One can file a complaint with the Ombudsman by writing on a plain paper and sending it to the concerned office of the Ombudsman by post/fax/hand delivery. One can also file it by email to the Ombudsman for Digital Transactions. (For contact details please click here) A complaint form along with the scheme is also available on RBI's website, though, it is not mandatory to use this format.

Ans. The remitting bank should ensure that LEI information for both sender and beneficiary is captured. Any inward transaction with inappropriate or no LEI should not be rejected by beneficiary bank. However, post-credit, both remitting and beneficiary banks should maintain valid and verified LEI information for all payment transactions of ₹50 crore and above.

Ans. Yes. The merchant is required to provide a printed receipt generated by the PoS terminal. In case the facility is availed along with the purchase of merchandise, the receipt generated shall separately indicate the amount of cash withdrawn.

The facility is no longer available to Resident Indians as the grace period has expired on March 31, 2017 except for the confiscated specified banknotes as per the Specified Bank Notes (Deposit of Confiscated Notes) Rules 2017 notified by GoI on May 12, 2017.

The Resolution Framework may be invoked for resolution of all exposures of lending institutions to eligible borrowers, including investment exposures. However, the Resolution Framework is without prejudice to all applicable guidelines issued by the relevant financial sector regulators and other Departments of the RBI in respect of any particular exposure.

Response: No, card-issuers shall not capitalize i.e., levy interest or any other charges, on the unpaid taxes/levies/charges. As the provision contained under para 9(b)(ii) of the MD became effective from October 01, 2022, card-issuers shall not capitalize unpaid taxes/levies/charges that have been billed from October 01, 2022.

ANS:

In the case of a bank under liquidation, the depositor has to approach the Liquidator of the bank for claim and the Liquidator would settle the claim as per the following procedure

Scenario 1: Claim on deposits covered by DICGC - If the deposits of a customer/depositor were covered by DICGC insurance at the time of transfer to the DEA Fund, then the Liquidator can claim an amount equivalent to what could have been claimed from DICGC (i.e., currently up to ₹5 lakh including accrued interest, if applicable, in same right and capacity^[1]), and then make payment to the depositor. If the above deposit amount is more than the insurance cover of DICGC, then the Liquidator shall claim the amount in excess of DICGC insurance cover (i.e., over and above the ₹5 lakh) only on reimbursement basis. (i.e., the Liquidator will pay such amount to the depositor subject to meeting all the applicable requirements and thereafter submit a claim to DEA Fund for reimbursement)

Illustration 1: A customer/depositor had a deposit claim of ₹4 lakh in a bank (including accrued interest), which is now under liquidation. The deposit was insured by DICGC at the time when the said unclaimed deposit was transferred to the DEA Fund. Now, if he/she claims the same during the liquidation process, the following steps shall be followed:

1. The customer/depositor/ legal heir submits a claim for his/her deposit to the Liquidator.
2. Liquidator raises an equivalent claim of ₹4 lakh from DEA Fund along with necessary supporting documents.
3. DEA Fund will pay an amount equal to the insured deposit to the Liquidator. (In this case, i.e., ₹4 lakh, since DICGC insurance cover is available up to ₹5 lakh).
4. The Liquidator, after receiving the amount from the DEA Fund, will pay to the customer/depositor i.e., ₹4 lakh.

Illustration 2: A customer/depositor had a deposit claim of ₹6 lakh in a bank (including accrued interest), which is now under liquidation. The deposit was insured by DICGC at the time when the unclaimed deposit of his/her was transferred to the DEA Fund. Now, if he/she claims the same during the liquidation process, the following steps shall be followed:

1. The customer/depositor/legal heir submits a claim for his/her deposit to the Liquidator.
2. Liquidator raises an equivalent claim of ₹6 lakh from DEA Fund, along with necessary supporting documents.
3. DEA Fund will pay only an amount equal to the insured deposit to the Liquidator. (In this case, i.e., ₹5 lakh, since DICGC insurance cover is available up to ₹5 lakh).
4. For the remaining amount (i.e., ₹1 lakh) the Liquidator shall make the payment to depositor subject to meeting all the applicable requirements and then claim for the same from DEA Fund by way of reimbursement.

Scenario 2: Claim on deposits not covered by DICGC: In respect of deposits not covered by DICGC^[2] at the time of transfer to DEA Fund, the payment to the Liquidator by DEA Fund shall be made only on reimbursement basis (i.e., the Liquidator can only seek as a reimbursement after settling the amount to the customer/ depositor) as mentioned in Illustration 2(iv) above.

No. The requirement is that not less than 51 per cent of the voting equity shares of the NOFHC shall be held by companies in the Promoter Group, in which the public hold not less than 51 percent of the voting equity of such companies. If 10 independent individuals form a Group, then such a Group cannot satisfy the above criteria laid down for holding the NOFHC. Additionally, such newly formed Promoter Group would not be able to meet one of the ‘Fit and Proper’ criteria, which requires Promoters/Promoter Groups to have a successful track record of running their business for at least 10 years. Essentially, the intention is that existing groups should set up banks and not groups set up for this purpose. However, it is clarified that individuals belonging to the Promoter Group can participate in the voting equity shares of NOFHC. While any such individual along with his relatives (as defined in Section 6 of the Companies Act 1956) and along with entities in which he and / or his relatives hold not less than 50 per cent of the voting equity shares, can hold voting equity shares not exceeding 10 per cent of the total voting equity shares of the NOFHC, all such individuals (along with their relatives and companies as specified above) irrespective of their numbers, cannot hold more than 49 per cent of the voting equity shares of the NOFHC (since the companies forming part of the Promoter Group whereof companies in which the public hold not less than 51 per cent of the voting equity shares shall hold not less than 51 per cent of the total voting equity shares of the NOFHC).[ para 2 ( C ) (ii) (a) and (b) of the guidelines]

The application form will be provided by the issuing banks/SHCIL offices/designated Post Offices/agents. It can also be downloaded from the RBI’s website. Banks may also provide online application facility.

Ans. Yes, it is mandatory for the resident individual to provide his/her Permanent Account Number (PAN) for all transactions under LRS made through Authorized Persons.