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Deposit Insurance

3. What is the maximum deposit amount insured by the DICGC ? +

Each depositor in a bank is insured upto a maximum of ₹ 5,00,000 (Rupees Five Lakhs) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank's licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.

Q.3. What is the funds availability schedule for the beneficiary? +

Ans The remitting bank transmits the funds transfer message to RBI so as to reach NCC, before the cut off time for the settlement, the receiving bank’s account is credited by RBI at the destination centre and beneficiary gets credit on the same day.

3. Whether capital protection will be provided? +

Yes, capital protection will be provided by paying higher of the adjusted principal and face value (FV) at redemption.
If adjusted principal goes below FV due to deflation, the FV would be paid at redemption and thus, capital will get protected.

3. Are there any risks in investing in SGBs? +

There may be a risk of capital loss if the market price of gold declines. However, the investor does not lose in terms of the units of gold which he has paid for.

3. Who are the issuers of PPIs ? +

Ans. PPIs can be issued by banks and non-banks. Banks can issue PPIs after obtaining approval from RBI. The non-bank PPI issuers are companies incorporated in India and registered under the Companies Act, 1956 / 2013. They can operate a payment system for issuing PPIs to individuals / organisations after receiving authorisation from RBI.

3. Can an Individual have any number of 'Basic Savings Bank Deposit Account' in one bank ? +

No. An individual is eligible to have only one 'Basic Savings Bank Deposit Account' in one bank.

3. Is LEI required for Central Government or State Governments or Departments and Ministries thereunder ? +

Ans. It is not necessary for Governments or their Departments / Ministries to obtain LEI or mention LEI number for payment transactions in NEFT and RTGS. However, Corporations / Undertakings, including those fully owned by the Government, shall need to obtain LEI. All single payment transactions of ₹50 crore and above of Government Undertakings and Corporations, through NEFT / RTGS, shall include remitter and beneficiary LEI information.

3. Para 2.4 prescribes that the CCO shall have an overall experience of at least 15 years in the banking or financial services out of which minimum 5 years shall be in the Audit / Finance / Compliance / Legal / Risk Management functions. Whether any other category of experience would also be relevant for considering the minimum 5 years-experience? +

The principle behind this requirement is that the identified CCO is a well experienced official so that she/he discharges the mandated functions independently and effectively. Accordingly, in line with the above, Risk Management functions shall also include control functions within the business lines. Therefore, if a regional/zonal/business head had the requisite responsibility/experience on the control functions of the business lines for 5 years or more, she/he shall be eligible for the post of CCO under this condition.

3. Whether A2 reporting has to be undertaken by bank remitting the funds? +

Yes, any underlying transaction by a domestic Indian party, which requires A2 reporting for remittance overseas will require the same in case of a domestic remittance for credit to an SNRR Account.

3. Who can participate as a seller in TReDS ? +

Ans. Only MSMEs can participate as sellers in TReDS.