Multiple choice

U/s 26 of Banking Regulation Act, the banks submit to RBI, a return on _______ basis, within _____ from close of the said period, relating to

  1. half-yearly, one month, inoperative deposits

  2. yearly, 30 days, unclaimed deposits

  3. yearly, 15 days, inoperative deposits

  4. half-yearly, 30 days, unclaimed deposits

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

According to Section 26 in Banking Regulation Act, 1949 return of unclaimed deposits states that every banking company shall, within thirty days after the close of each calendar year, submit a return in the prescribed form and manner to the Reserve Bank as at the end of such calendar year of all accounts [in India] which have not been operated upon for ten years, provided that in the case of money deposited for a fixed period the said term of ten years shall be reckoned from the date of the expiry of such fixed period, provided further that every regional rural bank shall also furnish a copy of the said return to the National Bank.