Emergency Credit Line Guarantee Scheme (ECLGS) 5.0
Syllabus: GS3/Economy
In News
- The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved Emergency Credit Line Guarantee Scheme (ECLGS) 5.0.
Emergency Credit Line Guarantee Scheme (ECLGS 5.0)
- It will provide additional financial support to businesses facing liquidity pressures due to the ongoing West Asia situation.
- The scheme aims to facilitate an additional credit flow of ₹2,55,000 crore to help MSMEs and the airline sector tide over financial instabilities.
UDGAM Portal
Syllabus: GS3/ Economy
Context
- The Reserve Bank of India informed the Supreme Court of India that 30 banks have been integrated into the UDGAM portal.
UDGAM (Unclaimed Deposits – Gateway to Access Information) portal
- Developed by – Reserve Bank of India
- Objective – to provide a centralised search facility for unclaimed bank deposits.
- It enables citizens to identify unclaimed balances across multiple participating banks through a single platform.
- The portal does not settle claims; instead, it facilitates the process by directing users to the respective banks where the deposits are held.
Unclaimed Financial Assets
- Unclaimed financial assets arise when money held with financial institutions is not claimed by the account holder or their legal heirs for a prolonged period.
- If a bank deposit remains unclaimed for 10 years or more, it is transferred to the Depositor Education and Awareness Fund (DEA Fund).
- Even after transfer to the DEA Fund, the ownership of the money remains with the depositor. There is no time limit for the depositor or their legal heirs to claim the funds.
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