In order to facilitate easier access to information regarding unclaimed deposits, the Reserve Bank of India (RBI) has introduced the UDGAM portal – an innovative solution aimed at simplifying the process of locating and reclaiming dormant accounts.
1. What is the UDGAM portal?
UDGAM, short for Unclaimed Deposits-Gateway to Access inforMation, is an online portal developed by the RBI. It serves as a centralized platform for users to search for unclaimed deposits/accounts across multiple banks seamlessly.
2. Are all banks part of the UDGAM portal? What percentage of unclaimed deposits do they represent?
As of March 4, 2024, 30 banks are part of the UDGAM portal, covering approximately 90% of unclaimed deposits in the Depositor Education and Awareness (DEA) Fund of RBI. While not all banks are currently onboarded, efforts are underway to include more institutions.
3. What types of deposits/accounts are covered in the UDGAM portal?
The UDGAM portal encompasses all unclaimed deposits/accounts that fall under the purview of the DEA Fund of RBI.
4. What inputs are required to search unclaimed deposits for individuals and non-individuals on the UDGAM portal?
For individuals, users must register on the portal and provide details such as the account holder’s name, bank name, and additional identifiers like PAN, driving license number, etc. Non-individual searches require similar information with appropriate variations for entities.
5. Can users settle/claim their unclaimed deposits through the UDGAM portal or directly from the RBI?
No, the UDGAM portal solely serves as a search platform. Users can only obtain information about their unclaimed deposits through the portal, but actual claims must be made directly to the respective bank.
6. What is the Unclaimed Deposit Reference Number (UDRN)?
The UDRN is a unique identifier generated by banks through Core Banking Solution (CBS) for each unclaimed account transferred to the DEA Fund of RBI. It ensures privacy and facilitates seamless settlement of claims between account holders and banks.
