UPSC Prelims Practice Questions — 30 banks integrated with UDGAM portal to help legal heirs trace funds

Q1. The Depositor Education and Awareness (DEA) Fund, to which balances unclaimed for ten years or more in bank accounts are transferred, is constituted under which one of the following statutory provisions?

  • A. Section 24 of the Banking Regulation Act, 1949
  • B. Section 26A of the Banking Regulation Act, 1949
  • C. Section 45-IA of the Reserve Bank of India Act, 1934
  • D. Section 42 of the Reserve Bank of India Act, 1934

Q2. Which one of the following authorities operates the UDGAM portal that enables individuals and legal heirs to search unclaimed deposits across multiple banks?

  • A. Indian Banks' Association
  • B. Securities and Exchange Board of India
  • C. Insurance Regulatory and Development Authority of India
  • D. Reserve Bank of India

Q3. Which one of the following is the primary statutory fund into which credit balances unclaimed for ten years or more in commercial and co-operative bank accounts are transferred?

  • A. Investor Education and Protection Fund
  • B. Senior Citizens' Welfare Fund
  • C. Depositor Education and Awareness Fund
  • D. Consolidated Sinking Fund