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Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

5. Where can declarants get the application form? +

Application for the deposit will be available at branches of Authorised Banks. It is also available in the Reserve Bank of India website.

5. Query Can an individual have other deposit accounts where one holds 'Basic Savings Bank Deposit Account’? +

Response

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

Yes. One can have Term/Fixed Deposit, Recurring Deposit etc., accounts in the bank where one holds 'Basic Savings Bank Deposit Account'.

5. Can components of spread be negative? +

The components of the spread i.e. business strategy and Credit risk premium shall have either a positive value or be zero. In other words, the spread components cannot be negative.

Sr.No. 5: Do applicants of NBFC-P2P registration require to bring in NOF of Rs. 2 crore upfront at the time of making the application ? +

Ans: The applicant should give the list of promoters and the source of funds for the minimum capital of Rs 2 crore. The capital should be infused before issue of CoR. No change in promoters will be allowed in the interregnum.

5. When can one file a complaint ? +

For redressal of grievance, the complainant must first approach the concerned NBFC. If the NBFC does not reply within a period of one month after receipt of the complaint, or the NBFC rejects the complaint, or if the complainant is not satisfied with the reply given by the NBFC, the complainant can file the complaint with the NBFC Ombudsman under whose jurisdiction the branch/ registered office of the NBFC falls.

5. When can a bank approach RBI for the swap ? +

As and when the bank mobilizes USD one million or more of FCNR (B) deposits, it may approach RBI. Normally, banks may enter into swap transactions with RBI once in a week in consultation with the Financial Markets Department of RBI.

Q.5. Can an LO upgraded into BO, continue to have same PAN and bank account? +

Ans. Yes provided the bank account is re-designated as a BO account.

5. When do I get interest? +

Interest will be accrued and compounded in the principal on half-yearly basis and paid along with principal at the time of redemption.

5. Why does the Reserve Bank allow non-banks to access CPS directly? +

Ans. Direct participation in CPS can reduce delay in execution of funds transfer instructions of non-banks. Further, if there is any impact in the functioning of the bank, it can cause business disruptions for its non-bank customers as well. Such disruptions, even if temporary, can have the potential to spread instability in the system.

Direct participation to CPS will enable access neutrality between banks and non-banks and facilitate better settlement risk management with increased participation of non-banks.

Q 5. Whether the instructions related to limit of 50 per cent on monthly loan repayment obligations of a household as a percentage of monthly household income apply to non-microfinance loans given to low-income households? +

Ans. Yes, for providing a non-microfinance loan to a low-income household (as defined under the directions), it should be ensured that the limit of 50 per cent on monthly loan repayment obligations of a household as a percentage of monthly household income is not breached. In other words, the limit of 50 per cent shall include both microfinance as well as non-microfinance loans.