The UDGAM portal (Unclaimed Deposits – Gateway to Access inforMation) is a centralized web portal launched by the Reserve Bank of India (RBI) on August 17, 2023. The portal allows members of the public to search for their unclaimed deposits across multiple banks at one place.
To use the UDGAM portal, users need to provide their name, date of birth, and account number (if known). The portal will then search for unclaimed deposits in the name of the user across all banks that are participating in the scheme. If any unclaimed deposits are found, the portal will provide the user with details of the bank, the amount of the deposit, and the contact information of the bank.
The UDGAM portal is a beneficial initiative for both the public and the country. For the public, the portal provides a convenient way to search for and claim their unclaimed deposits. This can be helpful for people who have lost track of their bank accounts or who have moved and forgotten about their deposits. The portal can also help people who are entitled to inherit unclaimed deposits from deceased relatives.
For the country, the UDGAM portal can help to reduce the amount of unclaimed deposits. Unclaimed deposits are deposits that have been inactive for a certain period of time and have not been claimed by the depositor or their heirs. These deposits are eventually transferred to the Depositor Education and Awareness (DEA) Fund, which is used to promote financial education and awareness in India. By making it easier for people to search for and claim their unclaimed deposits, the UDGAM portal can help to reduce the amount of money that goes into the DEA Fund.
In addition to the benefits mentioned above, the UDGAM portal can also help to improve the transparency of the banking system. By making it easier for people to track their deposits, the portal can help to ensure that people are aware of their financial assets and that they are not losing money due to inactive accounts.
The UDGAM portal is a significant step towards making the Indian banking system more efficient and transparent. The portal is a valuable resource for the public and can help to improve the financial well-being of many people in India.
Here are some additional benefits of the UDGAM portal:
·It can help to reduce the number of fraud cases related to unclaimed deposits.
·It can help to improve the efficiency of the banking system.
·It can help to promote financial inclusion in India.
The UDGAM portal is a welcome initiative by the RBI and is a step in the right direction. The portal has the potential to benefit a large number of people in India and can help to make the banking system more efficient and transparent.
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