RBI Releases Guidelines On Criteria For 'On Tap' For Grant Of Financial Assistance

The Reserve Bank of India today released on its website, guidelines on the criteria for registering institutions, organisations and associations 'on tap' for grant of financial assistance from the Depositor Education and Awareness Fund. The eligible entities desirous of registering with DEA Fund may apply in the prescribed format along with necessary documents/information as per the list of documents indicated in the application form.

The Banking Laws (Amendment) Act, 2012, Section 26A has been inserted in the Banking Regulation Act, 1949. The Section empowers the Reserve Bank to establish a fund called Depositor Education and Awareness Fund (DEA Fund). Accordingly, a Scheme was formulated and notified in the Official Gazette on May 24, 2014. The Scheme envisages registration of institutions, organisations and associations and grant of financial assistance to them for promotion of depositors' awareness.

Reserve Bank of India had released on its website on January 9, 2015 and October 8, 2015, guidelines on the criteria for registering institutions, organisations and associations for grant of financial assistance from the Depositor Education and Awareness Fund (DEA Fund). Based on the scrutiny of applications received, 25 entities were found suitable for registration. With a view to widening and deepening depositor awareness efforts, it has now been decided to invite applications 'on tap' for registration of eligible entities.

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