For redressal of grievance, the complainant must first approach the concerned NBFC. If the NBFC does not reply within a period of one month after receipt of the complaint, or the NBFC rejects the complaint, or if the complainant is not satisfied with the reply given by the NBFC, the complainant can file the complaint with the NBFC Ombudsman under whose jurisdiction the branch/ registered office of the NBFC falls.

As and when the bank mobilizes USD one million or more of FCNR (B) deposits, it may approach RBI. Normally, banks may enter into swap transactions with RBI once in a week in consultation with the Financial Markets Department of RBI.

Ans. Yes provided the bank account is re-designated as a BO account.

• Interest will be accrued and compounded in the principal on half-yearly basis and paid along with principal at the time of redemption.

Ans. Direct participation in CPS can reduce delay in execution of funds transfer instructions of non-banks. Further, if there is any impact in the functioning of the bank, it can cause business disruptions for its non-bank customers as well. Such disruptions, even if temporary, can have the potential to spread instability in the system.

Direct participation to CPS will enable access neutrality between banks and non-banks and facilitate better settlement risk management with increased participation of non-banks.

Ans. Yes, for providing a non-microfinance loan to a low-income household (as defined under the directions), it should be ensured that the limit of 50 per cent on monthly loan repayment obligations of a household as a percentage of monthly household income is not breached. In other words, the limit of 50 per cent shall include both microfinance as well as non-microfinance loans.

• There is no bar on processing of payment transactions outside India if so desired by the PSOs. However, the data shall be stored only in India after the processing. The complete end-to-end transaction details should be part of the data.

• In case the processing is done abroad, the data should be deleted from the systems abroad and brought back to India not later than the one business day or 24 hours from payment processing, whichever is earlier. The same should be stored only in India.

• However, any subsequent activity such as settlement processing after payment processing, if done outside India, shall also be undertaken / performed on a near real time basis. The data should be stored only in India.

• In case of any other related processing activity, such as chargeback, etc., the data can be accessed, at any time, from India where it is stored.

Yes, the originating NBFCs/HFCs have the option to buy back their assets after a specified period of 12 months, as a re-purchase transaction on a right of first refusal basis.

Ans. Banks, NBFC - Factors and other financial institutions as permitted by the Reserve Bank of India (RBI), can participate as financiers in TReDS.

In terms of para 2 of the circular, CCO is to be selected through a suitable process with an appropriate ‘Fit and Proper’ evaluation/selection criteria. ‘Fit and Proper’ criteria may be examined and reported from the perspectives of competency, integrity and conflict of interest, among others.