The Reserve Bank of India (RBI) recently launched a Centralised Web Portal, UDGAM (Unclaimed Deposits – Gateway to Access inforMation), for the public to search for their unclaimed deposits across multiple banks at one place.
About UDGAM Portal
- It has been developed by RBI for use by members of public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks at one place.
- Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks have collaborated on developing the portal.
- The portal will enable users to either claim the deposit amount or make their deposit accounts operative at their respective banks.
- Customers can register on the 'Udgam' platform using their mobile number.
- Once registered, they can search for unclaimed deposits under their name and provide additional inputs such as PAN, voter ID, driving licence and passport number.
- Customers can then retrieve their deposits by completing a KYC process with their branch.
- In case the deposit-holder has passed away, their nominee will be required to submit documents.
What are Unclaimed Deposits?
- According to RBI, "Unclaimed Deposits" refers to funds held in savings or current accounts that have remained inactive for a duration of 10 years, or in the case of fixed deposits (FDs), have not been withdrawn within 10 years from the maturity date.
Q1) What is the Reserve Bank Information Technology Pvt Ltd (ReBIT)?
Reserve Bank Information Technology Private Limited (ReBIT) is a wholly-owned subsidiary of the Reserve Bank of India (RBI) established to provide IT and cybersecurity services to the RBI and other financial institutions. ReBIT plays a crucial role in enhancing the technological capabilities and cybersecurity infrastructure of the Indian banking and financial sector.