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RBI to Finance Education Institutes to Promote Literacy

Oct 29, 2014 11:03 IST

    Indian Universities and other educational institutions are likely to get funded by the topmost financial authority of India, the Reserve Bank of India (RBI). In a recent announcement made by RBI, the bank under the scheme of Depositor Education and Awareness Fund (DEAF) 2014, promised to provide financial assistance to the universities and the education institutes of the nation.

    According to RBI, those institutions and organizations will be considered for the fund who has engaged themselves in activities like depositor education or proposing to take up depositors' education programmes, organizing seminars and research activities.

    The money that will be financed to the education institutes are the unclaimed deposits that the bank has with it for years. The amount has reached up to Rs 3,600 crore that will be transferred to DEAF. The entire process of transferring the money will be looked after by deputy governor of RBI panel. This way the bank is keen to spread and promote literacy in the years to come.

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