UDGAM: RBI Introduces Centralised Web Portal for Unclaimed Deposits

The introduction of the UDGAM Portal by the Reserve Bank of India marks a pivotal moment in the pursuit of financial inclusion and customer-centricity.

The Reserve Bank of India (RBI) has introduced a revolutionary Centralised Web Portal – UDGAM (Unclaimed Deposits – Gateway to Access information). This dynamic platform, unveiled on Thursday, aims to empower account holders of unclaimed deposits spread across various banks. The portal is poised to redefine the way individuals engage with their dormant accounts and unclaimed deposits.

Streamlining unclaimed deposits retrieval

The launch of the UDGAM Portal represents a proactive approach by the RBI to address the mounting concern surrounding unclaimed deposits. As the financial landscape continues to evolve, the amount of unclaimed deposits has surged, necessitating a streamlined solution. The inception of this portal reflects the RBI’s commitment to safeguarding the interests of depositors and enhancing their ease of financial interactions.

A unified platform for financial freedom

One of the most salient features of the UDGAM Portal is its capacity to consolidate unclaimed deposits from various banks onto a single, user-friendly platform. This innovative approach ensures that account holders can effortlessly identify their dormant accounts and unclaimed deposits. Moreover, it empowers them with the choice to either claim the deposited amount or activate their dormant accounts.

Unveiling a user-centric experience

The UDGAM Portal is designed with the user at its core. The interface is intuitive and user-friendly, allowing account holders to easily access information related to their unclaimed deposits. To initiate the process, users will need to register with essential details like their name and phone number. Once registered, the portal provides an exhaustive overview of the unclaimed deposits associated with their account.

Navigating the portal: A step-by-step guide

Step 1: Registration

  • Account holders initiate the process by registering on the UDGAM Portal, providing their essential details.

Step 2: Deposit details

  • Once registered, users gain access to comprehensive details about their unclaimed deposits in the connected banks.

Step 3: Claiming deposits

  • Account holders can opt to claim the unclaimed amount or activate their dormant accounts with ease.

Decoding ‘Unclaimed Deposits’

An account is categorized as ‘unclaimed’ if it has not witnessed any deposit or withdrawal activity for a span of 10 years. This innovative portal alleviates the inconvenience of logging into multiple banks to ascertain the status of unclaimed deposits. Instead, it centralizes information, offering a unified platform for users to manage their unclaimed funds.

Transformative impact: Restoring financial parity

The UDGAM Portal heralds a new era in the realm of unclaimed deposits. Prior to its launch, the process of reclaiming dormant accounts was often time-consuming and arduous. With this centralized platform, the Reserve Bank of India strives to simplify the process, granting individuals a hassle-free mechanism to retrieve their funds.

Collaborative efforts: UDGAM portal development

The development of the UDGAM Portal is a result of collaborative efforts between the Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks. This synergy embodies a collective commitment to leveraging technology for the betterment of the financial ecosystem.

Empowering Financial Reconnection

This initiative serves as a testament to the RBI’s dedication to pioneering innovative solutions that bridge the gap between customers and their unclaimed deposits. With its user-friendly interface and streamlined process, the UDGAM Portal stands as a beacon of empowerment, redefining the way individuals engage with their dormant accounts and unclaimed funds. As the financial landscape continues to evolve, the UDGAM Portal serves as a powerful tool that empowers individuals to reclaim their financial freedom.

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