The International Financial Services Centres Authority (IFSCA), on July 23, 2026, issued a Consultation Paper on the Draft IFSC Depositor Education and Awareness Fund (IDEA Fund) Scheme, 2026. The proposed Scheme seeks to establish a dedicated framework for the management of unclaimed deposits in Banking Units operating in the IFSC and to promote depositor education, awareness, and protection, in accordance with the Banking Regulation Act, 1949. Stakeholder comments have been invited before the Scheme is finalised.
The draft Scheme provides for the establishment and administration of the IFSC Depositor Education and Awareness Fund (IDEA Fund), transfer of unclaimed deposits and other eligible amounts remaining unclaimed for ten years or more, reimbursement of Banking Units for eligible depositor claims, constitution of a Committee to administer the Fund, and provisions relating to the maintenance, investment, audit, and utilisation of the Fund for depositor awareness and education.
The Scheme also prescribes procedures for the transfer of unclaimed balances, refund of eligible claims, submission of returns by Banking Units, governance of the Fund through a dedicated Committee, and utilisation of the Fund for activities promoting depositors' interests. Public comments may be submitted by August 12, 2026.
