Which of the following institutions launched a centralised Web Portal ‘UDGAM’ recently ?

Correct — option (4), The Reserve Bank of India.

On 17 August 2023 the Governor of the Reserve Bank of India launched UDGAM, a centralised web portal for searching unclaimed deposits. RBI press release 2023-2024/765 expands the name as "Unclaimed Deposits – Gateway to Access inforMation".

The RBI says it developed the portal so that members of the public can search their unclaimed deposits across multiple banks at one place. It had announced the portal in its Statement on Developmental and Regulatory Policies of 6 April 2023.

Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS) and participating banks worked on it. At launch users could search seven banks; the RBI said the remaining banks would be added in phases by 15 October 2023.

The idea to remember: UDGAM is the RBI's portal for finding unclaimed bank deposits across banks in one search.

Why the others are wrong

• (1)
  University Grants Commission — The University Grants Commission is the statutory body for university education set up under the UGC Act, 1956. Unclaimed bank deposits are outside its work.

  UDGAM was launched by the Governor of the Reserve Bank of India on 17 August 2023 and deals with bank deposits.

• (2)
  The National Highways Authority of India — The National Highways Authority of India, constituted under the National Highways Authority of India Act, 1988, develops and maintains national highways.

  UDGAM is a banking portal: the RBI built it with ReBIT, IFTAS and participating banks so the public can trace unclaimed deposits.

• (3)
  Indian Space Research Organisation — The Indian Space Research Organisation is India's space agency, under the Department of Space.

  UDGAM has nothing to do with space technology. It is the RBI's centralised portal for searching unclaimed deposits, launched on 17 August 2023.

An unclaimed deposit is money in a bank account that its owner has stopped operating or claiming for years. Banks are advised to display lists of unclaimed deposits that have been inactive or inoperative for ten years or more on their websites.

The Depositor Education and Awareness (DEA) Fund Scheme, 2014, notified by the RBI, covers unclaimed deposits. The money can still be claimed: over five years, ₹5,729 crore went from the DEA Fund back to banks to settle such claims, the Minister of State for Finance told the Lok Sabha on 24 July 2023.

UDGAM lets a depositor find such deposits and then claim them, or reactivate the account, at the bank concerned.

Key facts

• UDGAM was launched by the Governor of the Reserve Bank of India on 17 August 2023.
• UDGAM stands for "Unclaimed Deposits – Gateway to Access inforMation" (RBI press release 2023-2024/765).
• The RBI announced the portal in its Statement on Developmental and Regulatory Policies dated 6 April 2023.
• ReBIT, IFTAS and participating banks developed it with the RBI; seven banks were searchable at launch, with the rest scheduled by 15 October 2023.
• The Minister of State for Finance told the Lok Sabha that RBI's "100 Days 100 Pays" campaign was set for 1 June to 8 September 2023.

Common traps

• Linking a web portal with an education or technology body. UDGAM concerns bank deposits, and the RBI launched it.
• Assuming the portal pays out the money. It helps users identify deposits, which they then claim or reactivate at their own bank.
• Treating every bank as covered on launch day. Seven banks were searchable on 17 August 2023, with the rest scheduled by 15 October 2023.

• practice — not a real PYQ

  The 'UDGAM' portal launched by the Reserve Bank of India in August 2023 is meant to help members of the public

  • (a)apply for education loans from public sector banks
  • (b)search their unclaimed deposits across multiple banks at one place
  • (c)open a savings account without visiting a branch
  • (d)compare interest rates on fixed deposits
  Answer(2) — The RBI's press release of 17 August 2023 says UDGAM helps the public search their unclaimed deposits across multiple banks at one place. Options (1), (3) and (4) describe services it was not launched for.
• practice — not a real PYQ

  The RBI's '100 Days 100 Pays' campaign, which began on 1 June 2023, asked banks to

  • (a)trace and settle the top 100 unclaimed deposits of every bank in every district within 100 days
  • (b)open 100 new rural branches within 100 days
  • (c)cut lending rates by 100 basis points within 100 days
  • (d)issue 100 new ATM cards in every district within 100 days
  Answer(1) — The Minister of State for Finance told the Lok Sabha on 24 July 2023 that the campaign, from 1 June to 8 September 2023, was for banks to trace and settle the top 100 unclaimed deposits of every bank in every district within 100 days. Options (2), (3) and (4) are not its aim.