The government proposes to set-up Depositor Education and Awareness Fund for the utlisation of the unclaimed money lying in the banks for more than ten years. The Finance Minister Mr. Pranab Mukherjee informed the Lok Sabha through written reply that the existing Banking Regulation Act will be amended to create such a fund. He said that more than 1360 crore rupees remained unclaimed in the scheduled commercial banks till the 31st of December last year. He said the under the proposal conceived in consultations with RBI, the money which has remained unclaimed with any bank for more than ten years will be credited to Depositor Education and Awareness Fund for use for the purposes that may be spelt out by the RBI from time to time. The Finance Minister said that in case the depositor or the claimant operates the account or wants to withdraw the money even after ten years of period, the bank will be liable to repay the amount at the interest rate that may be specified by the RBI.