Module: | Claims Process and Liquidation Rules
Q8: Consider the following statements:
Assertion (A) - A depositor can reclaim their unclaimed amount from their bank even after the bank has transferred the funds to the DEA Fund.
Reason (R) - The bank, upon receiving a claim, repays the depositor and then lodges a claim for an equivalent amount from the DEA Fund maintained by the RBI.
Reason (R) - The bank, upon receiving a claim, repays the depositor and then lodges a claim for an equivalent amount from the DEA Fund maintained by the RBI.
✅ Correct Answer: A
A depositor can claim a refund of their unclaimed amounts from their bank.
The bank shall repay the customer (with interest, if applicable) and then lodge a claim for a refund from the DEA Fund for the equivalent amount paid.
The bank shall repay the customer (with interest, if applicable) and then lodge a claim for a refund from the DEA Fund for the equivalent amount paid.