The Reserve Bank of India (RBI) has taken a significant step towards aiding individuals in finding unclaimed deposits across a range of banks by introducing the Unclaimed Deposits – Gateway to Access Information (UDGAM) on August 17, 2023. This pioneering web platform has been established to create a centralized hub for depositors to effortlessly locate and retrieve unclaimed deposits that are held within various deposit taking institutions (DTIs) under the RBI's jurisdiction.

For those seeking to utilize the UDGAM portal, a visit to the official RBI website is all that is required. The process of locating unclaimed deposits is made simple; individuals are only prompted to input their name, PAN, and date of birth. The portal then generates a comprehensive list of DTIs where unclaimed deposits linked to the depositor are situated. To claim these funds, depositors can directly communicate with the relevant DTI.

The RBI announced, "The concept of a centralized web portal for tracking unclaimed deposits was initially revealed in the statement on developmental and regulatory policies dated April 06, 2023."

The introduction of the UDGAM portal stands as a laudable move by the RBI, enhancing convenience for depositors in their quest to identify and recover unclaimed deposits. In its initial phase, the portal caters to the retrieval of information about unclaimed funds from seven banks. These banks encompass the State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India, and Citibank N.A.

Furthermore, the portal is anticipated to enhance transparency concerning unclaimed deposits and subsequently contribute to reducing their overall number. The creation of the portal was a collaborative effort involving Reserve Bank Information Technology (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and the participating banks.

Key Features of the UDGAM Portal:

1. Acts as a unified platform for depositors to seamlessly locate and reclaim unclaimed deposits.
2. Offers user-friendly navigation and ease of use.
3. Implements robust security measures to safeguard confidential information.
4. Ensures accessibility for depositors regardless of their geographic location.

Notably, the UDGAM portal emerges as an invaluable tool for depositors, providing an all-encompassing repository of information relating to unclaimed deposits, all presented within a singular, user-friendly interface. The search function for the remaining banks on the portal will be progressively rolled out and accessible by October 15.

Currency Shift: Indian Rupee Gains Ground on U.S. Dollar

Wholesale Inflation Remains Negative for 4th Consecutive Month in July