The Reserve Bank of India (RBI) has introduced a centralized web portal named UDGAM (Unclaimed Deposits – Gateway to Access inforMation) to assist the public in locating their unclaimed deposits from multiple banks in one place. Developed in collaboration with ReBIT, IFTAS, and participating banks, the portal allows users to search for and claim their dormant deposits. Users can register with their mobile numbers, search under their name, provide identification details like PAN or voter ID, and complete KYC processes at their respective bank branches to claim the deposits. Unclaimed Deposits encompass inactive savings, current accounts, and fixed deposits unattended for over 10 years.
Prelims pointer
- Reserve Bank of India (RBI): India’s central banking institution responsible for monetary policy, currency issuance, and regulating financial institutions.
- ReBIT (Reserve Bank Information Technology Pvt Ltd): A subsidiary of RBI focusing on technological advancements for the Indian financial sector.
- Indian Financial Technology & Allied Services (IFTAS): An organization working to enhance financial technology and services in India.
- KYC (Know Your Customer): A verification process where customers provide personal identification details to financial institutions to prevent fraud and ensure security.
- Nominee: An individual designated by an account holder to receive funds in the event of the account holder’s death.
