RBI Reviews Operation of UDGAM Portal Amid Concerns of Dormant Funds

The Reserve Bank of India (RBI) is reviewing the UDGAM portal due to concerns about dormant funds and challenges heirs face in accessing these funds. This review is crucial for UPSC aspirants, particularly for GS Paper 3, which covers economic development and financial inclusion. Last Updated: 07-05-2026

Key Facts About UDGAM Portal

• The UDGAM portal stands for Unclaimed Deposits – Gateway to Access Information.
• Launched by the Reserve Bank of India to help users identify unclaimed deposits across multiple banks.
• Facilitates identification but not the settlement of claims; claimants must contact banks directly.
• Integrates with 30 banks, covering nearly 90% of funds in the Depositors’ Education and Awareness Fund (DEAF).
• As of April 1, 2026, the portal had over 20 lakh users and 44 lakh searches conducted.
• Enhancements include optional user registration and improved search interfaces since its launch in August 2023.

India's Financial Inclusion and Dormant Funds

The UDGAM portal plays a significant role in India's financial inclusion strategy by addressing the issue of dormant funds. This aligns with India's economic goals of ensuring financial resources are accessible and utilized effectively. The portal's integration with major banks represents a step towards greater transparency and efficiency in the financial sector, contributing to India's global standing in financial technology adoption.

UPSC Relevance

• GS Paper 3: Economic Development – Financial Inclusion and Banking Sector Reforms.
• Prelims: Questions could focus on the functions and features of the UDGAM portal.
• Mains: Analytical themes could include the impact of dormant funds on the economy and the role of technology in financial inclusion.
• Essay Paper: Topics on financial inclusion and the digital transformation of banking services.

FAQ Section

• What is the UDGAM portal?
  The UDGAM portal is an initiative by the Reserve Bank of India to help users identify unclaimed deposits across multiple banks, facilitating the reactivation or claiming of these deposits.
• Why is the UDGAM portal important?
  The portal is important because it addresses the issue of dormant funds, ensuring that financial resources are accessible to rightful claimants, thus supporting financial inclusion.
• What are the key features of the UDGAM portal?
  Key features include integration with 30 banks, optional user registration, an improved search interface, and relaxed login restrictions, enhancing user accessibility and experience.