The Reserve Bank of India on Thursday released the names of 20 entities selected for grant of financial assistance from the Depositor Education and Awareness (DEA) Fund.
These 20 entities, including Consumer Education and Research Society (Ahmedabad), Consumer Unity & Trust Society (Jaipur), Xavier Labour Relations Institute (Jamshedpur), and Indian School of Microfinance for Women (Ahmedabad), have been selected out of 90 applications received for registration.
The RBI said the applicants have been selected on the basis of their meeting, among others, the minimum eligibility criteria, track record and evaluation of the work done by them in the field of depositor education, consumer awareness, and consumer protection.
The selection process involved scrutiny by an internal team of the RBI followed by an assessment of the applications by the DEA Fund Committee, which, among others, has three external members.
The Fund will grant financial assistance to institutions, organisations, and associations for taking up activities relating to promoting bank depositors’ education and awareness.
The RBI has asked all banks (scheduled commercial, regional rural banks, local area banks, urban co-operative banks, State co-operative banks, and district central co-operative banks) to transfer inoperative deposit accounts which have not been operated for 10 years or more, or any deposit/amount remaining unclaimed for more than 10 years, to the fund.