Question

Conside the following statements on depositor Education and awareness fund(DEAF).identify the wrong statement.

• A. RBI may appoint an authority or committe to administer DEAF and to maintain accounts
• B. the banks has to transfer all amounts to the credit of an account which is not operated for a period of ten years or more to DEAF
• C. A prior approval from RBI is required for giving back the amount transferred to deaf to the customer
• D. the fund is utilised for the promotion of depositors interests as specified by RBI

Answer 1

Answer:

C. A prior approval from RBI is required for giving back the amount transferred to deaf to the customer

A prior approval from RBI is required for giving back the amount transferred to deaf to the customer