Context:
Recently, the Reserve Bank of India said 30 banks are facilitating people to search their unclaimed deposits/accounts through UDGAM portal.
Relevance:
GS III: Indian Economy
About UDGAM Portal
- UDGAM stands for Unclaimed Deposits-Gateway to Access inforMation.
- Development:
- Developed by the Reserve Bank of India (RBI).
- Purpose:
- Facilitates registered users to search unclaimed deposits/accounts across multiple banks centrally.
- Participating Banks:
- Currently involves 30 banks, covering approximately 90% of unclaimed deposits (in value terms) in the Depositor Education and Awareness (DEA) Fund of RBI.
- Coverage:
- Encompasses all unclaimed deposits/accounts within the Depositor Education and Awareness (DEA) Fund of RBI.
- Information Categories:
- Provides information for both individuals and non-individuals categories of unclaimed deposits.
- Functionality:
- Primarily allows the search of unclaimed deposits/accounts across multiple banks.
- Offers details on the claim/settlement process for each bank.
- Claim Process:
- Unclaimed deposits can only be claimed directly from the respective bank.
- Registration:
- Users registering on the portal receive a unique Unclaimed Deposit Reference Number (UDRN).
- UDRN is generated through Core Banking Solution (CBS) by banks and assigned to each unclaimed account/deposit transferred to the DEA Fund of RBI.
- UDRN ensures the confidentiality of account holder and bank branch details.
- Claim Settlement:
- UDRN facilitates seamless settlement of claims received from customers/depositors who successfully search in the UDGAM portal.
