Section 26A of BRA : Section 26A: Establishment Of Depositor Education And Awareness Fund
BRA
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Explanation using Example
An example application of Section 26A of The Banking Regulation Act, 1949, could be as follows:
Imagine Mr. Sharma had a fixed deposit account with XYZ Bank. He passed away without informing his family about this account. The account remained unclaimed and was not operated upon for over ten years. As per Section 26A, XYZ Bank is required to transfer the amount from Mr. Sharma's account to the Depositor Education and Awareness Fund established by the Reserve Bank of India (RBI) after the ten-year period of inactivity.
Later, Mr. Sharma's heir dis...
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