India Launches UDGAM Portal to Trace Unclaimed Financial Assets
The Reserve Bank of India (RBI) has introduced a new online portal to help people find their unclaimed deposits and financial assets across various banks and financial institutions.
Source: GNews Govt LaunchThe Reserve Bank of India (RBI) launched the 'UDGAM' (Unclaimed Deposits Gateway to Access Information) portal on August 17, 2023. This unified web portal allows users to search for unclaimed deposits and accounts across multiple banks in one place. Currently, the portal covers seven major banks: SBI, PNB, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India, and Citibank. The RBI aims to expand this coverage to include all remaining banks by October 15, 2023. The UDGAM portal simplifies the process for account holders and beneficiaries to identify and claim their unclaimed funds. This initiative is part of the RBI's efforts to reduce the amount of unclaimed money in the banking system and return it to its rightful owners.
This initiative is important for competitive exams under Economy and Government Schemes. Aspirants should understand the RBI's role in financial regulation and consumer protection. The UDGAM portal links to topics like financial literacy, banking reforms, and the management of public funds, relevant for UPSC GS Paper III (Economy) and SSC/Banking General Awareness sections.
- The UDGAM portal was launched by the Reserve Bank of India (RBI) on August 17, 2023.
- UDGAM stands for 'Unclaimed Deposits Gateway to Access Information'.
- Initially, the portal covers seven major banks, including SBI and PNB.
- The RBI plans to include all remaining banks on the portal by October 15, 2023.
- The portal helps users search for unclaimed deposits and financial assets.
- The initiative aims to reduce unclaimed funds in the banking system.
UDGAM (Unclaimed Deposits Gateway to Access Information) is an online portal launched by the RBI. It allows individuals to search for unclaimed deposits and financial assets across multiple banks from a single platform. This simplifies the process of identifying and claiming dormant funds.
Unclaimed deposits refer to funds in bank accounts that have not been operated for 10 years or more. These include savings, current, and fixed deposit accounts where no transactions or customer-initiated activities have occurred for a decade. Banks transfer these funds to the Depositor Education and Awareness (DEA) Fund maintained by the RBI.
The RBI is India's central bank, established on April 1, 1935, under the Reserve Bank of India Act, 1934. Its headquarters are in Mumbai. The RBI regulates the country's monetary policy, issues currency, supervises financial institutions, and manages foreign exchange. It plays a crucial role in maintaining financial stability.
Exams often ask about new government initiatives and portals, especially those launched by the RBI. Focus on the portal's name, full form, launch date, purpose, and the regulatory body involved. Questions may also cover the concept of unclaimed deposits and the DEA Fund.
UDGAM sounds like 'U Don't Get Any Money' if you don't claim it. So, UDGAM helps you get your unclaimed money!
Frequently Asked Questions
What is the main purpose of the UDGAM portal launched by RBI?
The UDGAM portal's main purpose is to provide a centralized platform for individuals to search for their unclaimed deposits and financial assets across various banks. This helps account holders and beneficiaries easily identify and claim their dormant funds, reducing the volume of unclaimed money in the banking system.
Which banks are currently covered under the UDGAM portal?
Initially, the UDGAM portal covers seven major banks: State Bank of India (SBI), Punjab National Bank (PNB), Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank India, and Citibank. The Reserve Bank of India plans to expand coverage to all remaining banks by October 15, 2023.
What happens to bank deposits that remain unclaimed for a long time?
Bank deposits that remain unclaimed for 10 years or more are transferred by banks to the Depositor Education and Awareness (DEA) Fund. This fund is maintained by the Reserve Bank of India. The UDGAM portal helps rightful owners reclaim these funds from the DEA Fund.