The Reserve Bank of India, under the leadership of Governor Shaktikanta Das, has made a significant stride in financial management with the introduction of UDGAM. This centralized web portal is designed to simplify the process of tracking unclaimed deposits across various banks. Launched to address the growing issue of unclaimed deposits, UDGAM stands as a comprehensive solution for depositors to identify and claim their dormant funds or reactivate their accounts.
Initially, UDGAM provides access to unclaimed deposit details from seven banks, with plans to expand to all banks by October 15, 2023. This initiative is the result of a collaboration between Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and the participating banks.
In April, the RBI announced plans for this portal, recognizing the challenge faced by depositors in locating unclaimed deposits, often scattered across multiple bank websites. The total unclaimed deposits transferred to the RBI by public sector banks (PSBs) as of February 2023 amounted to Rs 35,012 crore. RBI’s proactive approach includes public awareness campaigns and various measures to ensure the return of unclaimed deposits to rightful owners.
The portal also addresses a key aspect of depositor protection, ensuring that newer deposits remain claimed and the unclaimed ones are returned to their rightful owners after due process. Banks are now displaying lists of unclaimed deposits on their websites, and UDGAM aims to broaden access to this data, with the added enhancement of artificial intelligence tools.
Responding to a petition for creating a centralized platform for unclaimed money details, the RBI has also advised banks to establish thresholds for settling claims of deceased depositors. In FY21-22, the Depositors’ Education and Awareness Fund (DEAF) refunded Rs 505.51 crore to 187,975 claimants.
Furthermore, the Investor Education and Protection Fund (IEPF) under the Ministry of Corporate Affairs has implemented similar measures for unclaimed dividends, providing a user-friendly search facility and easing claim processes.
As of October 5, 2023, the UDGAM portal expanded its coverage to include 30 banks, accounting for approximately 90% of unclaimed deposits in the DEA Fund. This list includes major banks like State Bank of India, Punjab National Bank, ICICI Bank Ltd, and many others, marking a significant step in ensuring financial transparency and depositor convenience.
1. Individual Depositors: Individuals who may have forgotten about their bank accounts or deposits, or who are unaware of accounts opened in their name by family members.
2. Heirs or Legal Representatives: In cases where the original account holder has passed away, heirs or legal representatives can search for and claim any unclaimed deposits.
How Citizens Can Benefit from UDGAM Portal:
1. Easy Identification of Unclaimed Deposits: Citizens can easily search for unclaimed deposits across multiple banks using a single platform. This is particularly useful for tracking down accounts that have been inactive or forgotten over the years.
2. Centralized Access: Instead of visiting individual bank websites or branches, users can access information from multiple banks in one place, saving time and effort.
3. Claiming Process Simplification: The portal aids in the process of claiming these unclaimed deposits. Once identified, depositors or their legal heirs can approach the respective banks to initiate the claim process.
4. Enhancing Financial Security: By reclaiming unutilized or forgotten assets, citizens can enhance their financial security.
5. Reducing the Risk of Fraud: By keeping track of all active and inactive accounts, individuals reduce the risk of fraud or misuse of their unclaimed accounts.
6. Supporting Legal Heirs: In cases of deceased account holders, legal heirs can identify and claim their rightful inheritance, which otherwise might have remained unclaimed.
7. Awareness and Education: The portal also serves an educational purpose, making citizens more aware of the importance of regular account monitoring and updating their bank records.
1. Visit the Portal: Access the UDGAM portal through its official website.
2. Search for Unclaimed Deposits: Enter the required details such as name, PAN, account number, etc., to search for any unclaimed deposits across the listed banks.
3. Identify Relevant Accounts: Review the search results to identify any accounts or deposits in your name or that of a deceased family member.
4. Follow-Up with the Banks: Contact the respective bank(s) for the next steps in claiming the deposit or reactivating the account.
5. Complete Necessary Documentation: Provide necessary documentation to the bank to prove your identity or relationship with the original account holder.
6. Claim or Reactivate Accounts: Follow the bank’s process to either claim the unclaimed deposit or reactivate the account.
By facilitating the identification and claiming of unclaimed deposits, UDGAM plays a crucial role in enhancing financial inclusion and protecting the interests of depositors.
The UDGAM portal includes a comprehensive list of banks where users can search for unclaimed deposits. Here is the list of banks available on the UDGAM portal:
1. State Bank of India
2. Punjab National Bank
3. Central Bank of India
4. Dhanlaxmi Bank Ltd
5. South Indian Bank Ltd
6. DBS Bank India Ltd
7. Citibank NA
8. Canara Bank
9. Bank of India
10. Bank of Baroda
11. Indian Bank
12. Union Bank of India
13. HDFC Bank Ltd
14. Federal Bank
15. Kotak Mahindra Bank
16. ICICI Bank Ltd
17. UCO Bank
18. Bank of Maharashtra
19. IDBI Bank Ltd
20. Jammu and Kashmir Bank Ltd
21. Punjab and Sind Bank
22. Axis Bank Ltd
23. Indian Overseas Bank
24. Standard Chartered Bank
25. HSBC Ltd
26. Karnataka Bank Ltd
27. The Karur Vysya Bank Ltd
28. Saraswat Co-operative Bank Ltd
29. IndusInd Bank Ltd
30. Tamilnad Mercantile Bank Ltd
This list represents a wide array of banks, both public and private, offering users a broad scope for searching unclaimed deposits. The inclusion of these banks in the UDGAM portal significantly enhances the convenience for users to locate and claim their unclaimed deposits.
Initially, the UDGAM portal’s search feature included only seven banks. However, as of October 5, 2023, this capability expanded to encompass 30 banks. This enhancement now covers approximately 90% of the unclaimed deposits, in terms of value, held in the Depositor Education and Awareness (DEA) Fund.
