Ans: Yes, a person who does not have a bank account can remit funds through NEFT to a beneficiary having a bank account, with another NEFT member bank. It can be done by depositing cash at the nearest NEFT enabled branch of any bank, by furnishing additional details such as complete address, telephone number, etc. Such cash remittances will, however, be restricted to a maximum of ₹50,000 per transaction.

One may lodge his/ her complaint with the office of the NBFC Ombudsman under whose jurisdiction, the alleged NBFC branch is situated. (Click here for address and area of operation of the NBFC Ombudsman).

For complaints relating to types of services with centralized operations, complaints may be filed before the NBFC Ombudsman within whose territorial jurisdiction the billing address of the customer is located.

One may lodge complaint with the Office of the Ombudsman for Digital Transactions within whose jurisdiction the branch or office of the System Participant complained against, is located (For jurisdiction of the Ombudsman please click here). For complaint arising out of services with centralized operations, complaints can be filed with the office of the Ombudsman for Digital Transactions within whose territorial jurisdiction the billing / declared address of the customer is located.

• Investors can invest through the authorised banks and Stock Holding Corporation of India (SHCIL).

• They will fill an application form and submit the same along with other documents and payment to the bank.

• On receipt of money, the bank will register the investor on the RBI’s web-based platform (E-Kuber) and on validation, generate the Certificate of Holding.

Ans : Yes, However, the exposure of sponsor NBFCs / IFCs and non-sponsor NBFCs / IFCs to the equity and debt of the IDFs would be governed by the extant credit concentration norms as given in para 18 of the Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.

Yes, foreign exchange earnings received through an international credit card for which reimbursement has been made in foreign exchange may be regarded as remittance through normal banking channel and the same can be credited to the EEFC account.

Ans: Banks can replace the security sold through buy-back route with any other specified security for the amount availed under TLTRO scheme. Banks should ensure that their TLTRO funding should always be backed by specified security till maturity of TLTRO.

No. Timeframe for collection of USD cheques will vary depending on the collection mode. The date of credit to the account of the customer will be reckoned based on the date of credit (value date) to the Nostro Account of collecting banks and the cooling period. The time taken by banks for collection of USD cheques normally ranges from 15 to 30 days and may go up to 45 days depending upon the collection arrangement and place at which the instrument is payable. The diversity in the banking and payment systems in USA and laws governing cheque transactions have a significant bearing on the collection time. Based on the mode of collection, banks have been advised to indicate the period for collection of USD cheques in their USD Cheque Collection Policy. The transit time may be reduced by 2 to 3 days by sending the cheques the same day from branches to centralised pooling branch and centralised pooling branch to Correspondent Banks. However, banks have also been advised to explore using faster methods of realisation such as leveraging on Check-21 facility in the US for saving in transit time.

Yes, subscription to the market instruments in the primary market will be considered to determine exposures beyond NPPL.

In terms of the Specified Bank Notes (Deposit of Confiscated Notes) Rules 2017 notified by GoI on May 12, 2017, where specified bank notes have been confiscated or seized by a law enforcement agencies or produced before a court on or before the 30th day of December 2016, such specified bank notes may be tendered for deposit in a bank account or exchange of the value thereof with legal tender, subject to the following conditions, namely:—

(a) in case confiscated specified bank notes are returned by the court to a person who is a party in case pending before that court, then, the person shall be entitled, on production of the direction of the court, to deposit or exchange such specified bank notes, the serial numbers of which—

(i) have been noted by the law enforcement agency which confiscated or produced them before the court; and

(ii) are mentioned in the direction of the court;

(b) in case specified bank notes are forfeited in favour of the Central Government or the State Government by an order of the court, then, that Government shall be entitled, on production of the direction of the court, to deposit or exchange such specified bank notes; or

(c) in case specified bank notes are placed in custody of any other person by an order of the court on or before the 30th day of December, 2016, then, the person shall be entitled, on production of the direction of the court, to deposit or exchange such specified bank notes, the serial numbers of which—

(i) have been noted by the law enforcement agency which confiscated or produced them before the court; and

(ii) are mentioned in the direction of the court.

