IEPFA and DBS Bank ink MoU to spread awareness on investment and fraudulent schemes

IEPFA will leverage on diverse digital platform of DBS Bank to disseminate safety messages on investment and fraudulent schemes.

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.

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:

• 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.

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.

About DBS Bank

DBS is a leading financial services group in Asia with a presence in 19 markets. DBS Bank has been present in India for 29 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank. DBS provides a range of banking services for large, medium, and small enterprises and individual consumers in India. In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited. The bank now has a network of ~530 branches in 19 Indian states.