At times, people forget about the money they’ve deposited in banks, and sometimes their family members remain unaware too.
This situation leads to unclaimed funds sitting in the bank without anyone realizing it.
RBI’s Initiative: Access Unclaimed Amount Information
The Reserve Bank of India (RBI) has introduced a significant solution to address this concern.
They have launched a centralized web portal called UDGAM (unclaimed deposits – gateway to access information).
This portal allows people to easily discover information about their unclaimed deposits across all banks, all in one place.
Customers can now find out if there are any deposits they haven’t been informed about.
Promoting Customer Awareness
RBI has noticed a rising number of unclaimed deposits in banks. To counter this, they are working to spread awareness among the public.
Many times, people move from smaller towns to cities for work and open bank accounts, without sharing this detail with their family.
This leads to a situation where the existence of such deposits remains hidden, even after their passing.
Easy Access, Informed Decisions
The UDGAM portal empowers customers to learn about their unclaimed deposits or accounts and take necessary steps to claim them.
Partnerships Behind the Portal
This initiative has come to life through collaborations with entities like Reserve Bank Information Technology Pvt Ltd (ReBIT) and Indian Financial Technology & Allied Services (IFTAS).
Starting with 7 Banks
Currently, this service is available for 7 banks. However, the plan is to gradually extend this service to other banks in a phased manner.
