The RBI will be the latest to join the bandwagon on grabbing funds lying with banks to implement a Depositor Education & Awareness Fund (DEAF). The question is: Will the Fund actually serve depositor interest or live up to its hilarious acronym and remain deaf to consumer issues? Deposits and benefits that remain unclaimed after 10 years will be transferred to DEAF. RBI has already initiated a process of disclosing unclaimed deposits, although there are plenty of complaints about the transparency with which individual banks have been implementing this..........
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