The Reserve Bank of India today launched a Centralised Web Portal, udgam.rbi.org.in UDGAM (Unclaimed Deposits – Gateway to Access inforMation). This portal, developed by RBI, aims to empower the public by simplifying the process of searching and claiming unclaimed deposits from various banks. This article delves into the significance of this initiative, how it contributes to financial awareness, and the steps to access and claim unclaimed deposits through the UDGAM portal.
How to check unclaimed deposits at the UDGAM portal
Here’s how to use the portal to look for your unclaimed deposits.
Step 1: Visit the website https://udgam.rbi.org.in/unclaimed-deposits/#/login
Step 2: Enter your phone number, password, captcha code. Enter the OTP received.
Step 3: On the next page, the Name of Account Holder is a mandatory field. Select the banks from the list. Step 4: Enter minimum one input from t ..
Empowering the Public through udgam.rbi.org.in: Unveiling the Centralised Web Portal
The Reserve Bank of India, in its pursuit of financial inclusivity and enhanced banking accessibility, introduced the UDGAM portal. This initiative is a testament to RBI’s commitment to facilitating public engagement with their unclaimed deposits. Unclaimed deposits have long been a concern, and the increasing trend in the accumulation of such deposits prompted RBI to undertake proactive measures.
Transforming the Banking Landscape: UDGAM’s Key Objectives
The UDGAM portal’s primary objectives are to:
- Simplify Search Processes: udgam.rbi.org.in consolidates information from multiple banks, offering users a centralised platform to search for their unclaimed deposits seamlessly.
- Raise Financial Awareness: By creating awareness around unclaimed deposits, RBI aims to educate the public about the importance of monitoring their banking transactions.
- Enhance Accessibility: UDGAM udgam.rbi.org.in enables users to access details of their unclaimed deposits in one place, eliminating the need to approach individual banks.
- Facilitate Claims: Users can either claim their deposit amount or reactivate their dormant deposit accounts directly through the portal.
The Genesis of UDGAM: A Response to Evolving Banking Trends
The Reserve Bank of India’s decision to launch the UDGAM portal stems from a deep-rooted understanding of changing banking dynamics. As part of the Statement on Developmental and Regulatory Policies issued on April 06, 2023, RBI unveiled its plan to establish a centralised web portal for unclaimed deposits. This strategic move addresses the evolving needs of the banking sector and aligns with RBI’s continuous efforts to enhance customer experience.
Promoting Public Sensitization: RBI’s Outreach Initiatives
Recognizing the significance of public awareness on udgam.rbi.org.in, RBI has consistently undertaken awareness campaigns to sensitize individuals about unclaimed deposits. These campaigns aim to bridge the gap between the public and their unclaimed financial assets. Through proactive initiatives, RBI encourages individuals to identify and engage with their respective banks to claim their dormant deposits.
Collaborative Efforts: UDGAM’s Development Journey
The development of the UDGAM udgam.rbi.org.in portal is the result of collaboration between Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks. This collective effort underscores the shared commitment of the banking industry to empower customers and streamline banking processes.
Accessing Unclaimed Deposits: Navigating the UDGAM Portal
Accessing unclaimed deposits through the UDGAM portal is a user-friendly process designed to facilitate convenience. The portal’s phased implementation ensures a smooth transition for users.
Step 1: Visit the UDGAM Portal
To begin the process, users need to visit the UDGAM portal by navigating to its official website.
Step 2: Enter Relevant Information
Users are required to enter specific details, such as their name, contact information, and relevant banking details, to initiate the search process.
Step 3: Browse Available Information
Upon submission, the portal will display information regarding unclaimed deposits from seven banks initially. This enables users to identify if they have any dormant deposits in these banks.
Step 4: Claim or Reactivate Deposits
Users who identify unclaimed deposits can choose to either claim the deposit amount or reactivate their dormant deposit accounts by following the portal’s instructions.
Step 5: Phased Expansion
While the initial phase covers seven banks, the UDGAM portal aims to gradually include details from more banks by October 15, 2023. This expansion enhances the portal’s effectiveness and accessibility.
Unlocking the Future: UDGAM’s Impact and Beyond
The launch of the UDGAM portal by the Governor of Reserve Bank of India marks a significant step toward fostering financial awareness and inclusivity. This initiative not only empowers individuals to access their unclaimed deposits but also reflects RBI’s dedication to staying attuned to changing banking trends.
FAQs (Frequently Asked Questions)
How does the UDGAM portal benefit the public?
The UDGAM portal benefits the public by providing a centralized platform to search for and claim unclaimed deposits across multiple banks, enhancing accessibility and awareness.
How can users claim their unclaimed deposits?
Users can claim their unclaimed deposits by accessing the UDGAM portal, identifying their dormant accounts, and following the portal’s instructions to initiate the claim process.
Q: What is the significance of UDGAM's phased expansion?
UDGAM’s phased expansion allows users to access information from more banks gradually, ensuring a smooth transition and enhanced functionality.
Q: How does RBI raise awareness about unclaimed deposits?
RBI raises awareness through public awareness campaigns, sensitizing individuals about the importance of identifying and claiming their unclaimed deposits.
Q: What is the collaborative effort behind UDGAM's development?
UDGAM’s development involves collaboration between RBI, ReBIT, IFTAS, and participating banks, highlighting the shared commitment to empowering customers.
Q: How does UDGAM contribute to financial inclusivity?
UDGAM contributes to financial inclusivity by simplifying the process of accessing unclaimed deposits, making banking more accessible and customer-centric.
Conclusion: Empowering Individuals, Shaping Banking’s Future
The launch of the UDGAM portal by the Governor of Reserve Bank of India exemplifies a forward-looking approach toward enhancing banking accessibility and awareness. Through collaborative efforts and innovative solutions, RBI continues to empower individuals to engage with their financial assets proactively. UDGAM’s user-friendly interface and phased expansion stand as testaments to RBI’s commitment to financial inclusivity and customer-centricity.