UDGAM Portal

Q. With reference to UDGAM portal, consider the following statements:

1. All Scheduled Commercial Banks are part of the portal.

2. All unclaimed deposits that are part of Depositor Education and Awareness (DEA) Fund of RBI can be searched in the UDGAM portal.

3. It enables the user to claim the unclaimed deposits without the intervention of respective banks.

How many of the above statements is/are correct?

(a) Only one

(b) Only two

(c) All three

(d) None

Answer: (a)

Statement 1 is incorrect: As on March 4, 2024, there are 30 banks, which are part of UDGAM portal, and they cover around 90% of unclaimed deposits (in value terms) in Depositor Education and Awareness (DEA) Fund of RBI. The remaining banks are in the process of getting on-boarded.

Statement 2 is correct: All unclaimed deposits/accounts that are part of Depositor Education and Awareness (DEA) Fund of RBI can be searched in the UDGAM portal.

Statement 3 is incorrect: The UDGAM portal facilitates only (a) the search of unclaimed deposits/accounts across multiple banks at one place and (b) provides information on the claim/settlement process of each bank (which will be available in the search result). The unclaimed deposits can be claimed only from the respective bank.

PYQ 2023: Which one of the following activities of the Reserve Bank of India is considered to be part of ‘sterilisation’?

(a) Conducting ‘Open Market Operations’

(b) Oversight of settlement and payment systems

(c) Debt and cash management for the Central and State Governments

(d) Regulating the functions of Non-banking Financial Institutions

Answer: (a)