The Aryavarth Express
Agency (New Delhi): The Investor Education and Protection Fund Authority (IEPFA), under the Ministry of Corporate Affairs (MCA), and DBS Bank, a significant financial institution in Asia and Southeast Asia, have entered a strategic partnership. This collaboration, marked by the signing of a Memorandum of Understanding (MoU) in New Delhi, is set to utilize DBS Bank’s extensive digital presence to spread vital messages about investment safety and fraud schemes.
Anita Shah Akella, Joint Secretary at MCA and CEO of IEPFA, during the ceremony, emphasized the authority’s proactive approach in engaging with the public through various channels. The increase in claim filings stands as a testament to the effectiveness of these awareness initiatives. Akella also noted the IEPFA’s commitment to efficiently addressing the rising volume of claims, surpassing previous records in settling them for the rightful claimants.
DBS Bank’s involvement in this initiative will be multifaceted. The bank plans to use its vast network of branches and ATMs across 19 Indian states, along with its digital infrastructure, to enhance the visibility and engagement in imparting investor awareness activities of IEPFA. These activities include displaying safety messages on ATM screens during banking transactions, featuring these messages prominently on the bank’s website, ensuring visibility to online visitors, and sending safety messages through WhatsApp and other messaging platforms to engage with a broader audience. Additionally, safety messages will be showcased on digital screens within DBS Bank branches and posted across the bank’s social media accounts, ensuring maximal exposure to customers.
The MoU formalizes the cooperation between IEPFA and DBS Bank and was carried out under the leadership of Lt. Col. Tushar Anand, General Manager of the IEPF Authority, and Rajiv Bagga, Executive Director, and India Head of Government Business at DBS Bank. The event saw the attendance of various officials, including Sumit Aggarwal, Assistant General Manager, IEPFA, and vice-presidents of Government Business at DBS Bank, Shreyansh Srivasatava and Prabodh Gupta.
This partnership aligns with IEPFA’s history of similar collaborations, including agreements with the Bank of Baroda and ICICI Bank. Since its inception in 2016, IEPFA has been actively conducting Investor Awareness Programmes to increase financial literacy and empower investors in protecting themselves from financial fraud.
Established in September 2016, the IEPFA is an entity of the Ministry of Corporate Affairs, Government of India, tasked with administering the Investor Education and Protection Fund. Its responsibilities include making refunds of shares, unclaimed dividends, and matured deposits/debentures to investors.
A leading financial group in Asia, DBS Bank has a 29-year presence in India. It operates as a wholly-owned, locally incorporated subsidiary of a global bank and provides comprehensive banking services to a diverse customer base. Following the merger with Lakshmi Vilas Bank in November 2020, the bank now boasts a network of approximately 530 branches across 19 Indian states.