RBI’S NOTABLE PORTALS Flashcards
What is the purpose of the UDGAM Portal introduced by RBI in 2023?
The UDGAM Portal, which stands for Unclaimed Deposits Gateway To Access inforMation, was set up to help beneficiaries search for unclaimed deposits across multiple banks in one place. This includes deposits that have remained unclaimed for 10 years, which banks are required to transfer to the RBI’s Depositor Education and Awareness Fund (DEA).
What is the PRAVAAH Portal and how does it benefit businesses?
The PRAVAAH Portal, which stands for Platform for Regulatory Application, Validation And AutHorisation, is used by banks, NBFCs, and digital payment-related companies to apply for licenses from the RBI. It facilitates ease of doing business by allowing entrepreneurs to apply online without the need to visit the RBI office multiple times.
What is the function of the Daksh Web Portal?
The Daksh Web Portal is a system where banks and NBFCs send their reports to the RBI for supervision. This enables the RBI to monitor these institutions more effectively, such as tracking the number of credit card frauds and issuing new guidelines to prevent them.
Describe the E-Kuber Portal and its significance.
The E-Kuber Portal is the core banking solution (CBS) portal of the RBI. All banks have current accounts with this portal, through which the RBI manages NEFT/RTGS, Repo, Open Market Operations (OMO), and other financial instruments. Additionally, retail investors can purchase Government Securities (G-Secs) through this portal.
