Question

The section of BR Act that deals with the establishment of Establishment of Depositor Education and Awareness Fund (DEAF)

• A. Section 26
• B. Section 26 A
• C. Section 27
• D. Section 28

Answer 1

Answer:

B. Section 26 A

BR Act:

• The BR Act and the RBI Act empower the Reserve Bank to supervise and regulate the operations of all types of banks in India.

• Banking Companies Act 1949

• Act 10 of 1949

• Banking Companies Act was passed in : 10-3-1949

• Came into force in : 16-3-1949

• Banking Companies Act was renamed as Banking Regulation Act in : 1966

• Banking Regulation Act was applicable to Co-operative Societies in 1965 and came in to force on 1.3.1966

• Total Number Sections in BR Act - 56

• Total number of Schedules in BR Act - 5

• 5 parts

• 5 Schedules

Section 26A - Establishment of Depositor Education and Awareness Fund (DEAF)

• DEAF account shall be credited the amount to the credit of any account in India with a banking company which has not been operated upon for a period of 10 years or any deposit or any amount remaining unclaimed for more than ten years, within a period of three months from the expiry of the said period of ten years.