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of <h1>Banking companies must submit deposit details electronically under the Banking Regulation Act for verification and confidentiality</h1> Applications for deposits under the scheme must be received by banking companies governed by the Banking Regulation Act, excluding cooperative banks. Authorised banks are required to electronically submit deposit details to the Department of Revenue by the next working day for verification before accepting declarations. Additionally, deposit information must be uploaded to the Reserve Bank of India's core banking system, e-kuber. Both the Reserve Bank of India and authorised banks are obligated to maintain the confidentiality of all data received in connection with these deposits.
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