 "Some public sector banks are planning to seek assurance from the government that it would convert part of its dues lying with Vodafone Idea (VI) into equity, according to three senior executives of banks who spoke to Business Standard on condition of")
On August 28, Nagaraju Maddirala, secretary in the department of financial services (DFS), Ministry of Finance, asked the chiefs of public-sector banks (PSBs) to host block-level events and a nationwide campaign to return depositor money lying in “DEAF” accounts.
DEAF stands for Depositor Education and Awareness Fund. Established in 2014, this is a fund of unclaimed deposits in banks, demand drafts, and other financial instruments that have been inactive or dormant for at least 10 years. The Reserve Bank of India (RBI) manages this corpus. Banks transfer such unclaimed deposits every year to the RBI,
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