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Daily News Analysis

UDGAM Portal

19th August, 2023 Economy

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Picture Courtesy: Business Today

Context: The UDGAM (Unclaimed Deposits – Gateway to Access inforMation) portal launched by the Reserve Bank of India (RBI) aims to provide the public with a centralized platform to search for their unclaimed deposits across multiple banks.


  • The primary purpose of this initiative is to simplify the process of identifying and claiming unclaimed deposits or reactivating dormant deposit accounts.
  • The web portal will streamline the retrieval of information about unclaimed funds and empower individuals to take action on their deposits that might have been forgotten or overlooked.
  • The collaboration between various entities, including the RBI and participating banks, demonstrates an effort to enhance transparency and convenience in managing unclaimed deposits.

Key features of the UDGAM portal

  • Purpose: The UDGAM portal serves the purpose of helping individuals locate any unclaimed deposits or accounts they may have across various banks. These unclaimed deposits might include forgotten funds or accounts that individuals have lost track of over time.
  • Claiming Deposits: The portal's main function is to assist users in identifying information about their unclaimed deposits or accounts. Additionally, it guides them through the process of claiming these funds or reactivating dormant accounts with their respective banks.
  • Collaborative Effort: The UDGAM portal is the result of collaboration among different entities, including the Reserve Bank Information Technology Pvt. Ltd. (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks. These organizations have combined their efforts to develop and launch the portal for the benefit of users.
  • Initial Availability: In its initial phase, the UDGAM portal provides access to information related to unclaimed deposits from a selection of seven banks. Users can use the portal to retrieve details about their unclaimed funds held within these specific banks.
  • Phased Rollout: The UDGAM portal follows a phased rollout approach. The coverage of the portal will gradually expand to encompass a larger number of banks over time. This expansion will occur in stages. The search feature for unclaimed deposits within the remaining banks will be incorporated into the portal in a phased manner. The goal is to have this functionality added for all banks by October 15, 2023.


Centralized Database

  • Having a centralized database is crucial because it streamlines the process of finding unclaimed deposits. Instead of individuals having to search through multiple banks separately, the UDGAM portal provides a single platform where all unclaimed deposit data is consolidated. This not only saves time and effort but also ensures that users don't miss out on potential unclaimed funds in various institutions.

User-Friendly Interface

  • The user-friendly interface is designed to cater to a wide range of users, including those who might not be tech-savvy. By allowing users to search using personal details like their name, address, and account numbers, the portal increases the likelihood of individuals accurately identifying their unclaimed deposits without any technical hurdles.


  • Sending notifications to account holders about their unclaimed deposits is a proactive approach. Many people might not even be aware that they have unclaimed funds, so receiving an email or SMS notification can serve as a prompt to check the UDGAM portal and initiate the claims process. Notifications also enhance user engagement and encourage individuals to take action.

Easy Claims Process

  • Initiating a claims process directly with the respective bank from the portal simplifies the steps needed to retrieve unclaimed deposits. The portal's provision of clear instructions on how to proceed eliminates confusion and reduces barriers to accessing funds. By guiding users through the claims process, the portal makes it more likely that individuals will successfully recover their unclaimed deposits.

Key challenges associated with the UDGAM portal

Data Accuracy

  • Ensuring the accuracy of the data in the portal is critical. If the data is outdated, incorrect, or incomplete, users might not be able to locate their unclaimed deposits accurately. This could lead to frustration and disappointment among users, defeating the purpose of the portal. Regular updates and effective data verification mechanisms are necessary to maintain the reliability of the information presented on the platform.

Privacy Concerns

  • Collecting and managing personal data in a centralized platform raise privacy and security concerns. The UDGAM portal needs to adhere to stringent data protection protocols to prevent unauthorized access or misuse of sensitive personal information. Striking a balance between providing access to unclaimed deposits and safeguarding users' privacy is crucial to maintain users' trust in the platform.


  • While the UDGAM portal offers a valuable service, its effectiveness is limited if potential users are unaware of its existence or the concept of unclaimed deposits. Many people might not be actively searching for unclaimed funds, assuming that their financial matters are up to date. Robust awareness campaigns through various channels like social media, traditional media, and direct communication are essential to inform the public about the portal's benefits and encourage them to check for unclaimed deposits.

Digital Literacy

  • The success of the UDGAM portal hinges on users' ability to navigate digital platforms. Some individuals, particularly those from rural areas or older demographics, might lack the necessary digital literacy skills to effectively use the portal. Addressing this challenge requires educational initiatives to help users access and utilize the platform.

Verification and Authentication

  • Ensuring that individuals claiming unclaimed deposits are legitimate account holders or beneficiaries can be challenging. Establishing a robust verification and authentication process is essential to prevent fraudulent claims, while also maintaining a smooth and hassle-free claims process for legitimate users.

Integration with Financial Institutions

  • While the UDGAM portal provides information on unclaimed deposits, the actual claims process requires collaboration with the respective financial institutions. Ensuring seamless integration between the portal and these institutions is essential to facilitate quick and efficient disbursement of funds.

Way Forward to ensure the long-term success and effectiveness of the UDGAM portal

Promote Awareness

  • Continued efforts to raise awareness about the UDGAM portal are crucial. This can involve targeted marketing campaigns, collaborations with media outlets, and engagement with community organizations. Increasing public knowledge about the portal and its benefits will encourage more individuals to check for unclaimed deposits.

Enhance User Experience

  • Regularly improving the user interface and search capabilities of the portal can significantly enhance the user experience. This might include implementing user feedback, making the portal mobile-friendly, and optimizing search algorithms to ensure accurate and efficient results.

Strengthen Data Security

  • Maintaining users' trust is paramount, and strong data security measures are essential. Employ encryption, secure authentication methods, and compliance with data protection regulations to safeguard users' personal and financial information. Regular security audits and vulnerability assessments can help identify and address potential risks.

Regular Updates

  • Frequent updates to the portal's database are crucial to ensure its accuracy and relevance. Banks and financial institutions should be encouraged to promptly report new unclaimed deposits, ensuring that users have access to the most current information. Timely updates prevent frustration caused by users finding outdated or incorrect information.


  • Collaboration with banks and financial institutions is vital to the success of the portal. Streamlining the claims process through effective coordination and communication with these entities will ensure that users can smoothly retrieve their unclaimed deposits. Addressing any issues or discrepancies promptly will enhance users' trust in the portal's credibility.


  • UDGAM portal is a collaborative initiative aimed at reuniting individuals with their unclaimed deposits and dormant accounts. By offering a user-friendly platform and a phased expansion strategy, it provides a practical solution to a common financial issue. Through its combined efforts, UDGAM demonstrates how technology can simplify financial reconnection while fostering awareness and transparency.

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RBI: https://www.iasgyan.in/daily-current-affairs/rbi


Q. Which of the following has launched the ”UDGAM portal”?

A.Securities and Exchange Board of India

B.Ministry of Micro, Small and Medium Enterprises

C.NITI Aayog

D.Reserve Bank of India

Answer: D