Guidelines for seeking financial assistance from depositor education & awareness fund
Updated: Jan 12, 2015 12:14:48pm
Mumbai, Jan 12 (KNN) The Reserve Bank of India has released on its website, the guidelines on criteria for registering institutions, organisations and associations for grant of financial assistance from the Depositor Education and Awareness Fund.
The fund would provide financial aid to non-governmental organisations and other entities who would like to conduct activities to educate bank depositors.
According to a press release issued on January-9, the apex bank said that those eligible for such grants would include “institutions, organisations, associations, namely 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.”
Banks have been advised to transfer inoperative deposit accounts which have not been claimed or operated for a period of ten years or more or any deposit or any amount remaining unclaimed for more than 10 years to the Fund.
Further, as per the guidelines a Committee has to be formed to administer and manage the Fund in accordance with the Scheme.
“The activity of the institutions/ organisations/ associations shall be monitored, post-registration. If the activities of the registered institutions/ organisations/ associations are not in conformity with the activities permitted by the Reserve Bank, then the Committee will deregister the institution/ organisation/ association and the decision of the Committee in this regard will be final,” RBI said.
As far as the activities are concerned, NGOs can use the funds for holding seminars and symposia for depositors/ depositors’ associations for imparting financial literacy including safe and secure banking. The fund grants can also be used for research activities relating to depositors’ education, rights awareness, etc; and production/ procurement of material for distribution at exhibitions, seminars, town hall events, outreach programmes conducted for depositors’ awareness.
Also, entities can run media campaigns on financial literacy, customer protection, and other consumer protection/awareness related programmes, the RBI press release said. (KNN/ES)
The fund would provide financial aid to non-governmental organisations and other entities who would like to conduct activities to educate bank depositors.
According to a press release issued on January-9, the apex bank said that those eligible for such grants would include “institutions, organisations, associations, namely 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.”
Banks have been advised to transfer inoperative deposit accounts which have not been claimed or operated for a period of ten years or more or any deposit or any amount remaining unclaimed for more than 10 years to the Fund.
Further, as per the guidelines a Committee has to be formed to administer and manage the Fund in accordance with the Scheme.
“The activity of the institutions/ organisations/ associations shall be monitored, post-registration. If the activities of the registered institutions/ organisations/ associations are not in conformity with the activities permitted by the Reserve Bank, then the Committee will deregister the institution/ organisation/ association and the decision of the Committee in this regard will be final,” RBI said.
As far as the activities are concerned, NGOs can use the funds for holding seminars and symposia for depositors/ depositors’ associations for imparting financial literacy including safe and secure banking. The fund grants can also be used for research activities relating to depositors’ education, rights awareness, etc; and production/ procurement of material for distribution at exhibitions, seminars, town hall events, outreach programmes conducted for depositors’ awareness.
Also, entities can run media campaigns on financial literacy, customer protection, and other consumer protection/awareness related programmes, the RBI press release said. (KNN/ES)
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