Banks can grant fixed rate loans to long term projects wherein the interest rate are fixed till the loan is due for refinancing. The loan, at the time of refinancing, will be treated as a fresh fixed rate loan with a maturity period equal to the period upto the next date of refinancing. Such fixed rate loans will fall under the directions contained in Section 13(d)(v) of Reserve Bank of India (Interest Rate on Advances) Directions, 2016.

One's complaint will not be considered under the following circumstances :If the NBFC against whom the complaint is registered, is not covered under the Scheme.If one has not approached the NBFC concerned in the first instance for redressal of the grievance.If the subject matter of the complaint is not pertaining to the grounds of complaint specified under Clause 8 of the Scheme.If one has not made the complaint within one year from the date of receipt of reply from the NBFC; or if no reply is received, and the complaint to NBFC Ombudsman is made after the lapse of more than one year and one month from the date of complaint to the NBFC.If the subject matter of the complaint is pending for disposal/ has already been dealt with at any other forum like court of law, consumer court etc.If the complaint is for the same subject matter that was settled through the office of the NBFC Ombudsman in any previous proceedings.If the complaint is frivolous or vexatious.

Ans. Non-banks increasingly and actively offer financial services and direct access to CPS can enable them to leverage technology and offer more choices to their consumers.

Apart from managing settlement risk in payments landscape, expanding access and participation of non-banks is a progressive move and leads to diversity and resiliency of the payments ecosystem.

As indicated above, the payment data sent abroad for processing should be deleted abroad within the prescribed time line and stored only in India. The data stored in India can be accessed / fetched for handling customer disputes whenever required.

Yes, upon buy back of the assets under the PCG scheme, the originating NBFC/ HFC will be required to maintain capital for the re-purchased assets as per the capital requirements prescribed for NBFCs/HFCs by the Bank.

Ans. Broadly, following steps take place during financing / discounting through TReDS:

1. Creation of a Factoring Unit (FU) - standard nomenclature used in TReDS for invoice(s) or bill(s) of exchange - containing details of invoices / bills of exchange (evidencing sale of goods / services by the MSME sellers to the buyers) on TReDS platform by the MSME seller (in case of factoring) or the buyer (in case of reverse factoring);

2. Acceptance of the FU by the counterparty - buyer or the seller, as the case may be;

3. Bidding by financiers;

4. Selection of best bid by the seller or the buyer, as the case may be;

5. Payment made by the financier (of the selected bid) to the MSME seller at the agreed rate of financing / discounting;

6. Payment by the buyer to the financier on the due date.

In view of the difficulties expressed by banks, they may follow the indicated processes for selection of CCO in the above circular within a period of nine months from the date of the circular viz. September 11, 2020 and are free to reappoint the current incumbent as the CCO if she/he meets the requirements.

One's complaint will not be considered under the following circumstances:If the System Participant against whom the complaint is registered, is not covered under the Scheme.If one has not approached the System Participant concerned in the first instance for redressal of the grievance.If the subject matter of the complaint is not pertaining to the grounds of complaint specified under Clause 8 of the Scheme.If one has not made the complaint within one year from the date of receipt of reply from the System Participant; or if no reply is received, and the complaint to the Ombudsman is made after the lapse of more than one year and one month from the date of complaint to the System Participant. In exceptional circumstances as decided by the Ombudsman, a complaint made after the period mentioned above may be accepted by the Ombudsman, provided the complaint is made before the expiry of the period of limitation prescribed under the Indian Limitation Act, 1963 for such claims.If the subject matter of the complaint is pending for disposal / has already been dealt with at any other forum like court of law, consumer court etc.If the complaint is for the same subject matter that was settled through the office of the Ombudsman in any previous proceedings.If the complaint is frivolous or vexatious.The complaint falls under the disputes covered under Section 24 of the Payment and Settlement Systems Act, 2007.The complaint pertains to dispute arising from a transaction between customers.

Ans. No. The facility is available irrespective of whether the card holder makes a purchase or not.

The definitions of invocation and implementation in respect of eligible personal loans have been given in Paragraphs 7 and 10 respectively of the Annex to the Resolution Framework. In respect of other eligible loans, invocation shall be as per Paragraphs 14 and 15 of the Annex to the Resolution Framework whereas implementation shall have the meaning as per Paragraphs 14-16 of the circular dated June 7, 2019 on Prudential Framework for Resolution of Stressed Assets.