5 more entities get RBI grant under depositors' awareness fund

MUMBAI: Reserve Bank has allowed five more entities to get financial assistance from the Depositor Education and Awareness (DEA) Fund.

Global Alliance for Sustainable Development, Crisil Foundation, Upbhokta Margdarshan Samiti (UMAS), Jodhpur, The Institute of Company Secretaries of India and Mother Swayam Seva Grameen Abhivruddhi(R) Samsthe are the five entities that can register under the DEA Fund Committee, RBI said in a notification.

"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 and consumer protection and their capacity to execute depositors' awareness programmes," RBI said.

The apex banking regulator said the selection process involved a scrutiny by an internal team of the RBI followed by an assessment of the applications by the DEA Fund Committee.

In the first tranche, RBI had granted permission to 20 institutions to be registered under the DEA fund disbursement in January 2015.

Institutions, organisations or associations who find themselves eligible for DEA fund are required to register under the scheme so as to get the financial assistance to make depositors aware of their financial matters.