Response

Yes. Please refer to response to the above query (Query No.14). However, if the bank does not levy any additional charges and offers more facilities free than those prescribed under BDBDA a/cs without minimum balance then such accounts can be classified as BSBDA.

Yes. As per the 13 of the Scheme, the NBFC Ombudsman may reject a complaint at any stage on the following grounds:the complaint made is not on the grounds of complaint referred to in clause 8 of the Scheme; orthe compensation sought is beyond the pecuniary limit specified under the Scheme; orthe complaint made requires consideration of elaborate documentary and oral evidence and the proceedings before the Ombudsman are not appropriate for adjudication of such complaint; orthe complaint made is without any sufficient cause; orthe complaint made is not pursued by the complainant with reasonable diligence required to be taken; orin the opinion of the Ombudsman there is no loss or damage or inconvenience caused to the complainant.

Yes.

• The minimum investment limit is Rs. 5,000/- (five thousand).

• The maximum limit is Rs. 10 lakh per annum for eligible individual investors and Rs. 25 lakh per annum for institutions such as HUFs, Charitable Trusts, Education Endowments and similar institutions which are not pro-profit in nature.

Ans. No

Yes. As per Clause 13 of the Scheme, the Ombudsman may reject a complaint at any stage on the following grounds:Complaint not on the grounds of complaint referred to in Clause 8; orNot in accordance with Sub Clause (3) of Clause 9; orThe compensation claimed beyond the limit prescribed under Clause 12 (5) and 12 (6): orRequiring consideration of elaborate documentary and oral evidence and the proceedings before the Ombudsman are not appropriate for adjudication of such complaint; orWithout any sufficient cause; orComplaint not pursued by the complainant with reasonable diligence; orIn the opinion of the Ombudsman there is no loss or damage or inconvenience caused to the complainant.

Ans. A settlement file provides information as to how much amount has to be debited from and credited to the accounts of participants (sellers, buyers and financiers), due on a particular date / time. In other words, it indicates how much a financier has to pay to an MSME seller, and how much a buyer owes to the financier on a particular date / time. The TReDS entities generate the settlement file and send the same to existing payment systems (for instance, National Automated Clearing House) for actual payment of funds.

Resolution Framework is applicable in respect of all eligible borrowers subject to the exclusions prescribed in Paragraph 2 of the Annex to the circular dated August 6, 2020. In respect of those sectors where the sector-specific thresholds have not been specified in the circular dated September 7, 2020, lending institutions shall make their own internal assessments regarding TOL/ATNW and Total Debt/EBITDA. However, the current ratio and DSCR in all cases shall be 1.0 and above, and ADSCR shall be 1.2 and above.

Response: A co-branding partner (CBP) acting as a BC or technology service provider for the card-issuer shall abide by the rules as prescribed in the instructions issued by RBI for such activities. However, a CBP shall not have access to card transaction data irrespective of any other service offered by them to the card-issuer. For the purpose of customer convenience, card transaction related data may be drawn directly from the card-issuer’s system in an encrypted form and displayed in the CBP’s platform with robust security. The information displayed through the CBP’s platform shall be visible only to the cardholder and shall neither be accessed nor be stored by the CBP. 

In such cases, he/she may apply to the Executive Magistrate to execute the document or make endorsement on his/her behalf after producing sufficient documentary evidence about his/her identity and satisfying the Executive Magistrate that he/she has understood the implications of such execution or endorsement.