RBI's UDGAM Portal Expands to Help Indians Reclaim Dormant Deposits

The Reserve Bank of India has expanded its UDGAM portal to help individuals track and reclaim dormant financial holdings, including old savings accounts, fixed deposits, recurring deposits and other inactive accounts, from a single online platform. The portal is designed to simplify access to otherwise scattered financial information and help people recover unclaimed amounts that may have been lying idle for years across banks, insurers and capital-market intermediaries. By consolidating this information, the initiative aims to improve transparency, strengthen financial inclusion and remove the complicated procedures that previously discouraged people from pursuing dormant funds. Large sums accumulate in India's financial system each year as accounts fall inactive after account holders move, forget details or die without nominees claiming the money, and regulators have pushed to return these amounts to their rightful owners. The move is part of a broader effort by the RBI and the government to improve consumer protection and grievance handling in the financial sector, with the central bank also urging institutions to strengthen internal complaint-resolution processes. For households, the expanded portal offers a practical route to identify and recover money they may not even realise they are owed.