RBI Launches ‘UDGAM’ Web Portal: Access Unclaimed Deposit Details Effortlessly
The Reserve Bank of India (RBI), in a significant move, has unveiled the ‘UDGAM’ web portal – a powerful tool to access information regarding unclaimed deposits. This revolutionary portal brings together unclaimed deposits from several prominent banks, including the State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India, and Citibank. By launching this centralised web portal, RBI Governor Shaktikanta Das has initiated a progressive step to aid individuals in locating and claiming their unclaimed deposits with utmost ease.
A Convenient Gateway for Unclaimed Deposits
The primary objective behind introducing the UDGAM (Unclaimed Deposits – Gateway to Access information) web portal is to simplify the process of finding and claiming unclaimed deposits. This innovative initiative, spearheaded by the RBI, aims to streamline the often-complicated task of searching for unclaimed deposits across various banks. With the web portal’s intuitive interface, users can seamlessly navigate through the deposit details and take necessary actions.
Unifying Unclaimed Deposits from Leading Banks
The UDGAM web portal currently showcases unclaimed deposits from seven prominent banks, namely the State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India, and Citibank. The RBI, recognizing the escalating instances of unclaimed deposits, has actively conducted public awareness campaigns to educate individuals on this matter. The development of the UDGAM portal stands as a robust solution to this issue, making it simpler for individuals to track and reclaim their unclaimed deposits from multiple banks in one centralized platform.
A Landmark Step Towards Transparency
As part of the Statement on Developmental and Regulatory Policies dated April 6, 2023, the RBI proudly announced the launch of the centralised web portal to facilitate the search for unclaimed deposits. The creation of this portal aligns with the RBI’s commitment to transparency and customer empowerment. Through sustained efforts, the RBI has urged the public to engage with their respective banks, allowing them to access unclaimed deposits that rightfully belong to them.
Empowering Depositors Through the UDGAM Portal
The UDGAM portal holds immense potential in empowering depositors. Users will be able to promptly identify their unclaimed deposit accounts through the portal, enabling them to initiate the process of either claiming the deposit amount or reactivating their dormant deposit accounts within their respective banks. This streamlined approach ensures that depositors can efficiently regain control over their financial assets.
Collaborative Development and Future Expansion
The development of the UDGAM web portal has been a collaborative effort between the Reserve Bank Information Technology (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks. The portal currently offers access to unclaimed deposit details from seven banks, with a phased rollout plan in place to include more banks by October 15, 2023. This expansion will encompass additional search functionalities, allowing users to explore unclaimed deposit details from a broader spectrum of banks.
Addressing the Unclaimed Deposit Challenge
As of February 2023, unclaimed deposits totaling approximately Rs. 35,000 crore have been transferred to the RBI by public sector banks (PSBs). These deposits, left untouched for a decade or more, found their way to the ‘Depositor Education and Awareness’ (DEA) Fund managed by the RBI. Within this group, the State Bank of India (SBI) leads with the largest amount of unclaimed deposits, totaling 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
A Commitment to Depositor Protection
Safeguarding the interests of depositors remains a pivotal objective for the RBI. To ensure that unclaimed deposits do not accumulate, and existing ones are duly returned to their rightful owners, the RBI has initiated several measures. The diligent handling of newer deposits and the establishment of due procedures exemplify the RBI’s dedication to securing the interests of depositors.
In conclusion, the launch of the UDGAM web portal by the Reserve Bank of India marks a pivotal moment in enhancing transparency, convenience, and accessibility for individuals seeking to claim their unclaimed deposits. This innovative platform not only streamlines the process but also underscores the RBI’s commitment to customer-centric initiatives and robust financial governance.