These rules do not apply to specified bank notes confiscated or seized after the 30th day of December, 2016.

The RBI Offices where the confiscated Specified Banknotes will be accepted in terms of the Specified Banknotes (Deposit of confiscated Notes) Rules 2017 are:

Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram

Yes, banks have to necessarily approach RBI for cancellation of the swap if the underlying FCNR (B) deposit has been prematurely withdrawn. For the sake of operational and mutual convenience of both RBI and the bank, the cancellation of the swap may be undertaken once a threshold amount of deposits have been prematurely withdrawn. The threshold amount will be decided by RBI and conveyed to the bank at the time of bank approaching the RBI for cancellation of swap.

Ans. Yes, however, BO’s transactions should be restricted to its designated INR account and it should not put any transactions through the agent’s foreign currency account.

Ans. Details of types of membership in RTGS are available in chapter 4 of RTGS System Regulations. The type of membership in RTGS for non-banks PSPs will be decided by Reserve Bank based on the type of transactions they handle.

Ans. The insurance charges included in the factsheet are only for credit linked insurance product as these charges are linked to the microfinance loan. A borrower would not have incurred these charges if he had not taken the loan. The factsheet should contain information related to only pricing of microfinance loans to keep it uncluttered. Disclosures related to other non-credit products should be provided separately from the factsheet as mentioned under para 7.1.5¹ of the directions. All non-credit products (both financial products such as investment products, insurance products etc. as well as non-financial products such as solar lanterns, sewing machines etc.) should be provided only with the explicit consent of the borrower and REs should ensure that there is no direct or indirect linkage between the loan provided to the borrower and other non-credit products. No non-credit product shall be sold as a pre-condition for the loan product. REs should prominently display² that purchase of any non-credit product by the microfinance borrowers is purely on a voluntary basis. Board-approved Fair Practices Code of the REs, as mentioned under para 7.1.1³ of the directions, should also cover this aspect.

Ans. In TReDS, FU can be created either by the MSME seller or the buyer. If MSME seller creates it, the process is called factoring; if the same is created by corporates or other buyers, it is called as reverse factoring.

The System Audit Report (SAR), from a CERT-In empanelled Auditor, should inter-alia include Data Storage, Maintenance of Database, Data Backup Restoration, Data Security, etc.

ಉತ್ತರ.

ಕ್ಲೋಸ್ಡ್ ಸಿಸ್ಟಮ್ ಪಿಪಿಐಗಳು : ಈ ಪಿಪಿಐಗಳನ್ನು ಆ ಘಟಕದಿಂದ ಮಾತ್ರ ಸರಕುಗಳು ಹಾಗೂ ಸೇವೆಗಳನ್ನು ಖರೀದಿಸಲು ಅನುಕೂಲವಾಗುವಂತೆ ಒಂದು ಘಟಕದಿಂದ ನೀಡಲಾಗುತ್ತದೆ ಹಾಗೂ ಹಣ ಹಿಂಪಡೆಯಲು ಅನುಮತಿಸುವುದಿಲ್ಲ . ಈ ಉಪಕರಣಗಳನ್ನು ಮೂರನೇಯ ವ್ಯಕ್ತಿಗಳ ಸೇವೆಗಳಿಗಾಗಿ ಪಾವತಿಸುವುದಕ್ಕಾಗಿ ಅಥವಾ ಹಣ ಸಂದಾಯಕ್ಕಾಗಿ ಬಳಸಲಾಗದ ಕಾರಣ, ಅಂತಹ ಉಪಕರಣಗಳ ನೀಡಿಕೆ ಹಾಗೂ ಕಾರ್ಯಾಚರಣೆಯನ್ನು ಆರ್ಬಿಐ ಅನುಮೋದನೆ/ ಅಧಿಕೃತತೆಯ ಅಗತ್ಯವಿರುವ ಪೇಮೆಂಟ್ ಸಿಸ್ಟಮ್ ಎಂದು ವರ್ಗೀಕರಿಸಲಾಗಿಲ್ಲ.

