Daily Current Affairs : 8-March-2024
The UDGAM portal is an initiative created with the aid of the Reserve Bank of India (RBI). It stands for Unclaimed Deposits-Gateway to Access inforMation. This platform is designed to assist humans easily search for unclaimed deposits held in various banks across India.
Purpose of the UDGAM Portal
The primary cause of the UDGAM portal is to offer a centralized vicinity in which people can find statistics about their unclaimed deposits. It covers extraordinary forms of accounts that fall underneath the Depositor Education and Awareness (DEA) Fund managed by using the RBI.
How to Use the UDGAM Portal
To use the UDGAM portal, users need to register. Here’s a simple manual on the way to get started:
- Registration: Users have to create an account on the portal.
- Input Information: Depending on whether or not you’re looking for an individual or a non-individual account, you need to provide precise details.
What You Can Find
Through the UDGAM portal, customers can look for:
- Savings accounts
- Fixed deposits
- Recurring deposit debts
However, it’s far crucial to observe that while the portal facilitates in finding unclaimed deposits, it does now not allow users to settle or claim these deposits without delay. To declare a deposit, you need to touch the respective financial institution.
Current Status of the UDGAM Portal
As of March 4, 2024, 30 banks have joined the UDGAM portal. This collaboration covers approximately 90% of unclaimed deposits inside the DEA Fund. Each unclaimed deposit is assigned a completely unique identifier called the Unclaimed Deposit Reference Number (UDRN). This quantity helps in making the declare system smoother and extra efficient.
Important Points:
- UDGAM Portal:
- Created by the Reserve Bank of India (RBI).
- Stands for Unclaimed Deposits-Gateway to Access inforMation.
- Centralized platform for searching unclaimed deposits across banks in India.
- Purpose:
- Provides information on unclaimed deposits.
- Covers accounts under the Depositor Education and Awareness (DEA) Fund.
- How to Use:
- Registration: Users must create an account.
- Input Information: Provide details for individual or non-individual accounts.
- What You Can Find:
- Savings accounts.
- Fixed deposits.
- Recurring deposit accounts.
- Note: Claims must be made directly with the respective bank.
- Current Status:
- As of March 4, 2024, 30 banks are part of the UDGAM portal.
- Covers approximately 90% of unclaimed deposits in the DEA Fund.
- Each deposit has a unique Unclaimed Deposit Reference Number (UDRN) for claim processing.
Why In News
Sure! Here’s a modified version with an added sentence:
As of March 4, 2024, 30 banks have become part of the UDGAM portal, significantly enhancing access to information about unclaimed deposits for the public. This collaboration ensures that a large portion of unclaimed funds is easily searchable by users.
MCQs about UDGAM Portal
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What does UDGAM stand for?
A. Unclaimed Depositor Guidance and Management
B. Unclaimed Deposits-Gateway to Access inforMation
C. Unified Depositor General Access Model
D. Unclaimed Deposits General Administration Module
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Which of the following types of accounts can users search for on the UDGAM portal?
A. Investment accounts
B. Mutual funds
C. Savings accounts
D. Loan accounts
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As of March 4, 2024, what percentage of unclaimed deposits does the UDGAM portal cover?
A. 50%
B. 70%
C. 90%
D. 100%
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What is the purpose of the Unclaimed Deposit Reference Number (UDRN)?
A. To categorize bank transactions
B. To simplify the registration process
C. To assist in the claim process for unclaimed deposits
D. To track customer service inquiries
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