RBI has recommended the following steps to banks for reducing the timeframe for collection of USD cheques -

• Review the collection policy on an on-going basis so as to explore faster methods of realisation.

• Reduce the transit period for movement of cheques from the collecting branches to the centralised pooling branch and from the centralised pooling branch to CBs.

• Explore feasibility of forming / pooling cheques of various collecting banks to a common service bureau to avail benefits arising out of increased volumes, reduced infrastructure costs, etc.

• Explore the possibility of leveraging on Check-21 facility.

• Use of efficient and reliable courier / postal service.

The redemption amount will be credited to the bank account furnished by the person in the application form.

The NBFC Ombudsman endeavours to promote a settlement of the complaint through conciliation/ mediation by agreement between the complainant and the NBFC. If the terms of settlement (offered by the NBFC) are acceptable in full and final settlement of one's complaint, the NBFC Ombudsman will pass an order as per the terms of settlement which becomes binding on the NBFC and the complainant. If the NBFC is found to have adhered to the extant norms and practices in vogue and the complainant has been informed to this effect through appropriate means and complainant’s objections, if any, are not received by the NBFC Ombudsman within the time frame provided, the NBFC Ombudsman will pass an order to close the complaint.

Since the swap with RBI will be undertaken in multiples of USD one million, it is possible that a bank may have to wait before it mobilises a minimum amount of USD one million. In such a case, the banks will be allowed to undertake swaps for tenors of marginally less than three years provided they have mobilised fresh eligible FCNR (B) for minimum original tenor of three years with one year lock in period.

• Yes, joint holding will be allowed.

Ans. Yes

Ans. Non-bank PSPs will be allowed only direct membership of CPS. They will not be permitted to sponsor any bank / PSP as sub-member in CPS.

Ans. The customer should keep in mind, among others, the following:

a) There is no requirement of keeping any deposit/ margin/ collateral/ primary security with the lender at any stage of the microfinance loan.

b) Lender is required to provide a loan card to the borrower in a language understood by the borrower which should have following information:

• Information which adequately identifies the borrower;

• Simplified factsheet on pricing;

• All other terms and conditions attached to the loan;

• Acknowledgements by the lender of all repayments including instalments received and the final discharge; and

• Details of the grievance redress system, including the name and contact number of the nodal officer of the lender.

c) Purchase of any non-credit products is purely voluntary. Fee structure for such products shall be explicitly communicated in the loan card.

d) Training provided by the lenders is free of cost.

Ans. Yes. The KYC process adopted by the TReDS entities shall adhere to the “Master Direction – Know Your Customer (KYC) Direction, 2016” dated February 25, 2016 (as amended from time to time) issued by RBI.

For the purpose of eligibility for resolution under the Resolution Framework, the definition of MSME that would be applicable is the one that existed as on March 1, 2020.