UDGAM portal integrated with 30 banks, RBI tells Supreme Court

Context: UDGAM portal

RBI informed the Supreme Court that 30 banks have been integrated with the UDGAM portal, covering nearly 90% of unclaimed deposits in DEAF, to help depositors and legal heirs trace dormant accounts and unclaimed funds.

UDGAM — Unclaimed Deposits Gateway to Access Information

Launched by: Reserve Bank of India (RBI)

Year: 2023

Objective

  • Centralised platform to search unclaimed deposits across banks
  • Helps legal heirs identify funds of deceased account holders
  • Reduces delays and fragmentation in recovery process

Key Features

  • Single-window search facility
  • Covers multiple public/private sector banks
  • Only facilitates tracing; final settlement done by respective bank

Depositor Education and Awareness Fund (DEAF) — created by RBI in 2014

What happens?

  • Deposits unclaimed for 10 years or more are transferred by banks to DEAF
  • Depositors/legal heirs can still reclaim money through prescribed procedure

Issues Highlighted Before Supreme Court

  • Post office deposits, provident funds and insurance-related unclaimed assets are not fully integrated
  • Legal heirs still face documentation and procedural hurdles in claiming assets
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