Banking · Regulatory Requirements
Statement 1: Retail banking integrates with the 'Account Aggregator' framework for consolidated data access. Statement 2: 'Open Banking' ecosystems use APIs to share data with third-party Fintechs. Statement 3: RBI Master Directions allow 'Video-KYC' (V-CIP) for remote account opening. Statement 4: 'CBDC-Retail' represents a new frontier where banks intermediate digital e-Rupee wallets. Statement 5: Retail banking operations must ensure that all 'Unclaimed Deposits' (inactive for 10 years or more) are transferred to the DEAF (Depositor Education and Awareness Fund) on a monthly basis. Statement 6: An 'Internal Ombudsman' reviews complaints rejected by the bank's internal machinery. Statement 7: Retail banking features high volume and low value transactions requiring automation. Which statement correctly identifies the mandatory regulatory treatment of long-term inactive accounts?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Statement 1, 2, and 4
- 2Statement 3, 6, and 7
- 3Statement 5 only✓
- 4All of the above statements
Correct answer
Statement 5 only
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