UDGAM Portal: A One-Stop Shop for Unclaimed Deposits
UDGAM Portal: A One-Stop Shop for Unclaimed Deposits The Reserve Bank of India (RBI) launched the Unclaimed Deposits – Gateway to Access inforMation (UDGAM) portal on August 17, 2023, to make it easier for the public to search for their unclaimed deposits across multiple banks in one place. The portal is a centralized web platform that allows users to search for unclaimed deposits by name, account number, or PAN number. Unclaimed deposits are deposits that have not been operated for 10 years or more. After 10 years, banks are required to transfer these deposits to the Depositor Education and Awareness (DEA) Fund, which is maintained by the RBI. UDGAM is a significant step forward in the RBI's efforts to protect the interests of depositors and promote financial inclusion. It is also a valuable tool for banks, as it can help them to reduce the number of unclaimed deposits and improve their customer service. How to use the UDGAM portal To use the UDGAM portal, users simply need to vis...