Answer: The AD bank approaching RBI for seeking approval for opening of Special Rupee Vostro Account must submit the following information along with their proposal/request:

1. The details of the arrangement between AD bank and correspondent bank from the trading partner country along with the funds flow.

2. A brief write-up on the foreign banks seeking correspondent relationship for Special Rupee Vostro Account.

3. Copy of the request letter of the correspondent bank to AD bank.

4. Confirmation from AD bank that the due diligence has been carried out by AD bank which establishes correspondent banking relationship as per our extant guidelines {Master Direction - Know Your Customer (KYC) Direction, 2016 dated Feb 25, 2016) (As amended from time to time)}.

5. Confirmation from AD bank stating that the correspondent bank is not from a country or jurisdiction in the updated FATF Public Statement on High Risk & Non-Co-operative jurisdictions on which FATF has called for counter measures.

6. Confirmation from AD bank that they shall ensure that all the transactions taking place in the Special Rupee Vostro Account of the correspondent bank are strictly in adherence to the instructions given in the A.P. (DIR Series) Circular No. 10 dated July 11, 2022.

7. Financial parameters pertaining to the correspondent bank as required for the proposal may be obtained beforehand by email to fedcotrade@rbi.org.in and the same may be furnished by AD bank along with the proposal.

Ans. AD will be guided by the nature of transaction as declared by the remitter in Form A2 and will thereafter certify that the remittance is in conformity with the instructions issued by the Reserve Bank in this regard from time to time. However, the ultimate responsibility is of the remitter to ensure compliance to the extant FEMA rules/regulations.

Ans: A card can be dipped (Chip based card), tapped (Contactless Near Field Communication {NFC} Card) or swiped (Magnetic-Stripe card) at a PoS terminal.

Ans: The insurance charges shall be included in the computation of APR only for the insurance which is linked/integrated in loan products as these charges are intrinsic to the nature of such digital loans.

Ans: The treatment in clause 36 is only to facilitate transfer of loans where due to operational or other constraints, the transferee does not conduct a loan level due diligence. This is without prejudice to the requirement under Clause 46 to apply prudential norms at the individual loan level.

Ans: Answers as given in Q 1 and Q 3.

Ans: No.

Ans. Along with the application in the prescribed format, the applicant may also furnish the details as per the Annexures- relating to Foreign Direct Investment, External Commercial Borrowings, Overseas Direct Investment and Branch Office / Liaison Office, as applicable, (Annexures available in the Directions – Compounding of contraventions under FEMA, 1999, as mentioned in answer to Q. 4 above) along with an undertaking that they are not under investigation of DOE,., a cancelled cheque copy, a copy of the Memorandum of Association while applying for compounding of contraventions under FEMA, 1999. Application submitted to the Reserve Bank must contain contact details i.e., name of the applicant / authorised official or representative of the applicant, telephone/ mobile number and email ID.

Ans. Provisions related to penalty are contained in paragraph 15 of these Directions. The detailed procedure for premature withdrawal including partial premature withdrawal are determined by the banks in terms of their comprehensive Board approved policy.

Yes, instructions have been issued by RBI to pension disbursing banks to allow withdrawal of pension by following certain procedures which are given below:

Withdrawal of pension by old/ sick/ disabled/ incapacitated pensioners

(i) In order to take care of problems/ difficulties faced by sick and disabled pensioners in withdrawal of pension / family pension from the banks, agency banks may categorise such pensioners as under:

(a) Pensioner who is too ill to sign a cheque / unable to be physically present in the bank.

(b) Pensioner who is not only unable to be physically present in the bank but also not even able to put his/her thumb impression on the cheque/ withdrawal form due to certain physical defect / incapacity.

(ii) With a view to enabling such old/sick/incapacitated pensioners to operate their accounts, banks may follow the procedure as under:

(a) Wherever thumb or toe impression of the old/sick pensioner is obtained, it should be identified by two independent witnesses known to the bank, one of whom should be a responsible bank official.

(b) Where the pensioner cannot even put his/her thumb/ toe impression and also would not be able to be physically present in the bank, a mark can be obtained on the cheque/withdrawal form, which should be identified by two independent witnesses, one of whom should be a responsible bank official.

