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Business restrictions imposed on Paytm Payments Bank Limited vide Press Releases dated January 31 and February 16, 2024

Bank Accounts with Paytm Payments Bank

1. I have a savings or current account with Paytm Payments Bank. Can I continue to withdraw money from this account after March 15, 2024? Can I continue to use my debit card issued by Paytm Payments Bank?

Yes. You can continue to use, withdraw or transfer your funds from your account upto the available balance in your account.

Similarly, you can continue to use your debit card to withdraw or transfer funds upto the available balance in your account.

Framework for Compromise Settlements and Technical Write-offs

Circular dated June 8, 2023 on ‘Framework for Compromise Settlements and Technical Write-offs’

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A. COMPROMISE SETTLEMENT IN WILFUL DEFAULT AND FRAUD CASES

1. Is it true that the Reserve Bank, vide the above circular, has introduced a new clause permitting lenders to enter into compromise settlement with borrowers classified as fraud or wilful defaulter? +

No. The said provision enabling banks to enter into compromise settlement in respect of borrowers categorised as fraud or wilful defaulter is not a new regulatory instruction and has been the settled regulatory stance for more than 15 years. This enabler is already available to banks as per the extant instructions, as given under:

RBI had advised IBA vide letter dated May 10, 2007 that, “(i) banks may enter into compromise settlement with wilful defaulters/ fraudulent borrowers without prejudice to the criminal proceeding underway against such borrowers; (ii) All such cases of compromise settlements should be vetted by Management Committee/ Board of banks.”
Master Circular on Wilful Defaulters dated July 1, 2015 envisages lenders agreeing to compromise settlement with borrowers classified as wilful defaulters and states that such cases need not be reported to Credit Information Companies provided inter alia that, “the borrower has fully paid the compromised amount.”
Master Directions on Frauds dated July 1, 2016 provides for compromise settlement with borrowers classified as fraud, subject to the condition that, “No compromise settlement involving a fraudulent borrower is allowed unless the conditions stipulate that the criminal complaint will be continued.”

Remittances (Money Transfer Service Scheme (MTSS) and Rupee Drawing Arrangement (RDA))

Remittances are an important source of family and national income and also are one of the largest sources of external financing. Beneficiaries in India can receive cross-border inward remittances through banking and postal channels. Banks have general permission to enter into a partnership with other banks for conducting remittance business. The International Financial System (IFS) platform of Universal Post Union (UPU) is generally used for the postal channel. Besides, there are two more channels for receiving inward remittances, viz. Rupee Drawing Arrangement (RDA) and Money Transfer Service Scheme (MTSS) which are the most common arrangements under which the remittances are received into the country.

These FAQs are mainly relating to the common queries relating to RDA and MTSS and may be referred to for general guidance. The Authorised Persons and their constituents may refer to respective circulars/ notifications for detailed information, if so needed.

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Rupee Drawing Arrangement (RDA)

1. What is Rupee Drawing Arrangement (RDA) ? +

Rupee Drawing Arrangement (RDA) is a channel to receive cross-border remittances from overseas jurisdictions. Under this arrangement, the Authorised Category I banks enter into tie-ups with the non-resident Exchange Houses in the FATF compliant countries to open and maintain their Vostro Account.

Biennial survey on Foreign Collaboration in Indian Industry (FCS)

General Instructions

The Reserve Bank has been conducting FCS Survey for a long time because it is not only beneficial for the researchers but also helpful for the industries as it gives them an idea of the potential areas of competition. After introduction of the mandatory FLA census in 2011, this survey was restructured in 2012 to supplement the FLA census.

The survey captures information on a wide range of indicators of performance (production, exports, imports, cost of material, etc.,) along with the crucial features of technology transfer agreements (nature, duration, mode of payment, export restriction, provision of exclusive rights, use of technology after expiry of the agreements, etc.).

The survey is currently conducted biennially for Indian direct investment companies which have entered into foreign technical collaboration agreements with foreign companies as at end-March of the two financial years.

The survey is launched via RBI press release. Simultaneously, email notifications are also sent to the reporting entities along with excel based survey schedules. Reporting entities then submit duly filled-in survey schedule to generic email id of RBI, which are then processed on RBI’s internal intranet portal.

