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The RBI’s UDGAM platform for unclaimed deposits now has 30 banks registered

Published on March 07, 2024
Current Context: As of March 4, 2024, there are 30 banks registered on the UDGAM portal. UDGAM, which stands for Unclaimed Deposits- Gateway to Access InforMation, is a centralized web portal developed by the Reserve Bank of India (RBI).
The RBI’s UDGAM platform for unclaimed deposits now has 30 banks registered
  • It helps customers search for their unclaimed deposits with banks and other financial institutions in India.
  • These 30 banks cover around 90% of unclaimed deposits (in value terms) in the Depositor Education and Awareness (DEA) Fund of RBI.
  • The remaining banks are in the process of getting on-boarded.
  • Customers can register on the UDGAM platform using their mobile number.
  • Once registered, they can search for unclaimed deposits under their name and provide additional inputs such as PAN, voter ID, driving license, and passport number.
  • However, the UDGAM portal only facilitates the search of unclaimed deposits/accounts across multiple banks at one place and provides information on claim/settlement process of each bank.
  • The unclaimed deposits can be claimed only from the respective bank.

Questions:

Q.1 What does UDGAM stand for?
a. Unclaimed Deposits- Gateway to Access Money
b. Unclaimed Deposits- Gateway to Access Markets
c. Unclaimed Deposits- Gateway to Access inforMation
d. Unclaimed Deposits- Gateway to Access Management
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