The responsible bank official has to be from the same bank, preferably from the same branch, where the pensioner is having his/her pension account.

Agency banks have been asked to display the instructions issued in this regard on their notice board at the branches so that sick and disabled pensioners can make full use of these facilities.

Ans: In terms of revised Master Directions, banks are not required to submit such certificates / Flash Reports to RBI.

उत्तर: म्युचुअल फंड कंपनियां प्रत्येक वर्ष 15 जुलाई या उससे पहले प्रश्नावली-4 (Excel प्रारूप) के माध्यम से अपनी प्रतिक्रिया प्रस्तुत कर सकती हैं।

RB-IOS, 2021 has simplified the processes, centralized the receipt of physical and email complaints, brought more REs under its ambit, done away with limited grounds of complaints and difference jurisdictions of Ombudsmen and now all complaints involving deficiency in service are covered under RB-IOS. Complainants can lodge their complaints against an RE on the 24x7 online CMS portal at https://cms.rbi.org.in/ or send their complaint in email/physical form to CRPC (refer Question 16). Salient benefits for the complainant arising from the RB-IOS with upgraded CMS portal are as under:

1. Simplification in the process of filing the complaint on CMS portal;

2. A complaint can be filed on CMS portal/ CRPC from anywhere in the country irrespective of the address of the complainant, RE or branch involved;

3. One address and one email for lodging of physical/ email complaints from anywhere in the country;

4. Automatic acknowledgement to the complainant on registration of online complaint;

5. Facility for real-time tracking of the status of complaint;

6. Convenience from ‘One Nation One Ombudsman’ approach;

7. Facility for online submission of additional documents on the CMS itself;

8. Detailed letter intimating decision/ closure of complaint;

9. Facility for online and voluntary feedback submission by the complainant regarding redress provided by RBI.

Ans. In case a customer does not possess an OVD, he can still open a ‘Small Account’ with a bank. For the purpose, the bank shall obtain a self-attested photograph from the customer and the designated officer of the bank certifies under his signature that the person opening the account has affixed his signature or thumb impression in his presence. The Small Account shall remain operational initially for a period of twelve months and is subject to conditions as given under paragraph 23 of the Master Direction on KYC.

Ans: No. Even if a company’s account closing period is different from reference period (end-March), the ITES survey information should be reported for the survey reference period, based on the company’s internal assessment.

Yes. REs may formulate an appropriate Board approved policy and adopt a suitable structure of penal charges that is ‘reasonable’ and ‘commensurate’ with the non-compliance of material terms and conditions of the loan contract.

Ans: It is clarified that the circular covers all equated installment based personal loans, irrespective of whether they are linked to an external benchmark or an internal benchmark.

In case of any specific complaint against any bank relating to deficiency in service pertaining to education loan, the same can be filed with the bank concerned. If there is no response to the complaint within one month or non-satisfactory response from the bank, the complaint may be filed under ‘The Reserve Bank - Integrated Ombudsman Scheme, 2021’. Complaints can be filed online through Complaint Management System (CMS) portal of the RBI, at https://cms.rbi.org.in. Complaints can also be filed through the dedicated e-mail or sent in physical mode to the ‘Centralised Receipt and Processing Centre’ set up at Reserve Bank of India, 4th Floor, Sector 17, Chandigarh – 160017, as per the Format provided in the Scheme.

ಉತ್ತರ. ಎಎಟಿಎಮ್ /ಎಟಿಎಮ್ ಕಮ್ ಡೆಬಿಟ್ ಕಾರ್ಡ್ಗಳು,ಕ್ರೆಡಿಟ್ ಕಾರ್ಡ್ಗಳು ಹಾಗೂ ಪ್ರಿಪೇಯ್ಡ್ ಕಾರ್ಡ್ಗಳನ್ನು , ನೀಡಿಕೆದಾರರು ಅನುಮತಿಸಿದಂತೆ ,ವಿವಿಧ ವಹಿವಾಟುಗಳಿಗಾಗಿ ಎಟಿಎಮ್ಗಳು /ಡಬ್ಲ್ಯೂಎಲ್ಎಗಳಲ್ಲಿ ಬಳಸಬಹುದು .