With reference to Advisory board on Banking and Financial Frauds (ABBFF) consider the following statements:1.It has been constituted by the Reserve Bank of India (RBI).2.It consists of the Chairman and four other members.3.The tenure of both Chairman and members is two years.4.Its objective is to conduct regular analyses of frauds within the financial system and provide inputs, if necessary, to the RBI for shaping policies concerning fraud prevention.How many of the above statements are correct?

Q. With reference to Advisory board on Banking and Financial Frauds (ABBFF) consider the following statements:
1.It has been constituted by the Reserve Bank of India (RBI).
2.It consists of the Chairman and four other members.
3.The tenure of both Chairman and members is two years.
4.Its objective is to conduct regular analyses of frauds within the financial system and provide inputs, if necessary, to the RBI for shaping policies concerning fraud prevention.
How many of the above statements are correct?

[A] Only one

[B] Only two

[C] Only three

[D] All four

Answer: C

Notes:

Explanation –

Statement 1 is incorrect. The board has been constituted by the Central Vigilance Commission (CVC).

Statements 2, 3 and 4 are correct. The board consists of the Chairman and four other members. The tenure of both Chairman and members is two years. Its objective is to conduct regular analyses of frauds within the financial system and provide inputs, if necessary, to the RBI and CVC for shaping policies concerning fraud prevention.

Source: ForumIAS

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