There could be money in your name lying quietly in a forgotten account — a deposit untouched for years, perhaps decades. The Reserve Bank of India (RBI) has launched Udgam, a unified online platform designed to help people discover and claim unclaimed deposits from multiple banks through a single, transparent interface.
Why Udgam Became a Necessity
India’s banking ecosystem has long faced the problem of dormant accounts. Millions of savings accounts, fixed deposits, and recurring deposits remain inactive because owners moved away, changed addresses, or simply forgot about them. Udgam emerged as a solution to consolidate this lost information and make it easily searchable for rightful claimants.
What Udgam Actually Does
The term UDGAM expands to Unclaimed Deposits – Gateway to Access Information, a digital platform initiated by the Reserve Bank of India. It acts as a bridge between the public and banks, helping individuals trace dormant or forgotten accounts. The platform connects participating banks’ databases and allows users to search using basic personal identifiers like name, date of birth, and PAN details.
A Modern Approach to Financial Transparency
Before Udgam, locating an unclaimed deposit meant physically visiting banks or writing multiple letters. Now, it takes just a few clicks. The RBI designed the portal to bring clarity and accessibility to a system that was once fragmented. It’s a milestone in India’s journey toward financial transparency and digital inclusion.
The Technology Behind Udgam
The platform integrates data from several major banks and updates it periodically. It uses secure encryption and verification systems to ensure the safety of sensitive information. Once you log in and input your details, the system scans across participating banks to identify if any dormant deposits are linked to your credentials.
Who Can Use the Udgam Portal
Udgam is open to every citizen — individuals, legal heirs, and nominees — who suspect that a deposit may exist in their or their relatives’ name. Whether it’s an old savings account, fixed deposit, or matured certificate, the portal allows anyone to check their potential claims easily and securely.
How to Search and Reclaim
To begin, a user must register on the Udgam portal with a mobile number and a password. After verification, you can select the banks you want to search and enter your personal details. If the portal finds a match, it displays a reference number. You can then approach the respective bank branch with valid documents to claim the deposit.
Empowering Citizens and Families
Udgam has proven especially valuable for families of deceased account holders who often have no knowledge of older bank accounts. By providing a single-point search system, the platform helps them trace funds that could otherwise remain unclaimed for generations, ensuring families receive their rightful inheritance.
Protecting User Privacy
Security remains a top priority for RBI. Udgam never displays full account details or balances publicly. Instead, it only reveals essential identification information necessary to confirm the existence of a claim. This ensures that while transparency is maintained, user privacy and data protection are never compromised.
The Broader Economic Impact
The volume of unclaimed deposits in Indian banks runs into thousands of crores. With Udgam, a portion of this dormant capital could be reactivated and reintroduced into the economy. It not only benefits individuals but also strengthens public confidence in India’s financial institutions by showing that the system cares for every depositor.
Building Awareness Among Citizens
The RBI has taken multiple steps to raise awareness about Udgam. Advertisements, bank notices, and digital outreach campaigns encourage citizens to check the portal regularly. As more people become aware, it’s expected that billions of rupees lying idle in unclaimed accounts will find their way back to rightful owners.
Link
The Future Vision of Udgam
Udgam is still evolving. More banks continue to join the platform, and future updates may allow for a fully digital claims process. The RBI envisions a future where financial systems are interconnected, and lost money can be instantly located and retrieved through simple, secure digital steps.
