The Reserve Bank of India released on its website today, the for registering institutions, organisations and associations for grant of financial assistance from the Depositor Education and Awareness Fund (Fund).

Key features

i) Objectives and Scope of activities : To grant financial assistance to institutions/ organisations/ associations for taking up various activities relating to promoting bank depositors' education and awareness.

ii) Eligible entities : The institutions/ organisations/ associations, viz., not for profit public charitable trusts, corporates, universities, etc., who are already engaged in activities relating to bank depositors' education and awareness or proposing to take up depositors' education programmes, organising seminars, symposia, etc., including research activities, can be considered for assistance.

iv) Procedure for application : Entities may apply in the prescribed format given as Annex to the Guidelines along with necessary documents/ information as per the list of documents indicated in the application form, to The Chief General Manager, Department of Banking Regulation, Reserve Bank of India, Central Office, 12th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai - 400001. In the first tranche, applications will be received at the above address till the close of business as on February 27, 2015 .

Background

Pursuant to the amendment of The Banking Laws (Amendment) Act, 2012, Section 26A has been inserted in the Banking Regulation Act, 1949 that empowers the Reserve Bank to establish a fund called Depositor Education and Awareness Fund (Fund). Accordingly the Reserve Bank of India, placed on its website, the draft Depositor Education and Awareness Fund Scheme, 2014 (Scheme) for public consultation on January 21, 2014. Based on the comments and suggestions received on the draft criteria, the Scheme was formulated and notified in the Official Gazette on May 24, 2014. The Scheme envisages registration of institutions, organisations or associations and grant of financial assistance to them for promotion of depositors' interests. Accordingly, the draft criteria for registering institutions, organisations and associations for grant of financial assistance from the Fund under the Scheme were formulated and released for public comments on October 28, 2014. Based on the comments and suggestions received on the draft criteria, the guidelines on the criteria for registering institutions, organisations and associations for grant of financial assistance from the Fund have been finalized.

Alpana Killawala
Principal Chief General Manager

Press Release : 2014-2015/1453



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