The Reserve Bank of India, today placed on its website, the draft Depositor Education and Awareness Fund Scheme for public consultation. Members of public, banks, academia, industry and other stakeholders may send their comments on the scheme by email by February 5, 2014. bill
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. The Fund will be created by taking over 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 within a period of three months from the expiry of the period of ten years. The Fund shall be utilised for promotion of depositors’ interest and for such other purposes which may be necessary for the promotion of depositors’ interests as specified by the Reserve Bank from time to time. The depositor would, however, be entitled to claim from the bank his deposit or operate his account after the expiry of ten years, even after the unclaimed deposit funds have been transferred to the Fund. The bank would be liable to pay the deposit amount to the depositor and claim refund of such amount from the Fund.
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