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Economy
Mahesh

26/07/23 13:35 PM IST

Banks get ₹5,729 crore from “Depositor Education and Awareness” (DEA) Fund

In News
  • The “Depositor Education and Awareness Fund Scheme, 2014”, was notified by Reserve Bank of India (RBI), which covers norms related to unclaimed deposits and outlines details of utilisation of fund.
Scheme Guidelines
  • The main objective is to create awareness among depositors and protect their interests in the financial realm.
  • By notifying the fund scheme, the RBI laid the foundation for promoting financial literacy and safeguarding consumers’ rightful claims.
  • Public sector banks have made significant contributions to the DEA Fund, transferring a staggering Rs 36,185 crores of unclaimed deposits until March 31, 2023.
  • Private banks have also shown responsibility by transferring Rs 6,087 crores to the DEA Fund during the same period.
  • The RBI has taken proactive measures to expedite the process of locating and paying unclaimed deposits.
  • The “100 Days 100 Pays” campaign challenges banks to locate and settle the top 100 unclaimed deposits in each bank and district within 100 days, commencing on January 6, 2023, and concluding on September 8, 2023.
  • This campaign fosters a sense of urgency and dedication in facilitating rightful claimants to access their unclaimed funds.
  • The RBI plans to establish a centralized web facility.
  • This web facility will allow the public to locate unclaimed deposits across various financial institutions, facilitating the resolution process and ensuring unclaimed funds reach their rightful owners.
Source- PIB

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