective banks to reclaim any unclaimed deposits.
The RBI UDGAM portal launch will aid users in identifying their unclaimed deposits or accounts, providing the option to claim the funds or reactivate their deposit accounts at their banks. The portal's development involved collaboration between Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks.
Users can access information about their unclaimed deposits related to seven banks currently available on the platform. These banks encompass the Central Bank of India, DBS Bank India Limited, Dhanlaxmi Bank Limited, Punjab National Bank, South Indian Bank Limited, and State Bank of India. The search functionality for the remaining banks will be gradually introduced on the portal by October 15, 2023.
RBI UDGAM Portal: How to Check The Unclaimed Deposits?
Candidates who are willing to claim their unclaimed deposits are required to go to the UDGAM RBI portal link to register. Then, they can proceed to UDGAM login and follow the prompt options. However, below are a few steps that can help you claim the unclaimed deposits through the UDGAM portal link.
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Visit the official website and select "register" using your mobile number. According to Garg, "Any individual can log in to the portal using their phone number and search for details of their unclaimed accounts by providing their name along with identification proofs like PAN, Voter ID, Date of Birth, etc."
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During registration, input your name, set up a password, complete a captcha, and proceed by clicking "next."
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Enter the One Time Password (OTP) received on your mobile number, leading you to the login page.
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Log in to the portal using your registered mobile number and password. After entering your details, you'll need to input another OTP to continue.
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Begin the search for unclaimed deposits by entering the account holder's name. Ensure you possess either the PAN, Voter ID, Driving License Number, Passport Number, or the account holder's date of birth. Additional search criteria like an address can also be included. Once the information is accurately provided, you can view the details of the unclaimed deposit.
RBI UDGAM goes beyond being just an advancement in electronic banking services; it plays a role in establishing a transparent financial environment. By serving as a dependable platform for depositors to locate their unclaimed deposits, it reduces the chances of neglected financial resources and reinforces confidence in the banking system. These efforts showcase the RBI's commitment to addressing user requirements while consistently enhancing and updating India's banking industry.
