In a major stride in the direction of resolving the difficulty of unclaimed financial institution deposits, the Reserve Bank of India (RBI) has launched a centralised on-line platform named UDGAM (Unclaimed Deposits – Gateway to Access Information). This progressive internet portal serves as a decisive transfer by the RBI to deal with the problem of unclaimed funds in varied banks. With the launch of UDGAM, the RBI takes a considerable leap in selling monetary inclusivity, leveraging digital developments to ship environment friendly banking providers to the populace. The major goal of this central portal is to make sure that each uncared for deposit, mendacity dormant in banks, is rightfully restored to its rightful proprietor.
In line with the Statement on Developmental and Regulatory Policies launched on April 6, the Reserve Bank of India (RBI) unveiled its plans to ascertain a centralized on-line platform devoted to finding unclaimed deposits. In response to the escalating quantity of unclaimed deposits, the RBI has proactively performed periodic public consciousness campaigns aimed toward sensitising the folks to this concern. Furthermore, these proactive endeavours by the RBI have entailed urging the general public to proactively establish and interact with their respective banks as a way to reclaim these unclaimed deposits.
The inauguration of this internet portal proves instrumental in aiding customers to find their unclaimed deposits or dormant accounts, permitting them to both retrieve the deposit quantity or reactivate their dormant accounts with their respective banks. The improvement of the UDGAM portal is a collaborative effort between Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and taking part banks.
At its present stage, the portal supplies entry to unclaimed deposit data from seven banks, which embrace the Central Bank of India, DBS Bank India Limited, Dhanlaxmi Bank Limited, Punjab National Bank, South Indian Bank Limited, and State Bank of India. The facility to seek for unclaimed deposits in different banks might be phased in and obtainable by October 15, 2023.
Anyone can entry the UDGAM portal to seek for financial institution particulars, it solely wants a cellphone quantity to log in, and a few fundamental particulars like PAN, AADHAAR and so on to go looking.
To utilise the UDGAM portal, comply with these easy steps:
Visit the web site udgam.rbi.org.in. First you will have to create an account on the portal. Click on the registration possibility and supply your cell quantity.
Screenshot from the portal
Complete the registration course of by coming into your identify, making a password, and fixing a captcha. Proceed by clicking ‘subsequent.’ Enter the One Time Password (OTP) despatched to your cell quantity, main you to the login web page.
Screenshot from the portal
Log in utilizing your registered cell quantity and the password you simply created. After coming into your particulars, the system will ship an OTP to confirm the login. Enter the OTP once more to proceed.
This will load the UDGAM search web page, the place deposits held by an individual in all of the banks could be searched. To do a search, one must enter the identify, and any one of many a number of particulars. These particulars embrace PAN, Voter ID, Driving License Number, Passport Number, or date of start. Please observe that every one of them aren’t required to be entered, solely any considered one of them must be offered.
#Video #tutorial on learn how to use #UDGAM by #RBI
UDGAM stands for 'Unclaimed Deposits Gateway to Access inforMation'
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After that, one can choose a selected financial institution from the drop-down menu, or choose all banks. Instead of choosing from the drop-down menu, there’s additionally an possibility of clicking the button ‘Show Banks’ subsequent to it. This shows a listing of the banks on the web page, and one can choose the banks by deciding on the checkboxes subsequent to them.
You may also embrace an handle as supplementary search standards. Once the main points are precisely entered, you’ll be able to click on the search button to entry details about unclaimed deposits underneath the entered identify and particulars.
Screenshot from the portal
UDGAM represents greater than only a technological development in e-banking; it performs a pivotal function in fostering a clear monetary ecosystem. Serving as a reliable conduit for depositors to find their unclaimed funds, it successfully mitigates the potential neglect of economic belongings, thereby bolstering confidence within the integrity of the banking system. These proactive measures underscore the RBI’s resolute dedication to addressing consumer necessities, whereas concurrently driving steady enhancement and modernisation inside India’s banking panorama.