The ‘Depositor Education and Awareness Fund Scheme, 2014’ has been finalised and forwarded to Government for notifying in the Official Gazette, the RBI said ‘...the amounts to be credited to the Fund shall be the credit balance in any deposit account maintained with banks which have not been operated upon for ten years or more, or any amount remaining unclaimed for ten years or more,’ it said.
The deposit accounts, include savings bank deposit accounts, fixed or term deposit accounts, recurring deposit accounts and current deposit accounts. Also, any amount payable in foreign currency under an instrument or a transaction, that has remained unclaimed for 10 years or more.
As per an estimate, banks have as much as Rs 3,652 crore of unclaimed deposits lying with them, with the State Bank of India alone accounting for about 15 per cent of that.
The Reserve Bank of India further said in case of demand from a customer or depositor whose unclaimed amount/deposit had been transferred to Fund, ‘banks shall repay the customer/ depositor, along with interest if applicable’.
The Fund will be utilised for promotion of depositors’ interests and similar purposes which may be necessary for promotion of their interest, it added. The central bank further said that the Fund will be administered and managed by a Committee headed by a Deputy Governor of the Reserve Bank.
The Reserve Bank of India has asked banks to be in “readiness” to take necessary action as the Scheme would be effective on the date of notification in the official gazette.
Report OTC corporate bond trades in 15 minutes: Sebi
Mumbai: To bring in more transparency, Sebi has directed stock exchanges and intermediaries to ensure that all over-the-counter (OTC) trades in corporate bonds are reported within 15 minutes of such transactions.
‘It is advised that all OTC trades in corporate bonds shall be reported only on any one of the reporting platform provided in the debt segment of stock exchanges viz NSE, BSE and MCX-SX within 15 minutes of the trade,’ Securities and Exchange Board of India (Sebi) said in a circular on Friday.
The decision will be effective April 1, this year. Last year, the market watchdog had enabled reporting of OTC trades by trading members and non-trading members on the debt segment of the stock exchanges. OTC trades are generally trades executed between two market entities without others being aware of the price at which the transaction was effected.
Already, BSE, NSE and FIMMDA (Fixed Income Money Market and Derivatives Association of India) have been authorised to set up and maintain reporting platforms to capture information related to OTC trades in corporate bonds. In January, this year, Sebi had issued similar directions with regard to trades in securitised debt instruments. Sebi had said that all trades in securitised debt instruments (listed or unlisted) by Mutual Funds, FIIs, among others, would be reported on trade reporting platforms of either NSE, BSE or MCX-SX within 15 minutes of trade.
The deposit accounts, include savings bank deposit accounts, fixed or term deposit accounts, recurring deposit accounts and current deposit accounts. Also, any amount payable in foreign currency under an instrument or a transaction, that has remained unclaimed for 10 years or more.
As per an estimate, banks have as much as Rs 3,652 crore of unclaimed deposits lying with them, with the State Bank of India alone accounting for about 15 per cent of that.
The Reserve Bank of India further said in case of demand from a customer or depositor whose unclaimed amount/deposit had been transferred to Fund, ‘banks shall repay the customer/ depositor, along with interest if applicable’.
The Fund will be utilised for promotion of depositors’ interests and similar purposes which may be necessary for promotion of their interest, it added. The central bank further said that the Fund will be administered and managed by a Committee headed by a Deputy Governor of the Reserve Bank.
The Reserve Bank of India has asked banks to be in “readiness” to take necessary action as the Scheme would be effective on the date of notification in the official gazette.
Report OTC corporate bond trades in 15 minutes: Sebi
Mumbai: To bring in more transparency, Sebi has directed stock exchanges and intermediaries to ensure that all over-the-counter (OTC) trades in corporate bonds are reported within 15 minutes of such transactions.
‘It is advised that all OTC trades in corporate bonds shall be reported only on any one of the reporting platform provided in the debt segment of stock exchanges viz NSE, BSE and MCX-SX within 15 minutes of the trade,’ Securities and Exchange Board of India (Sebi) said in a circular on Friday.
The decision will be effective April 1, this year. Last year, the market watchdog had enabled reporting of OTC trades by trading members and non-trading members on the debt segment of the stock exchanges. OTC trades are generally trades executed between two market entities without others being aware of the price at which the transaction was effected.
Already, BSE, NSE and FIMMDA (Fixed Income Money Market and Derivatives Association of India) have been authorised to set up and maintain reporting platforms to capture information related to OTC trades in corporate bonds. In January, this year, Sebi had issued similar directions with regard to trades in securitised debt instruments. Sebi had said that all trades in securitised debt instruments (listed or unlisted) by Mutual Funds, FIIs, among others, would be reported on trade reporting platforms of either NSE, BSE or MCX-SX within 15 minutes of trade.