The age-limit in para 2.4 of the aforesaid circular was given with the objective of ensuring that the responsibilities associated with CCO are treated as a specialised and core function. Keeping in view the above principle, if a person identified as CCO is above the age of 55 years, however, she/he has had continuous association with the compliance function either as CCO or otherwise, the age limit of 55 years may be taken as the date from when the continuous association with the compliance function started for the identified CCO. Illustratively, if a person identified for CCO role has age more than 55 years but she/he has been continuously associated with the compliance function prior to completing the age of 55 years, the person would be eligible for such appointment.

All the farm credit exposures of all lending institutions, including NBFCs, of the nature listed in Paragraph 6.1 of Master Direction FIDD.CO.Plan.1/04.09.01/2016-17 dated July 7, 2016 (as updated), except for loans to allied activities, viz., dairy, fishery, animal husbandry, poultry, bee-keeping and sericulture are excluded from the scope of the Resolution Framework. Subject to the above, loans given to farmer households would be eligible for resolution under the Resolution Framework if they do not meet any other conditions for exclusions listed in the Resolution Framework.

ಇಲ್ಲ. 'ನೋ-ಫ್ರಿಲ್ಸ್' ಖಾತೆಗಳ ಮೇಲೆ ನವೆಂಬರ್ 11, 2005ರ ಸುತ್ತೋಲೆ ಸಂಖ್ಯೆ DBOD.No.Leg BC.44/09.07.005/2005-06ರಲ್ಲಿರುವ ಸೂಚನೆಗಳನ್ನು ರದ್ದುಗೊಳಿಸಿ, ಬ್ಯಾಂಕುಗಳು ತಮ್ಮ ಎಲ್ಲಾ ಗ್ರಾಹಕರಿಗೆ ’ ಬೇಸಿಕ್ ಸೇವಿಂಗ್ಸ್ ಬ್ಯಾಂಕ್ ಡಿಪೋಸಿಟ್ ಅಕೌಂಟ್ ’ನ್ನು ಅಲ್ಲಿ ನಮೂದಿಸಲಾದಕನಿಷ್ಠ ಸಾಮಾನ್ಯ ಸೌಲಭ್ಯಗಳೊಂದಿಗೆ ನೀಡಬೇಕೆಂದು ಆಗಸ್ಟ್ 10, 2012ರ DBOD.No.Leg.BC.35/09.07.005/20012-13 ಸುತ್ತೋಲೆಯಲ್ಲಿ ಆದೇಶಿಸಲಾಗಿದೆ. ಬ್ಯಾಂಕುಗಳು ಈಗಿರುವ ’ ನೋ-ಫ್ರಿಲ್ಸ್’ ಖಾತೆಗಳನ್ನು ’ ಬೇಸಿಕ್ ಸೇವಿಂಗ್ಸ್ ಬ್ಯಾಂಕ್ ಡಿಪೋಸಿಟ್ ಅಕೌಂಟ್ಸ್’’ಗಳಾಗಿ ಪರಿವರ್ತಿಸಬೇಕಾಗಿದೆ.

Response

No. In supersession of instructions contained in circular RPCD.RF.BC.54/07.38.01/2005-06 dated December 13, 2005 and RPCD.CO.No.RRB.BC.58/03.05.33(F)/2005-06 dated December 27, 2005 on No Frill accounts, banks have now been advised to offer a 'Basic Savings Bank Deposit Account' to all their customers vide RPCD.CO.RRB.RCB.BC.No.24/07.38.01/2012-13 dated August 22, 2012 which will offer minimum common facilities as stated therein. Banks are required to convert the existing 'no-frills' accounts’ into 'Basic Savings Bank Deposit Accounts'.

Response: Yes, paragraphs 7(b) and 7(c) of the MD have enabled issuance of various types of credit cards which can be customized to access the limits available in different loan accounts, duly aligned to the terms and conditions stipulated for the concerned loan account. For example, a customer availing an overdraft facility from a bank can be issued a type of credit card to access the funds available under the facility. The terms of usage of this credit card (interest charged, repayment schedule, penalty, cash withdrawal limit etc.,) shall correspond to the terms and conditions applicable to the overdraft facility.

Further, para 7(c) provides adequate flexibility to the card-issuers to design Business Credit Cards as envisaged in their Credit Card policy. However, it may be noted that banks cannot issue debit cards to cash credit/loan accounts

ANS: The amounts credited to the DEA Fund are the credit balances in any deposit account maintained with banks (Commercial Banks, Co-operative Banks), which have not been operated upon for 10 years or more by the depositor, or any amount remaining unclaimed for 10 years or more, and includes the following:
(a) savings bank deposit accounts;
(b) fixed or term deposit accounts;
(c) cumulative/recurring deposit accounts;
(d) current deposit accounts;
(e) other deposit accounts in any form or with any name;
(f) cash credit accounts;
(g) loan accounts after due appropriation by the banks;
(h) margin money against issue of Letter of Credit/Guarantee etc., or any security deposit;
(i) outstanding telegraphic transfers, mail transfers, demand drafts, pay orders, bankers cheques, sundry deposit
accounts, vostro accounts, inter-bank clearing adjustments, unadjusted National Electronic Funds Transfer (NEFT) credit balances and other such transitory accounts, unreconciled credit balances on account of Automated Teller Machine (ATM) transactions, etc.;
(j) undrawn balance amounts remaining in any prepaid card issued by banks but not amounts outstanding against travellers cheques or other similar instruments, which have no maturity period;
(k) rupee proceeds of foreign currency deposits held by banks after conversion of foreign currency to rupees in accordance with extant foreign exchange regulations; and
(l) such other amounts as may be specified by the Reserve Bank from time to time.