The data submitted by reporting entities are analysed internally and aggregate level results are published on RBI website biennially.

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Confidentiality Clause

The company-wise information provided will be kept confidential and only consolidated aggregates will be released by the Reserve Bank.

Note: The respondent companies should fill-up the survey schedule in excel format (*.xls format) available on RBI website. Respondents are requested to read the Instruction sheet (available in survey schedule) thoroughly before filling the survey schedule.

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Important points to remember while participating in FCS survey

Q1. What are the points the reporting entities should remember while filling the survey schedule? +

Ans.: The respondent companies should follow the below-mentioned points while filling the survey schedule:

The company must use the latest survey schedule which is in .xls format without any macros.
The company is required to save the survey schedule in Excel 97-2003 workbook i.e., in .xls format only.
In order to save the survey schedule in .xls format, follow the below-mentioned steps:
a. Go to Office Button / File → Save As → Save As type
b. Select “Excel 97-2003 Workbook” and Save the survey schedule in .xls format.
The company must use the .xls format of the survey schedule provided by RBI and are requested not to incorporate any macros in the survey schedule while submitting the same.
Please note that survey schedules submitted in any other format (other than .xls format) will be auto rejected by the system.
Please ensure, all information furnished in the survey schedule are complete and no information is missed out.
After filling Part-I to III, the company has to fill the Declaration sheet. The Declaration sheet helps in confirming and validating that the information entered by the company are double checked before submitting the same to RBI. This would help to avoid errors like data entry errors, missed data etc.
Further the respondents are requested to not use any special characters i.e., [!@#$%^&*_()] and comma while data filing in all parts of survey schedule.

Domestic Deposits

I. Domestic Deposits

1. Whether banks can accept interest free deposits? +

Banks cannot accept interest free deposits other than in current account.

Retail Direct Scheme

Scheme related queries

1. What is the RBI Retail Direct Scheme? +

Retail Direct Scheme is a one-stop solution to facilitate investment in Government Securities by individual investors. Under this scheme individual retail investors can open a Gilt Securities Account – “Retail Direct Gilt (RDG)” account with RBI. Using this account, retail investors can buy and sell government securities through the online portal – https://rbiretaildirect.org.in

Targeted Long Term Repo Operations (TLTROs)

updated: মে 28, 2021

Q1: Will banks be required to maintain specified securities for the amount received in TLTRO in HTM book at all times? +

Ans: Yes. The banks will have to maintain amount of specified securities for the amount received in TLTRO in its HTM book at all times till maturity of TLTRO.

Housing Loans

1. For what purposes can I seek a first time home loan? +

You can generally seek a first time home loan for buying a house or a flat, renovation, extension and repairs to your existing house. Most banks have a separate policy for those who are going for a second house. Please remember to seek specific clarifications on the above-mentioned issues from your commercial bank.

Indian Currency

A) Basics of Indian Currency/Currency Management

1. What is the Indian currency called and what is its symbol? +

The Indian currency is called the Indian Rupee (INR). One Rupee consists of 100 Paise. The symbol of the Indian Rupee is ₹. The design resembles both the Devanagari letter "₹" (ra) and the Latin capital letter "R", with a double horizontal line at the top.

FAQs on Master Directions on Priority Sector Lending Guidelines

A. Computation of Adjusted Net Bank Credit (ANBC)

Query 1: How to adjust PSLC buy/PSLC sale in the computation of ANBC ? +

Clarification: The net PSLC outstanding (PSLC Buy minus(-) PSLC Sell) is added to the Net Bank Credit, as mentioned in para 6 of the Master Directions on PSL, 2020 (updated from time to time). Further, a PSLC remains outstanding until its expiry (s. no. ix of Notification on Priority Sector Lending certificates dated April 07, 2016, All PSLCs will expire by March 31st and will not be valid beyond the reporting date (i.e. March 31st), irrespective of the date it was first bought/sold. Accordingly, the effect of PSLC buy is increase in ANBC and conversely the effect of PSLC sell is decrease in ANBC and the net of PSLC buy/sell is adjusted to the ANBC for every quarter. Thus, a PSLC bought or sold in any quarter will have to be taken into account in all subsequent quarters till the end of the FY to which it pertains.