The Reserve Bank of India ( RBI) is to offer financial support to universities as well as educational institutes in the country. The planning has been done by RBI under the Depositor Education and Awareness Fund (DEAF) Scheme 2014.
The RBI had announced that all the unclaimed deposits with the banks which are estimated to be more than Rs 3,600 crore, will be deposited in the DEAF. RBI said that under the scheme, the banks can reclaim from the fund, in case an investor approached the bank after a period of 10 years.
The fund was supposed to be run by an RBI panel. RBI has now invited comments detailing such institutes which qualify for the aid. Members of public, banks, academia, industry and other stakeholders may send their comments on the criteria.
For grant of financial support, the institutes will have to go through the criteria given by RBI. The criteria includes below mentioned points:
- The institutes which have already taken initiatives regarding depositor awareness and education or are planning to commence depositors’ education programs, conducting seminars as well as research activities.
- Institutes need be in existence for five years before their application for registration.
- The members of the institutes need to have a clean track record.
- Institutes may get partly or wholly financed by the government or local authority as well as a regimental fund or non-public fund set up by the armed forces of the Union towards the welfare of members of the forces and their dependents.