RBI has issued the notification regarding The Depositor Education and Awareness Fund Scheme, 2014 – Section 26A of the Banking Regulation Act, 1949 – Operational Guidelines
The following has been stated
Banks must register under the DEA Fund module via RBI’s e-Kuber system using two official email IDs, which serve as the main communication channel. Authorised signatories (up to ten) must be designated by board resolution and notified to RBI. Unclaimed deposits (over 10 years old) and interest must be transferred monthly to the DEA Fund through e-Kuber during the last five working days, with non-member banks acting via sponsor banks. Claims (Form II) can be submitted in the first 10 working days of each month after repayment to customers. Key returns include Form I (monthly statement), rectification forms, Form III (biannual reconciliation), and an annual certificate from statutory auditors. All returns must be certified, audited, and submitted both physically and by email. Banks must maintain customer-wise details, ensure KYC compliance, and report balances under “Contingent Liability – Others” in financial statements.
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12876&Mode=0
