MoU signed to spread awareness on investment and fraudulent schemes
FinTech BizNews Service
Mumbai, February 20, 2024: A Memorandum of Understanding (MoU) was signed between the Investor Education and Protection Fund Authority (IEPFA) under the aegis of the Ministry of Corporate Affairs (MCA), and DBS Bank, a prominent financial institution with a strong presence in Asia and Southeast Asia in New Delhi, today.
According to the MoU, DBS Bank aims to support IEPFA's investor awareness activities by disseminating safety messages via its various digital platforms. Leveraging DBS Bank's extensive network of branches and ATMs in 19 Indian states, as well as its digital infrastructure, will significantly increase the reach of IEPFA's investor awareness and protection messages to the end users.
During the ceremony, Smt. Anita Shah Akella, Joint Secretary, MCA, and CEO of the IEPFA, underscored the objectives behind the signing of the MoU and emphasised the proactive approach adopted by the IEPFA to engage with users through various channels, aiming to enhance responsiveness regarding the authority's mandate through its awareness initiatives.
Smt. Akella highlighted a discernible surge in claim filings as a testament to these efforts and noted the IEPFA’s commitment to efficiently address the increased volume of claims, surpassing previous records by settling more number of claims for rightful claimants.
DBS Bank will utilise multiple digital platforms to ensure increased visibility and engagement to impart investor awareness activities of IEPFA, such as:
The MoU, formalising collaboration between the IEPF Authority and DBS Bank, was carried under the leadership of Lt. Col. Tushar Anand, General Manager of the IEPF Authority, and Shri Rajiv Bagga, Executive Director, and India Head of Government Business at DBS Bank. The ceremony was attended by various officials, including Shri Sumit Aggarwal, Assistant General Manager, IEPFA; Shri Shreyansh Srivasatava, and Shri Prabodh Gupta, vice-presidents of Government Business at DBS Bank, among others.
Previously, IEPFA has also signed MoUs with the Bank of Baroda and ICICI Bank for similar activities.
Since its inception, the IEPFA has conducted several Investor Awareness Programmes aimed at increasing financial literacy and empowering investors to protect themselves from financial fraud.
About IEPFA
The Investor Education and Protection Fund Authority (IEPFA) was set up on September 7, 2016, under the aegis of the Ministry of Corporate Affairs, Government of India, for administering the Investor Education and Protection Fund for making refunds of shares, unclaimed dividends, and matured deposits/debentures, among other things, to investors.
