20 entities get RBI nod for financial grant from DEA fund

The entities have been selected out of 90 applications received for registration

The Reserve Bank of India (RBI) on Thursday released the names of 20 entities which have been approved by the DEA Fund Committee for registration for seeking financial assistance from the Depositor Education and Awareness (DEA) Fund.

These 20 entities have been selected out of 90 applications received for registration.

The selection process involved a scrutiny by an internal team of RBI, followed by an assessment of the applications by the DEA Fund Committee, which inter alia has three external members.

"The applicants have been selected on the basis of their meeting the minimum eligibility criteria, track record and evaluation of the work done by them in the field of depositor education, consumer awareness, consumer protection and the like," RBI said in a press release.

The central bank will shortly issue a notification calling for fresh applications for registration under the scheme, it added.

The Depositor Education and Awareness Fund Scheme, 2014, is predicated on transfer of bank deposits and other credit balances that have remained unclaimed for more than 10 years.

It envisages grant of financial assistance to applicants selected on the basis of proposals intended to promote depositor interests. The entities that have been approved include Voluntary Organisation in Interest of Consumer Education Society (New Delhi) and others, Xavier Labour Relations Institute (Jamshedpur), MONEYLIFE Foundation (Mumbai), SAMARPIT- Centre for Poverty Alleviation and Social Research (Bilaspur) and MOTHER (Bhubaneswar).