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Real Time Gross Settlement System (RTGS) System

6. Is there any minimum / maximum amount stipulation for RTGS transactions? +

Ans. The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is ₹ 2,00,000/- with no upper or maximum ceiling.

6. How many PPI issuers have been approved by RBI? Where can I find the list of authorised bank and non-bank PPI issuers? +

Ans. The list of PPI issuers is available on the RBI website at the links https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2491 (bank-PPI issuers) and https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=12043 (non-bank PPI issuers).

6. Why will final WPI be used with a lag of four months? +

Final monthly WPI will be used as reference WPI for 1st day of the calendar month. The reference WPI for intermittent days, i.e. dates between 1st days of the two consecutive months will be computed through interpolation.
For interpolation, two months final WPI should be available throughout the month. As final WPI is available with a lag of about two and half months (e.g. final WPI February 2013 will be released in mid-May 2013), two months final WPI could be available only with a lag of four months.
In view of above, the four months lag has been chosen for final WPI to be considered as reference WPI for 1st day of the calendar month. For example, December 2012 final WPI will be taken as reference WPI for 1st of May 2013 and January 2013 final WPI will be taken as reference WPI for 1st of June 2013.

6. Can the ATS application be transferred to any other office / department / section ? +

Yes. The applicant will immediately receive a mail conveying details of the original office / department where the application was submitted and the details of the office / department / section to which it has been transferred. The information can also be ascertained through ATS by the applicant under ’My Application’. The entire history will be shown.

Q.6. If a company does not fulfill the principal business criteria for factoring and has no intention of getting itself registered as a Factor with the Bank, can it continue to do factoring activities with its group entities. +

Ans : No. As per Section 3 of the Factoring Act 2011, no Factor can commence or carry on the factoring business without a) obtaining a CoR from the Reserve Bank, b) fulfilling the principal business criteria.

Q6. What are the eligibility criteria for IFCs for sponsoring IDF-NBFCs? +

Ans : NBFC-IFC will need to meet the following conditions for sponsoring an IDF-NBFC :

Sponsor IFCs would be allowed to contribute a maximum of 49 percent to the equity of the IDF-NBFCs with a minimum equity holding of 30 percent of the equity of IDF-NBFCs,:
Post investment in the IDF-NBFC, the sponsor NBFC-IFC must maintain minimum CRAR and NOF prescribed for IFCs
There are no supervisory concerns with respect to the IFC.

6. How bank are supposed to disclose their policies ? +

Customer has the right to know the CCP of the bank before entering into any transaction.

The bank is obliged to disclose the amount up to which immediate credit of outstation cheque is offered in its Comprehensive Notice Board, which is to be displayed at each and every branch of the bank. The bank is also required to disclose time frame for collection of local / outstation instruments and policy for compensation payable for delayed collection. The same will be available in the Information Booklets which should be available at all the bank branches. The customer is also entitled to receive a copy of the bank’s CCP, if (s)he so desires. Banks are also required to put up their CCP on their websites.

6. What will I get on redemption? +

On redemption, investors will get principal and compounded interest.

6. Can a resident continue to maintain an account outside India which was opened by him when he was a non-resident? +

Answer: A person resident in India may maintain a foreign currency account outside India if he had opened it when he was resident outside India or inherited it from a person resident outside India.

Q 6. How should credit facilities not having an EMI feature be treated for arriving at total monthly repayment obligations of the household? +

Ans. Board-approved policies of REs should cover such operational aspects. One possible way could be to distribute the annualized repayment obligations over twelve months to estimate monthly outgo of the household towards debt repayment.