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    Question

    The Reserve Bank of India (RBI) has launched a

    centralized web portal UDGAM (Unclaimed Deposits – Gateway to Access inforMation).What is the purpose behind launching this portal?
    A To facilitate interbank transactions Correct Answer Incorrect Answer
    B To provide information about current interest rates Correct Answer Incorrect Answer
    C To help users search for unclaimed deposits across multiple banks Correct Answer Incorrect Answer
    D To offer online banking services Correct Answer Incorrect Answer
    E To enable international money transfers Correct Answer Incorrect Answer

    Solution

    The Reserve Bank of India (RBI) has launched a centralized web portal UDGAM (Unclaimed Deposits – Gateway to Access inforMation), to make it easier for the public to search for their unclaimed deposits across multiple banks in one place.    The web portal will help users identify and approach their banks for either claiming unclaimed deposits or making their deposit accounts operative at their banks.Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks have jointly worked to set up the portal. Currently, users will be able to access the details of their unclaimed deposits in respect of seven banks available on the portal.    These banks include the State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank Ltd, South Indian Bank Ltd, DBS  Bank India Ltd, and Citibank N A.The search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.

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