New FAQ Page 2 - ಆರ್ಬಿಐ - Reserve Bank of India
Content Type:
Inflation Indexed National Saving Securities - Cumulative (IINSS-C)
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In case of redemption prematurely before the maturity date, investors can approach the concerned bank few days before the coupon date and apply.
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In case of redemption on maturity, the investor will be advised one month before maturity regarding the ensuing maturity of the bond advising them to provide a Letter of Acquaintance, confirming the NEFT account details, etc.
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If everything is in order, the investor has to be paid immediately on the maturity date for payments through electronic mode and within maximum five days for any payment through physical instruments.
Yes, the Scheme provides the appellate mechanism for the complainant as well as the NBFC.
Any person aggrieved by an Award issued under Clause 12 or by the decision of the NBFC Ombudsman rejecting the complaint for the reasons specified in sub-clause (c) to (f) of Clause 13 of the Scheme, can approach the Appellate Authority.
The Appellate Authority is vested with a Deputy Governor-in-Charge of the department of the RBI implementing the Scheme. The address of the Appellate Authority is :
The Appellate Authority
Ombudsman Scheme for Non-Banking Financial Companies
Consumer Education and Protection Department
Reserve Bank of India
First Floor, Amar Building
Fort, Mumbai 400 001.
The complainant also has the option to explore other recourse and/or remedies available as per the law.
(Please refer to the answer to the Question No. 8 above)
A. At the time of entering into a sell/buy swap with RBI A bank enters into a swap deal with RBI for a swap tenor for 1235 days on 19 September 2013. |
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Near/Spot leg |
23 Sep 2013 |
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Far Leg (Spot leg plus tenor of 1235 days) |
09 Feb 2017 |
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Near leg (Buy for RBI) |
Far Leg (Sell for RBI) |
Value Dates |
23 Sep 2013 |
09 Feb 2017 |
Swap Amount (Principal) |
USD 1 million |
USD 1 million |
USD-INR Rates |
62.6390 |
70.4419* |
* Computed by compounding the near leg rate of 62.6390 at 3.5 per cent semi-annually for the tenor of the swap, i.e. 1235 days. Transaction with RBI: On September 19, 2013, the bank will enter into a sell/buy swap with RBI for USD one million at 62.6390/70.4419. The sell leg is undertaken at that day’s RBI reference rate. B. At the time of cancellation/ termination of the swap consequent upon premature withdrawal of the underlying FCNR (B) deposits If the swap is terminated after 756 days, the residual tenor of the swap would stand at 479 days. The swap cost would be re-fixed as under: Revised swap cost to be applied for the completed tenor of the swap (756 days) would be equal to 14.9 % (3.5%+4.0%+7.4%). It is assumed that the prevailing USDINR swap rate for residual tenor of 469 days at the time of cancellation is 7.4%. The revised swap cost would be adjusted in the first leg of the new swap transaction (buy/sell) to be undertaken by the bank with RBI. |
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New Swap to be undertaken at the time of cancellation of existing swap |
Near leg (Sell for RBI) |
Far Leg (Buy for RBI) |
Value Dates |
19 Oct 2015 |
09 Feb 2017 |
Rates |
84.3561 |
70.4419 |
Transaction with RBI: On October 15, 2015, the bank will enter into a buy/sell swap with RBI for USD one million at 84.3561/70.4419. |
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Ans. Yes, under intimation to Reserve Bank, FED, CO Cell, Sansad Marg, New Delhi 110 001.
1 7.1.5. Issuance of non-credit products shall be with full consent of the borrowers and fee structure for such products shall be explicitly communicated to the borrower in the loan card itself.
2 in their offices, on their websites as part of Fair Practices Code and in the loan card issued to the borrower
3 7.1.1 A FPC based on these directions shall be put in place by all REs with the approval of their boards. The FPC shall be displayed by the RE in all its offices and on its website. The FPC should be issued in a language understood by the borrower.
4 2.1 The provisions of these directions shall apply to the following entities:
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All Commercial Banks (including Small Finance Banks, Local Area Banks, and Regional Rural Banks) excluding Payments Banks;
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All Primary (Urban) Co-operative Banks/ State Co-operative Banks/ District Central Co-operative Banks; and
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All Non-Banking Financial Companies (including Microfinance Institutions and Housing Finance Companies).
5 Exemptions from Sections 45-IA3, 45-IB4 and 45-IC5 of the RBI Act, 1934 have been withdrawn for those ‘not for profit’ companies engaged in microfinance activities that have asset size of ₹100 crore and above.
These FAQs are issued by the Reserve Bank of India (hereinafter referred to as “Bank”) for information and general guidance purposes only. The Bank will not be held responsible for actions taken and / or decisions made on the basis of the same. For clarifications or interpretations, if any, one may be guided by the relevant circulars, guidelines and notifications issued from time to time by the Bank.
Response
Banks should offer the ATM Debit Cards free of charge and no Annual fee should be levied on such Cards.
ಭಾರತೀಯ ರಿಸರ್ವ್ ಬ್ಯಾಂಕ್ ಮೊಬೈಲ್ ಅಪ್ಲಿಕೇಶನ್ ಅನ್ನು ಇನ್ಸ್ಟಾಲ್ ಮಾಡಿ ಮತ್ತು ಇತ್ತೀಚಿನ ಸುದ್ದಿಗಳಿಗೆ ತ್ವರಿತ ಅಕ್ಸೆಸ್ ಪಡೆಯಿರಿ!
