Depositor Education and Awareness Fund Scheme 2014

RBI/2013-14/527 DBOD.No.DEAF Cell.BC.101/30.01.002/2013-14 March 21, 2014 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs and LABs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks Dear Sir/Madam, The Depositor Education and Awareness Fund Scheme, 2014 - Section 26A of Banking Regulation Act, 1949 Please refer to paragraph 93 of the Monetary Policy Statement 2013-14 announced by Governor on May 3, 2013 on the above subject. 2. Pursuant to the amendment of the Banking Regulation Act, 1949, section 26A has been inserted in that Act, empowering Reserve Bank to establish The Depositor Education and Awareness Fund (the Fund) . Under the provisions of this section the amount to the credit of any account in India with any bank which has not been operated upon for a period of ten years or any deposit or any amount remaining unclaimed for more than ten years shall be credited to the Fund, within a period of three months from the expiry of the said period of ten years. The Fund shall be utilized for promotion of depositors’ interest and for such other purposes which may be necessary for the promotion of depositors’ interests as specified by RBI from time to time. The depositor would, however, be entitled to claim from the bank her deposit or any other unclaimed amount or operate her account after the expiry of ten years, even after such amount has been transferred to the Fund. The bank would be liable to pay the amount to the depositor/claimant and claim refund of such amount from the Fund. 3. The draft Depositor Education and Awareness Fund Scheme was placed on Reserve Bank of India website for public comments. Taking into account the comments received from various stakeholders, the ‘ Depositor Education and Awareness Fund Scheme, 2014 ’ has been finalized and forwarded to Government of India for notifying in the Official Gazette. A copy of the Scheme is enclosed for your information. All banks are advised to be in readiness to take necessary action as the Scheme would be effective on the date of Notification in the Official Gazette. The operational guidelines would be advised separately as soon as the Scheme is notified. 4. Further banks are also advised to designate a single contact point for any correspondence/ queries in connection with the ‘Depositor Education and Awareness Fund Scheme, 2014’ and provide the contact details as per Annex by email . Yours faithfully, (Rajesh Verma) Chief General Manager Encl: As above Annex To, The Chief General Manager Department of Banking Operations and Development Central Office Depositor Education and Awareness Fund Cell, Reserve Bank of India Shaheed Bhagat Singh Marg Fort Mumbai - 400 001. Sir/ Madam, Sub – Depositor Education and Awareness Fund Scheme, 2014 - Contact details In connection with the captioned Scheme the details of the contact officer and alternate officer may be provided as under :- Name of the Bank ……………………………………………………….. Sr No

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/527 · issued 21 Mar 2014. The plain-English explanation above is BankPulse’s own independent summary.

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