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.

Response: In case a cardholder does not clear the total amount due within the payment due date, interest free credit period will be lost, and interest may be levied from the date of transaction on the outstanding amount (adjusted for payments/refunds/reversed transactions as and when credited) and not on the total amount due. Further, late payment fee and other charges relating to delay in payment shall be levied only on the outstanding amount (adjusted for payments/refunds/reversed transactions as and when credited) after the payment due date and not on the total amount due.

Ans: There is no specific time limit prescribed in the Scheme for claiming a refund from the DEA Fund by the customer/ depositor. However, customer/ depositor or the legal heirs (in case of deceased depositor) are encouraged to claim such amounts as soon as they become aware of unclaimed amounts.

ANS: UDRN is a unique number generated through Core Banking Solution (CBS) by banks and assigned to each Unclaimed account/ deposit transferred to Depositor Education and Awareness (DEA) Fund of RBI. This number is used so that the account holder or the bank branch where account is maintained, cannot be identified by any third party. The UDRN enables the bank branches to seamlessly settle claims received from the customers/depositors, who have made successful search in UDGAM portal. All the 30 banks on-boarded to the UDGAM portal have put in place necessary requirements to generate UDRN during the development of the portal.

Yes.  Relief/Savings Bonds are also Government securities. They are issued in the form of Stock Certificate and BLA by the RBI and in the form of BLA by the Agency Banks. All the provisions of the G S Act and the G S Regulations apply to them as well. However, Relief/Savings Bonds may have certain features of their own as per the specific Government Loan Notification announcing their issue. For example, Savings Bonds are not transferable except as explained at Question No. 46 below.

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]

Ans:No. The ‘outstanding balance’, ‘asset classification’ and ‘date of asset classification’ of the secured assets possessed under Section 13 (4) of the SARFAESI Act, 2002, shall be as per the information published in the newspapers in terms of Rule 3 (1) or Rule 6 (2) of the Security (Enforcement) Rules of 2002 in case of movable property, and Rule 8 (2) in case of immovable property.

Answer: No. Remittances under LRS can be made only for permissible current and capital account transactions. All other transactions which are otherwise not permissible under FEMA and those in the nature of remittance for margins or margin calls to overseas exchanges / overseas counterparty are not allowed under the Scheme.

Presently, the UPI ID registered with the same bank where account is held can only be used.

Deposit into bank accounts can be made without restrictions subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory / regulatory requirements.

Ans: No.