Question:
Conside the following statements on depositor Education and awareness fund(DEAF).identify the wrong statement.
ARBI may appoint an authority or committe to administer DEAF and to maintain accounts
Bthe 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
CA prior approval from RBI is required for giving back the amount transferred to deaf to the customer
Dthe fund is utilised for the promotion of depositors interests as specified by RBI
Answer:
C. A prior approval from RBI is required for giving back the amount transferred to deaf to the customer
Explanation:
A prior approval from RBI is required for giving back the amount transferred to deaf to the customer