Question
In the banking domain, DEAF stands for
βSolution
DEAF stands for Depositor Education and Awareness Fund. It was created in 2014 in order to transfer the funds lying for more than 10 years in the inoperative accounts of the banks to the RBI. DEAF committee will have six members headed by a deputy governor of the central bank. The main objective of the fund is to undertake educational and awareness initiatives among the customers.
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