True or false about the banking Acts

Exercise and reference answers

Questions

1. Statement is true

   Yes

   Statement

   The BR Act dates from 1949.

2. Statement is true

   No

   Statement

   The RBI Act dates from 1961.

3. Statement is true

   No

   Statement

   Payment banks are commercial banks in law.

4. Statement is true

   No

   Statement

   An account may be refused over nomination.

5. Statement is true

   Yes

   Statement

   A nominee's payment discharges the bank.

6. Statement is true

   Yes

   Statement

   PPF claims fall outside these directions.

Instructions

Decide whether each statement is true or false.

Explanation