The Reserve Bank of India released the Guidelines on the Criteria 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.
iii) 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
Press Release : 2014-2015/1453 Principal Chief General Manager