ಸೆಮಿ- ಕ್ಲೋಸ್ಡ್ ಸಿಸ್ಟಮ್ ಪಿಪಿಐಗಳು: ಈ ಪಿಪಿಐಗಳನ್ನು ಬ್ಯಾಂಕುಗಳು [ಆರಬಿಐನಿಂದ ಅನುಮೋದಿತ] ಹಾಗೂ ಬ್ಯಾಂಕೇತರರು[ ಆರ್ಬಿಐನಿಂದ ಅಧಿಕೃತ ಅಧಿಕಾರ ಪಡೆದ ] ಹಣಕಾಸು ಸೇವೆಗಳು,ಹಣ ರವಾನೆ ಸೌಲಭ್ಯಗಳು, ಮುಂತಾದವುಗಳನ್ನೊಳಗೊಂಡು , ಸರಕುಗಳು ಹಾಗೂ ಸೇವೆಗಳನ್ನು ಖರೀದಿಸುವುದಕ್ಕಾಗಿ,ಸ್ಪಷ್ಟವಾಗಿ ಗುರುತಿಸಲಾದ ವ್ಯಾಪಾರ ಸ್ಥಳಗಳು/ಸಂಸ್ಥೆಗಳ ಸಮೂಹದಲ್ಲಿ ನೀಡಲಾಗುತ್ತದೆ, ಪಿಪಿಐಗಳನ್ನು ಪಾವತಿ ಉಪಕರಣಗಳಂತೆ ಸ್ವೀಕರಿಸಲು ನೀಡಿಕೆದಾರರೊಂದಿಗೆ [ ಅಥವಾ ಪೇಮೆಂಟ್ ಎಗ್ರಿಗೇಟರ್/ಪೇಮೆಂಟ್ ಗೇಟ್ವೇ ಮೂಲಕ ಒಪ್ಪಂದ ]ನಿರ್ದಿಷ್ಟ ಒಪ್ಪಂದವನ್ನು ಹೊಂದಿರುತ್ತದೆ. ಈ ಉಪಕರಣಗಳನ್ನು ಬ್ಯಾಂಕುಗಳು ಅಥವಾ ಬ್ಯಾಂಕೇತರರು ನೀಡಿರುವುದನ್ನು ಪರಿಗಣಿಸದೇ ನಗದು ಹಿಂಪಡೆಯುವಿಕೆಯನ್ನು ಅನುಮತಿಸುವುದಿಲ್ಲ.

ಓಪನ್ ಸಿಸ್ಟಮ್ ಪಿಪಿಐಗಳು : ಈ ಪಿಪಿಐಗಳನ್ನು ಬ್ಯಾಂಕುಗಳು [ಆರ್ಬಿಐ ಅನುಮೋದಿತ] ಮಾತ್ರ ನೀಡುತ್ತವೆ ಹಾಗೂ ಹಣಕಾಸು ಸೇವೆಗಳು,ಹಣ ರವಾನೆ ಸೌಲಭ್ಯಗಳು, ಮುಂತಾದವುಗಳನ್ನೊಳಗೊಂಡು , ಸರಕುಗಳು ಹಾಗೂ ಸೇವೆಗಳನ್ನು ಖರೀದಿಸುವುದಕ್ಕಾಗಿ ಯಾವುದೇ ವ್ಯಾಪಾರಿಗಳಲ್ಲಿ ಬಳಸಲಾಗುತ್ತದೆ. ಇಂತಹ ಪಿಪಿಐಗಳ ಮೂಲಕ ಎಟಿಎಮ್ಗಳು /ಪಾಯಿಂಟ್ಸ್ ಆಫ್ ಸೇಲ್ [ಪಿಒಎಸ್]ಟರ್ಮಿನಲ್ಸ್ /ಬಿಝ್ನೆಸ್ ಕರೆಸ್ಪಾಂಡೆಂಟ್ಸ್[ಬಿಸಿಗಳು]ಗಳಲ್ಲಿ ನಗದು ಹಿಂಪಡೆತವನ್ನು ಅನುಮತಿಸಲಾಗುತ್ತದೆ.