ANS: No. As on March 4, 2024, there are 30 banks, which are part of UDGAM portal, and they cover around 90% of unclaimed deposits (in value terms) in Depositor Education and Awareness (DEA) Fund of RBI. The list of these banks is available on home page of UDGAM (https://udgam.rbi.org.in/unclaimed-deposits/#/login) and in the RBI Press Release dated October 5, 2023 (https://rbi.org.in/en/web/rbi/-/press-releases/money-market-operations-as-on-december-15-2023). The remaining banks are in the process of getting on-boarded.

Ans. Under scale-based regulations (SBR) for NBFCs, an NBFC-IFC can be in the middle layer or the upper layer (and not in the base layer), as the case may be. Depending on the layer under which an NBFC-IFC is placed, the exposure limits are given below:

	Exposure limits for the NBFC- IFCs in the middle layer (as a % of Tier 1 capital)	Exposure limits for NBFC-IFCs in the upper layer as per large exposure framework (as % of eligible capital base)
Single borrower	30%	25% (additional 5% with Board approval)
Single group of borrowers	50%	35%

Ans. The remittance facility under the Scheme is not available for the following:

1. Remittance for any purpose specifically prohibited under Schedule-I (like purchase of lottery tickets/sweep stakes, proscribed magazines, etc.) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000.

2. Remittance from India for margins or margin calls to overseas exchanges / overseas counterparty.

3. Remittances for purchase of FCCBs issued by Indian companies in the overseas secondary market.

4. Remittance for trading in foreign exchange abroad.

5. Capital account remittances, directly or indirectly, to countries identified by the Financial Action Task Force (FATF) as “non- cooperative countries and territories”, from time to time.

6. Remittances directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks.

7. Gifting by a resident to another resident, in foreign currency, for the credit of the latter’s foreign currency account held abroad under LRS.

The quantity of gold for which the investor pays is protected, since he receives the ongoing market price at the time of redemption/ premature redemption. The SGB offers a superior alternative to holding gold in physical form. The risks and costs of storage are eliminated. Investors are assured of the market value of gold at the time of maturity and periodical interest. SGB is free from issues like making charges and purity in the case of gold in jewellery form. The bonds are held in the books of the RBI or in demat form eliminating risk of loss of scrip etc.

Ans: No, the assets possessed and already sold under SARFAESI Act, 2002 need not be displayed on the website.

The secured assets possessed by the REs shall be removed from the website in the event of the following circumstances:

(i) When the secured asset is sold; or

(ii) When the secured creditor receives the outstanding amount (which includes the principal, interest and any other dues payable by the borrower to the secured creditor) or after payment of the agreed settlement amount from the borrower.

Ans.: The survey is conducted annually.

Currently, participating banks in India for receiving remittances through the UPI-PayNow linkage are:

• Axis Bank

• DBS Bank India

• ICICI Bank

• Indian Bank

• Indian Overseas Bank

• State Bank of India

It is a policy adopted by RBI to ensure availability of good quality banknotes to the members of public.

Ans: The cap is applicable on the total amount disbursed out of the DLG set at any given time (read with answer to Q.1 above). Kindly see illustrations at the end.

Ans: One can remit upto ₹2 lakhs per transaction to the beneficiary residing in Nepal; provided the sender maintains account with any NEFT enabled bank branch in India.

Walk-in / Non-customer can remit upto ₹50,000 per transaction to Nepal residing beneficiary.

Ans. As regards the non-resident counterparty/ overseas entities, AD bank may be guided by the instructions contained in paragraph 2 of the circular.

(a) The extant guidelines as detailed below do not permit REs to offer differential rate of interest on green deposits:

• Master Direction - Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 dated March 03, 2016;

• Master Direction - Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016 dated August 25, 2016; and

• Master Direction - Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021 dated February 17, 2021.

(b) The REs shall pay interest on green deposits to their customers as per agreed terms and conditions and aforesaid directions irrespective of allocation/ utilisation of proceeds.

(c) There is no restriction on premature withdrawal of green deposits, however, the REs, shall adhere to the extant guidelines referred to above. Further, premature withdrawal would not have any bearing on the activities/ projects undertaken using the proceeds of green deposits.

Answer: An authorised person is an entity authorised by the Reserve Bank of India to deal in forex. It can be an authorised dealer, money changer, off-shore banking unit or any other person for the time being authorised under Sub-Section (1) of Section 10 of FEMA. The list of authorised persons is available here.

No. Model Education Loan Scheme, 2021 is currently applicable to Scheduled Commercial Banks (SCBs) only. The list of SCBs is available here.