30 Banks Join RBI’s UDGAM Portal for Unclaimed Deposits

The Reserve Bank of India (RBI) has announced that 30 banks are now participating in the UDGAM portal, designed for individuals to search for their unclaimed deposits/accounts. This portal, developed by the RBI, aims to provide a centralized platform for users to access information regarding unclaimed deposits across multiple banks.

Operational Status

1. Bank Participation: As of March 4, 2024, 30 banks are already onboarded onto the UDGAM portal, covering approximately 90% of unclaimed deposits in value terms.
2. Ongoing Onboarding Process: The remaining banks are in the process of being onboarded onto the UDGAM portal, ensuring comprehensive coverage of unclaimed deposits/accounts.

User Registration Process

1. Registration Requirement: Users are required to register on the portal by providing their name and mobile number, ensuring a secure and personalized experience.

Purpose of UDGAM Portal

1. Centralized Information Access: UDGAM, short for Unclaimed Deposits-Gateway to Access inforMation, serves as a centralized platform where users can search for unclaimed deposits/accounts across various banks.
2. Depositor Education and Awareness (DEA) Fund: All unclaimed deposits/accounts that are part of the DEA Fund of RBI can be easily searched and accessed through the UDGAM portal.

Functionality Overview

1. Search Functionality: The primary function of the UDGAM portal is to facilitate users in searching for unclaimed deposits/accounts across multiple banks at one convenient location.

2. Claim/Settlement Process Information: The portal provides detailed information on the claim and settlement process for each bank, aiding users in initiating the necessary procedures for reclaiming their unclaimed deposits/accounts.