Question

Consider the following statements regarding record-keeping of nominations:

Statement I: Banks may record nomination details in passbooks or deposit receipts for transparency.

Statement II: Recording nomination details in passbooks is optional and not recommended.

• A. Both I and II are true
• B. B Both I and II are false
• C. I true, II false
• D. I false, II true

Answer 1

Answer:

C. I true, II false

Banks often record nomination details in passbooks or deposit receipts to ensure transparency. It is recommended, not optional, for clarity to the depositor.