RBI Urges Savers to Reclaim Forgotten Deposits Through UDGAM Portal

India's central bank is encouraging savers to reclaim money lying forgotten in dormant bank accounts and unclaimed deposits through its UDGAM portal, part of a wider push to improve transparency and financial inclusion. The Reserve Bank of India's platform lets individuals search in one place for old savings accounts, fixed deposits, recurring deposits and other inactive holdings scattered across multiple banks, helping them recover funds that might otherwise remain untouched for years. The initiative also extends to unclaimed amounts held with insurers and capital-market intermediaries, giving consumers a single, simplified route to track down and reclaim assets without navigating complex, institution-by-institution procedures. Unclaimed deposits typically build up when account holders move, forget about accounts or die without informing their families, and the sums involved across the banking system are substantial. Separately, the RBI governor has reassured the public that there is ample currency in the banking system and that any localised cash shortages at ATMs would be addressed promptly. The measures reflect the central bank's continued focus on consumer protection and everyday financial resilience.