RBI integrates 30 banks into UDGAM portal for unclaimed deposits. The Reserve Bank of India has informed the Supreme Court that 30 banks are now connected to the UDGAM portal, enabling legal heirs to search for unclaimed deposits of deceased account holders through a single digital platform. Since its launch in August 2023, the portal has processed approximately 44 lakh searches. However, a public interest litigation argues that critical financial assets including post office deposits, insurance policies, and provident funds remain outside the system. The Supreme Court will hear arguments on May 19 regarding broader integration of these assets, potentially creating a unified search mechanism that could simplify the process for families tracking dormant financial assets across multiple institutions.
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