A Memorandum of Understanding (MoU) has been signed between the Investor Education and Protection Fund Authority (IEPFA) under the aegis of the Ministry of Corporate Affairs (MCA), and DBS Bank. According to the MoU, DBS Bank aims to support IEPFA’s investor awareness activities by disseminating safety messages via its various digital platforms.
Leveraging the 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, a PIB release stated.
DBS Bank will utilise multiple digital platforms to ensure increased visibility and engagement to impart investor awareness activities of IEPFA like-
- Display of safety messages on ATM screens to reach customers during banking transactions
- Featuring safety messages prominently on the bank’s website
- Ensuring visibility to online visitors
- Sending safety messages through WhatsApp and other messaging platforms to engage with a broader audience
- Showcasing safety messages on digital screens within DBS Bank branches
- Maximising exposure to customers, and
- Posting safety messages across DBS Bank’s social media accounts.
During the ceremony, 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.
She 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.
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.