RBI Integrates 30 Major Banks into UDGAM Portal for Unclaimed Deposit Recovery

The Reserve Bank of India (RBI) informed the Supreme Court that 30 banks are now fully integrated into the UDGAM portal to help citizens find unclaimed funds.
The portal serves as a centralized search engine for deposits in savings or current accounts inactive for 10 years, or fixed deposits unclaimed for 10 years after maturity.
While UDGAM allows for a consolidated search across multiple banks, it does not process claims; users must approach individual banks for the actual settlement.
Upon registration, the system generates a Unclaimed Deposit Reference Number (UDRN) through the Core Banking Solution to maintain user privacy during the search process.
Currently, the platform covers approximately 90% of the total value of unclaimed deposits held in the Depositor Education and Awareness (DEA) Fund.

Key Facts / Static GK

UDGAM Full Form: Unclaimed Deposits – Gateway to Access Information
DEA Fund: Depositor Education and Awareness Fund
ReBIT: Reserve Bank Information Technology Pvt Ltd
IFTAS: Indian Financial Technology and Allied Services

Q Practice Quiz — 18 May 2026

1. Under the new SEBI proposal regarding the Investor Protection Fund (IPF), what happens if a depository's administrative expenses exceed 5% of the annual income earned from IPF investments?

A The excess amount is deducted from the IPF principal corpus.

B SEBI provides a special grant to cover the deficit.

C The depository must bear the additional cost itself.

D The expense limit is automatically raised to 7.5% for that fiscal year.

E The depository is penalized 10% of its total quarterly revenue.

Explanation: According to the SEBI proposal, if the administrative expenses of a depository (like NSDL or CDSL) exceed the 5% cap of annual income from IPF investments, the extra cost must be borne by the depository itself.

2. What is the primary function of the Unclaimed Deposit Reference Number (UDRN) generated on the RBI's UDGAM portal?

A It acts as a digital key to withdraw funds directly from the portal.

B It ensures privacy by preventing third-party identification of the account holder.

C It serves as a legal certificate of inheritance for the claimant.

D It is a unique tax identification number for interest earned on unclaimed funds.

E It tracks the real-time status of a claim submitted to a commercial bank.

Explanation: The UDRN is generated via the Core Banking Solution to ensure privacy and prevent third parties from identifying the specific account holder or bank branch.

3. The newly launched 'Atlas' platform by FinBox aims to reduce the loan processing cycle from approximately 3 weeks to which of the following timeframes?

A 7 Days

B 5 Days

C 3 Days

D 1 Day

E 12 Hours

Explanation: The FinBox 'Atlas' platform is designed to transform and accelerate digital loan processing, aiming to reduce the time taken from around 3 weeks to just 1 day.

4. Regarding the updated Consumer Price Index (CPI) framework released in 2026, which of the following statements is true?

A The base year has been revised from 2011-12 to 2022-23.

B The number of items in the CPI basket has been increased to 358.

C Services are now excluded from the CPI to focus only on manufacturing.

D The CPI is published by the Office of the Economic Advisor.

E The retail inflation in April 2026 breached the RBI's upper tolerance limit of 6%.

Explanation: The Ministry of Statistics and Programme Implementation (MoSPI) updated the CPI in February 2026, revising the base year to 2024 and increasing the basket of goods and services to 358 items.

5. Which organization is establishing the ₹480 crore Naval Systems Manufacturing Facility at Anakapalli, Andhra Pradesh?

A Hindustan Aeronautics Limited (HAL)

B Defence Research and Development Organisation (DRDO)

C Bharat Dynamics Limited (BDL)

D Mazagon Dock Shipbuilders Limited

E Bharat Electronics Limited (BEL)

Explanation: The Naval Systems Manufacturing Facility at T. Sirasapalli village, Anakapalli district, is a ₹480 crore project of Bharat Dynamics Limited (BDL).

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RBI Integrates 30 Major Banks into UDGAM Portal for Unclaimed Deposit Recovery

Key Facts / Static GK

Q Practice Quiz — 18 May 2026

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