{"id":8618,"date":"2013-07-27T04:56:00","date_gmt":"2013-07-27T04:56:00","guid":{"rendered":"http:\/\/dwarkaparichay.com\/blog\/2013\/07\/rbi-forms-depositor-educative-awareness\/"},"modified":"2018-06-04T16:49:27","modified_gmt":"2018-06-04T16:49:27","slug":"rbi-forms-depositor-educative-awareness","status":"publish","type":"post","link":"https:\/\/dwarkaparichay.com\/blog\/rbi-forms-depositor-educative-awareness\/","title":{"rendered":"RBI forms \u2018Depositor Educative &#038; Awareness Fund\u2019 (DEAF) for unclaimed bank-deposits"},"content":{"rendered":"<div dir=\"ltr\" style=\"text-align: left;\" trbidi=\"on\">\n<div class=\"separator\" style=\"clear: both; text-align: center;\">\n<a href=\"http:\/\/dwarkaparichay.com\/blog\/wp-content\/uploads\/2013\/07\/Madhu-Agrawal3.jpg\" imageanchor=\"1\" style=\"clear: left; float: left; margin-bottom: 1em; margin-right: 1em;\"><img loading=\"lazy\" decoding=\"async\" border=\"0\" height=\"200\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" data-layzr=\"http:\/\/dwarkaparichay.com\/blog\/wp-content\/uploads\/2013\/07\/Madhu-Agrawal3.jpg\" width=\"183\" \/><\/a><\/div>\n<p>\n<b><i>MADHU AGRAWAL<\/i><\/b><br \/>\n<b>(Guinness Record Holder for letters in Newspapers)<\/b><\/p>\n<div>\n<br \/>\nReserve Bank of India (RBI) has taken a welcome initiative in forming \u2018Depositor Educative &amp; Awareness Fund\u2019 (DEAF) for transferring unclaimed bank-deposits but only after expiry of long ten years of their being not claimed. But ten-years\u2019 period is a very long period and banks must not be allowed to become self-custodian of huge amount of unclaimed money lying in banks especially when private sector dominates bank-industry with many foreign banks also becoming beneficiary to mint money out of depositors\u2019 unclaimed bank-deposits.<\/p>\n<p>RBI should reduce such ten-years\u2019 period of transfer unclaimed bank-deposits in \u2018Depositor Educative &amp; Awareness Fund\u2019 (DEAF) to a reasonable three-years\u2019 period like exactly exists in case of companies where unclaimed dividends are transferred to a government-regulated account after three years. <\/p>\n<p>Reserve Bank of India (RBI) should also issue a directive that all banks may inform their customers\/depositors by registered post about their funds lying for more than three years in such suspense and inoperative accounts for being claimed in a time-bound period. After expiry of such time-bound period, all such unclaimed funds should be transferred to \u2018Depositor Educative &amp; Awareness Fund\u2019 (DEAF). Similar system should be for deposits and accounts in post-offices.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>MADHU AGRAWAL (Guinness Record Holder for letters in Newspapers) Reserve Bank of India (RBI) has taken a welcome initiative in forming \u2018Depositor Educative &amp; Awareness Fund\u2019 (DEAF) for transferring unclaimed bank-deposits but only after expiry of long ten years of their being not claimed. But ten-years\u2019 period is a very long period and banks must not be allowed to become self-custodian of huge amount of unclaimed money lying in banks especially when private sector dominates bank-industry with many foreign banks also becoming beneficiary to mint money out of depositors\u2019 unclaimed bank-deposits. RBI should reduce such ten-years\u2019 period of transfer unclaimed <\/p>\n","protected":false},"author":1,"featured_media":37622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[291,1879,67],"class_list":["post-8618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-update","tag-thoughts","tag-update","tag-views","has_thumb"],"_links":{"self":[{"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/posts\/8618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/comments?post=8618"}],"version-history":[{"count":1,"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/posts\/8618\/revisions"}],"predecessor-version":[{"id":37623,"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/posts\/8618\/revisions\/37623"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/media\/37622"}],"wp:attachment":[{"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/media?parent=8618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/categories?post=8618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/tags?post=8618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}