Consider the following statements:begin{enumerate}item The RBI has announced the Depositor Education and Awareness Fund Scheme, 2014.item The Depositor Education and Awareness Fund Scheme will utilize unclaimed bank deposits for education and awareness of depositor.item The scheme will be funded by centre for depositor s education.end{enumerate} Which among the above is/are correct statements?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Consider the following statements:

A	1, 2 & 3
B	2 & 3
C	1, & 2 only
D	One of the above

Explanation:

Detailed explanation-1: -The Depositor Education and Awareness Fund Scheme (DEAF Scheme) was established by the Reserve Bank of India (RBI) in 2014 for the promotion of depositors’ interest and for any other related purposes deemed necessary by the RBI.

Detailed explanation-2: -The Reserve Bank of India has mandated banks to identify accounts where there has been no customer-initiated transaction for a period of more than 10 years. As per the regulation, banks are required to transfer credit balance in such accounts to Depositors Education and Awareness Fund (DEAF).

Detailed explanation-3: -Pursuant to The Banking Laws (Amendment) Act, 2012, Section 26A has been inserted in the Banking Regulation Act, 1949 that empowers the Reserve Bank to establish a fund called Depositor Education and Awareness Fund (Fund).

Detailed explanation-4: -Balances in savings / current accounts which are not operated for 10 years, or term deposits not claimed within 10 years from date of maturity are classified as “Unclaimed Deposits”. These amounts are transferred by banks to “Depositor Education and Awareness” (DEA) Fund maintained by the Reserve Bank of India.

There is 1 question to complete.