NBFCs which are required to comply with Indian Accounting Standards (IndAS) shall, as hitherto, continue to be guided by the guidelines duly approved by their Boards and as per ICAI Advisories for recognition of significant increase in credit risk and computation of Expected Credit Losses. However, the various additional provisions mentioned in the circular dated August 6, 2020 would constitute the prudential floors for the purpose of Paragraph 2 of the Annex to the circular DOR (NBFC).CC.PD.No.109/22.10.106/2019-20 dated March 13, 2020 on Implementation of Indian Accounting Standards.

'ಬೇಸಿಕ್ ಸೇವಿಂಗ್ಸ್ ಬ್ಯಾಂಕ್ ಡಿಪೋಸಿಟ್ ಅಕೌಂಟ್' ಪ್ರಾರಂಭಿಸುವುದರ ಧ್ಯೇಯವು ಆರ್ಭಿಐಯ ಫೈನಾನ್ಸಿಯಲ್ ಇನ್ಕ್ಲುಶನ್ ಉದ್ದೇಶವನ್ನು ಮುಂದುವರೆಸುವ ಪ್ರಯತ್ನದ ಭಾಗವಾಗಿದೆ. ಹಿಂದಿನ ಡಿಬಿಒಡಿ ಸುತ್ತೋಲೆ DBOD.No.Leg.BC.44/09.07.005/2005-06, ದಿನಾಂಕ 11-11-2005ರ ಪ್ರಕಾರ ತೆರೆದ ಎಲ್ಲ 'ನೊ-ಫ್ರಿಲ್ಸ್' ಖಾತೆಗಳನ್ನು ನಮ್ಮ ಆಗಸ್ಟ್ 10, 2012ರ ಸುತ್ತೋಲೆ DBOD. No. Leg. BC. 35/09.07.005/2012-13ರ ಪ್ಯಾರಾ 2 ರಲ್ಲಿ ಸೂಚಿಸಿದಂತೆ ಬಿಎಸ್ಬಿಡಿಬಿಎ ಖಾತೆಗಳೆಂದು ಮರುನಾಮಕ ಮಾಡಬೇಕು ಮತ್ತು ಆತಸ್ಟ್ 10,2012ರ ನಮ್ಮ ಸುತ್ತೋಲೆ DBOD. No. Leg. BC. 35/09.07.005/2012-13ರ ನಂತರ ತೆರೆದ ಎಲ್ಲ ಹೊಸ ಖಾತೆಗಳನ್ನು ಬ್ಯಾಂಕುಗಳು ಆರ್ಪಿಸಿಡಿ,ಸಿಒಗೆ ಕಳುಹಿಸುವ ಫೈನಾನ್ಸಿಯಲ್ ಇನ್ಕ್ಲುಶನ್ನ ಪ್ರಗತಿಯ ಮಾಸಿಕ ವರದಿಯಲ್ಲಿ ಸೇರಿಸಬೇಕು.

Response

The aim of introducing 'Basic Savings Bank Deposit Account' is very much part of the efforts of RBI for furthering Financial Inclusion objectives. All the accounts opened earlier as 'no-frills' account vide RPCD Circular dated 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 should be renamed as BSBDA as per the instructions contained in paragraph 2 of our Circular RPCD.CO.RRB.RCB.BC.No.24/07.38.01/2012-13 dated August 22, 2012 and all the new accounts opened since the issue of our circular RPCD.CO.RRB.RCB.BC.No.24 dated August 22, 2012 should be reported under the monthly report of the progress of Financial Inclusion plans submitted by banks to RPCD, CO.