Ans. A customer can request for tokenisation of any number of cards. For performing a transaction, the customer shall be free to use any of the cards registered with the token requestor app.

A. The NOFHC has to be wholly owned by the Promoters/Promoter Group. However, at least 51 per cent of the voting equity shares of the NOFHC have to be held by companies in the Promoter Group in which public hold not less than 51 per cent of the voting equity of those companies.[para 2 (C) (ii) (b) of the guidelines]

Ans: Penal charges such as cheque bounce/mandate failure charges, which are necessarily levied on a per instance basis may not be annualized. However, these charges must be disclosed separately in the KFS under ‘Details about Contingent Charges’.

Ans. On realization of the sum for which contravention is compounded, a certificate shall be issued by the Reserve Bank, indicating that, the applicant has complied with the order passed by the Compounding Authority.

Ans. No. In terms of paragraph 29.1 of these Directions, banks cannot pay any remuneration or fees or commission or brokerage or incentives on deposits in any form or manner to any individual, firm, company, association, institution or any other person except:

1. commission paid to agents employed to collect door-to-door deposits under a special scheme.

2. commission paid to Direct Selling Agents/ Direct Marketing Agents as part of the outsourcing arrangements by commercial banks

3. remuneration paid to Business Facilitators or Business Correspondents.

4. incentives granted to staff members of co-operative banks as approved by Reserve Bank of India from time to time.

Ans.: Company has to submit only one form aggregating all the units in India. However, for the units abroad, the information should be provided in Part D of the schedule.

For redress of his grievance, the complainant must first approach the concerned RE. If the RE does not respond within a period of 30 days after lodgment of the complaint or rejects the complaint wholly/partly or if the complainant is not satisfied with the response/resolution given by the RE, the complainant can lodge his complaint under the RB-IOS, 2021.

Approaching the RBI Ombudsman without first lodging a complaint with the RE or doing so before 30 days after lodging the complaint, if there is no response from the RE, would make the complaint non-maintainable under RB-IOS, 2021.

It may be noted that the complaint should be made to the RBI Ombudsman not later than one year after receiving the reply of the RE or, in cases where no reply is received, not later than one year and 30 days after the date of the representation to the RE.

Ans. In addition to the purpose of establishing an account-based relationship, KYC Identifier can be used for updation/ periodic updation of KYC, or for verification of identity of a customer. Further details in this regard are given in paragraph 56(j) of the Master Direction on KYC.

Ans: Users can raise disputes via their e₹ wallet app or reach out to their customer care centre.

Yes. The prescribed instructions on penal charges are also applicable in case of securitisation and co-lending portfolios.

For redress of grievance in case of deficiency of service, the complainant / aggrieved customer may first approach the concerned bank. If the bank does not respond within a period of 30 days after lodging of the complaint or if the complainant is not satisfied with the response/resolution given by the bank, the complainant can lodge the complaint under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2021 at the Complaint Management System portal of RBI (cms.rbi.org.in).

Ans. ATM installing banks have been advised to indicate clearly at each ATM location that the ATM is situated in a ‘metro’ or a ‘non-metro’ location using appropriate means (message displayed on the ATM / sticker / poster, etc.) to enable the customer to identify the status of the ATM in relation to availability of number of free transactions.

Response: In case of STBD, the corresponding provisions will be as determined by designated banks. In case of MTGD or LTGD deposits, premature closure before the minimum lock-in period is available in case of death of depositor or default of loan taken against MLTGD certificate. The applicable interest rates are detailed in para 2.2.2. (f) and 2.2.2. (g) of the Master Directions – Gold Monetization Scheme, 2015.

Ans. Reissue of such PPIs using the same mobile number and same minimum details is not allowed.

Ans : No. There is no value limit on the amount of individual transactions.

No. In BSBDA, banks are required to provide free of charge minimum four withdrawals, through ATMs and other mode including RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing instructions/EMI etc It is left to the banks to either offer free or charge for additional withdrawal/s. However, in case the banks decide to charge for the additional withdrawal, the pricing structure may be put in place by banks on a reasonable, non-discriminatory and transparent manner.

Any person resident in India can remit upto US$5,000 in any one year as a gift to a person residing outside India or as donation to a charitable/educational / religious /cultural organisation outside India. Remittances exceeding the limit require prior permission from the Reserve Bank.

The provisions made in this framework shall be applicable to MSMEs having loan limits up to ₹25 crore, including accounts under consortium or multiple banking arrangement (MBA).

Ans. The PSS Act does not place any restriction on the types of payment systems / services a foreign entity can provide. However, any service provided by a domestic or foreign entity must be in accordance with the overall legal framework of the country.

Foreign entities viz., card networks like MasterCard (Singapore), Visa Worldwide Pte. Limited (Singapore), etc. are authorised under the PSS Act and operating card schemes in India. Also, cross-border remittance service providers viz., Western Union Financial Services Incorporated, USA, MoneyGram Payment Systems Inc, USA., etc. have also been authorised and are providing remittance services. The list of entities authorised under the PSS Act is available at /en/web/rbi/-/publications/certificates-of-authorisation-issued-by-the-reserve-bank-of-india-under-the-payment-and-settlement-systems-act-2007-for-setting-up-and-operating-payment-system-in-india-12043

No, option for premature redemption of the BLA is not available.