New Delhi: In a significant move to bolster investor protection and awareness, a Memorandum of Understanding (MoU) was signed between the Investor Education and Protection Fund Authority (IEPFA) under the Ministry of Corporate Affairs (MCA) and DBS Bank, a leading financial institution in Asia and Southeast Asia.
The MoU outlines DBS Bank’s commitment to support IEPFA’s investor awareness initiatives by disseminating safety messages across its extensive digital platforms. Leveraging DBS Bank’s widespread network, which includes branches and ATMs in 19 Indian states, and its robust digital infrastructure, this collaboration aims to significantly expand the reach of IEPFA’s investor protection messages to end-users.
Anita Shah Akella, Joint Secretary, MCA, and CEO of the IEPFA, highlighted the strategic objectives behind this collaboration during the signing ceremony. She emphasized the proactive engagement approach adopted by IEPFA to enhance responsiveness through various channels, aiming to augment awareness of the authority’s mandate among users.
Akella noted a substantial increase in claim filings as evidence of these efforts and reiterated IEPFA’s commitment to efficiently address the heightened volume of claims, surpassing previous records by settling more claims for rightful claimants.
DBS Bank, through its various digital platforms, will actively contribute to IEPFA’s investor awareness activities. This includes displaying safety messages on ATM screens, featuring messages prominently on the bank’s website, engaging online visitors, sending safety messages via messaging platforms like WhatsApp, showcasing messages in DBS Bank branches on digital screens, and utilizing social media accounts for wider dissemination.
The formal collaboration between IEPF Authority and DBS Bank was solidified 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 signing ceremony witnessed the presence of 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.
This collaboration follows previous MoUs signed by IEPFA with Bank of Baroda and ICICI Bank, demonstrating the authority’s commitment to proactive engagement and investor protection. Since its inception, IEPFA has conducted numerous Investor Awareness Programmes to enhance financial literacy and empower investors against financial fraud.