CURRENT AFFAIRS : BANKING & FINANCE
Indian Banks get ₹5,729 crores from Depositor Education and Awareness fund (DEAF) to refund unclaimed deposits
- The Union minister of State for finance, Shri Bhagwat Kisanrao Karad announced that Indian banks have received ₹5,729 crores from the “Depositor Education and Awareness” (DEA) Fund to facilitate the refund of unclaimed deposits in the last 5-years.
- The “Depositor Education and Awareness Fund Scheme, 2014“, which was issued by the Reserve Bank of India (RBI), outlines regulations pertaining to unclaimed deposits and details the usage of the fund, including its role in promoting depositors‘ interests and supporting specified purposes.
- Dr Karad stated that RBI has taken various steps to reduce the quantum of unclaimed deposits and return such deposits to rightful claimants.
