The Reserve Bank of India (RBI) has introduced the UDGAM portal to facilitate the search and access of unclaimed deposits/accounts.
Purpose:
UDGAM stands for Unclaimed Deposits-Gateway to Access inforMation. It is designed to provide a centralized platform for individuals to search for their unclaimed deposits/accounts across multiple banks.
Participating Banks:
As of March 4, 2024, 30 banks are actively participating in the UDGAM portal. The remaining banks are in the process of onboarding.
Functionality:
- Users are required to register on the portal by providing their name and mobile number.
- The portal allows users to search for unclaimed deposits/accounts across multiple banks.
- It provides information regarding the claim/settlement process for each bank.
Claim Process:
- Users can only claim their unclaimed deposits from the respective bank.
DEA Fund Coverage:
All unclaimed deposits/accounts included in the Depositor Education and Awareness (DEA) Fund of RBI can be searched for on the UDGAM portal.
Statistics:
As of March 2023, the total value of unclaimed deposits stood at Rs 42,270 crore.
Multiple Choice Questions (MCQs):
- What does UDGAM stand for?
- A) Unified Deposits Growth and Management
- B) Unclaimed Deposits-Gateway to Access inforMation
- C) Unique Deposits Generation and Allocation
- D) Universal Deposit Account Management
- How many banks are currently participating in the UDGAM portal?
- A) 20 banks
- B) 30 banks
- C) 40 banks
- D) 50 banks
- What information is required for users to register on the UDGAM portal?
- A) Email address and password
- B) Name and mobile number
- C) Social security number
- D) Bank account details
- What is the primary functionality of the UDGAM portal?
- A) Facilitating online banking transactions
- B) Providing investment advice
- C) Allowing users to search for unclaimed deposits/accounts across multiple banks
- D) Offering insurance services
- From where can users claim their unclaimed deposits?
- A) Any bank listed on the UDGAM portal
- B) The Reserve Bank of India
- C) Only from the respective bank
- D) Any bank in the country