Public Sector Banks Empowered to Transfer Unclaimed Financial Assets to IEPF from August 1:

Public Sector Banks Empowered to Transfer Unclaimed Financial Assets to IEPF from August 1:

Daily Current Affairs   /   Public Sector Banks Empowered to Transfer Unclaimed Financial Assets to IEPF from August 1:

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Category : Business and economics Published on: August 02 2025

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Effective from August 1, 2025, the government has implemented amendments to the Banking Laws (Amendment) Act, allowing public sector banks (PSBs) to transfer unclaimed dividends, interest amounts, and bond redemption proceeds to the Investor Education and Protection Fund (IEPF). This move aligns the practices of PSBs with those of corporate entities under the Companies Act. Additionally, the amendments enable PSBs to directly remunerate statutory auditors, enhancing transparency and encouraging the engagement of skilled audit professionals, according to a statement by the Ministry of Finance.

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