Speed Post News Network
New Delhi : “This is landmark collaboration for information dissemination and reaching out to investors and stakeholders. The coming together of two important organisations with similar stakes is a good sign. This exercise will definitely help various investors who often fall prey to tempting offers for investments and Ponzi schemes,” said Injeti Srinivas, Secretary, Ministry of Corporate Affairs, while addressing the officials of Investor Education and Protection Fund Authority (IEPFA) and Bank of Baroda (BoB) officials during an Memorandum of Understanding (MoU) signing ceremony between BoB and IEPFA on December 4, 2019 at New Delhi.
While appreciating the efforts of BoB to come forward for a noble social cause to spread customer awareness and investor education by strengthening ties with IEPFA, Srinivas said that the of signing the MoU should be met in letter and spirit as this will inculcate the habit of educating oneself among the stakeholders and potential investors, while looking at these co-branded collaterals. He further expressed his happiness over the fact that BoB is a torch bearer in this exercise and he expects more banks to join in with same spirit.
Srinivas said that IEPF Authority considers Bank of Baroda as one major entity in spreading the investor awareness to masses and, therefore, the convergence exercise is aimed at forming more of a strategic partnership for a noble social cause, which is, to help people to refrain from falling prey to fraudulent schemes, according to a PIB release.
Shanti Lal Jain, Executive Director, Bank of Baroda (BoB), said that bank has a strong domestic presence spanning 9,456 branches and 13,115 ATMs and Cash Recyclers supported by self-service channels. The BoB has a significant international presence with a network of 100 branches/ offices/ subsidiaries spanning 21 countries. Jain said that such association will be mutually beneficial since it will help in enhancing customer base due to spreading of investor friendly messages through working branches. He added that the BoB also uses folk art etc. for reaching out to the customers.
It may be mentioned that BOB and IEPFA have decided to work towards creation of content (IEC material) and strategic use of all the available marketing channels and brand assets with the BoB viz. placement of IEPFA posters on investor awareness and protection at all BoB branches, placement of digital banners of IEPFA at ATMs/ BoB Kiosks/ Access Points, collaboration on digital platforms and social media accounts, showcasing of IEPFA short films/videos on BoB’s digital platforms for customer awareness and fraud prevention.