Ans: While the Guidelines mandate the REs accepting DLG cover to have a Board approved policy in place, the REs acting as DLG providers shall also put in place Board approved policy as a prudent measure.

Ans: If the remitting customer maintains an account with a bank branch in India, there is no need for any additional information, documents or identification. Else, the remitter has to submit documents for proof of identification such as Passport / Permanent Account Number / Driving License / Telephone Bill / Certificate of Identification issued by his employer with photograph and other details. The information will be captured in the NEFT system as part of compliance with Know Your Customer (KYC) requirements. Complete address and telephone / mobile number of the beneficiary in Nepal will also be required.

Ans. The circular does not prescribe any instructions with respect to SWIFT message formats.

1. Yes, the green activities/ projects financed under the framework can be classified under priority sector if they meet the requirements laid down in priority sector lending (PSL) guidelines of RBI [Master Directions FIDD.CO.Plan.BC.5/04.09.01/2020-21 dated September 04, 2020] as amended from time to time.

2. As the activities/ projects listed in the framework are the same as indicated in Sovereign Green Bonds (SGrBs) framework, investment by REs in SGrBs are covered under the framework.

Answer: The RBI has published an Alert List containing names of entities neither authorised as ‘authorised persons’ to deal in forex under the FEMA, 1999 nor authorised to operate ETPs under the Electronic Trading Platforms (Reserve Bank) Directions, 2018. The Alert List also contains names of entities/platforms/websites which appear to be promoting unauthorised entities/ETPs, including through advertisements of such unauthorised entities or claiming to be providing training/advisory services. The Alert List is not exhaustive and is based on what was known to RBI at the time of publication. An entity not appearing in the Alert List should not be assumed to be authorised by the RBI. The authorisation status of any person / ETP can be ascertained from the list of authorised persons and authorised ETPs.

Ans. The customer need not pay any charges for availing this service.

The Circular does not prohibit an audit firm from doing audit of any Company/Entity with Large Exposure to the Entity from being appointed as SCA/SA of the Entity. It only stipulates that this aspect should also be explicitly factored while assessing independence of the auditor. In this regard, the Board/ACB/LMC shall see that there is no conflict of interest and the independence of auditors is ensured.

In terms of RBI circular RPCD. MSME&NFS.BC.No.46/06.12.05/2012-13 dated November 09, 2012, banks have been advised not to reject any education loan application for reasons that the residence of the borrower does not fall under the bank's service area.

Ans: In case of floating rate loans, APR may be disclosed at the time of origination based on the prevailing rate as per the format of KFS. However, as and when the floating rate changes, only the revised APR may be disclosed to the customer via SMS/ e-mail each time the revised APR becomes applicable.

Ans: Ideally, the gap between time of transfer and due-diligence cut-off date should be minimal and the board approved policy should strive to ensure that. However, to account for such scenario and to ensure strict compliance with the stipulation that no loans in default is transferred under provisions of chapter III, lenders are advised to formulate a board approved policy covering all pertinent aspects.