The RBI has launched the UDGAM site for Unclaimed Deposit Claims

The RBI has developed a centralised web portal called UDGAM to search for and reclaim unclaimed deposits from multiple banks.

The UDGAM Portal

  • The UDGAM portal is a centralised web platform developed by the Reserve Bank of India (RBI) titled “Unclaimed Deposits – Gateway to Access inforMation.”
  • Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and collaborating institutions are all involved.
  • It intends to give individuals with an easy-to-use platform for searching and retrieving unclaimed deposits from numerous banks in one centralised location.
  • The service aggregates unclaimed deposit data from many banks.
  • It enables users to detect dormant accounts and take actions such as claiming deposited funds or reactivating dormant accounts directly through their banks.

Important Characteristics

  • The UDGAM Portal introduces a number of user-friendly features that rethink the approach to reclaiming unclaimed deposits:
  • Activate or Reclaim: Users have the autonomy to commence either the process of retrieving the deposited amount or reactivating their dormant accounts through this website, all under the umbrella of their individual banks.
  • Customers can quickly register on the UDGAM Portal using their mobile phones, beginning their journey to recover their unclaimed monies.
  • Search and Input: After registering, users can easily search for unclaimed deposits by inputting vital information such as their name, PAN, voter ID, driving licence number, and passport number.
  • KYC Process: Once consumers have located their deposits, they can expedite their retrieval by completing a streamlined Know Your Customer (KYC) process at their individual bank locations.
  • Nominee Assistance: If the depositor is no longer living, the nominee can help with the retrieval procedure by supplying the relevant documentation.
And get notified everytime we publish a new blog post.