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Device based Tokenisation – Card Transactions

9. Who are the parties / stakeholders in a tokenisation transaction? +

Ans. Normally, in a tokenised card transaction, parties / stakeholders involved are merchant, the merchant’s acquirer, token service provider (card payment network or card issuer), token requestor, issuer and customer. However, an entity, other than those indicated, may also participate in the transaction.

9. Can an investor hold more than one investor ID for subscribing to the Sovereign Gold Bond? +

No. An investor can have only one unique investor Id linked to any of the prescribed identification documents. The unique investor ID is to be used for all the subsequent investments in the scheme. For holding securities in dematerialized form, quoting of PAN in the application form is mandatory.

6. Whether interest can be earned on SNRR balances or through term deposit?

No.

Q 9: In case of delinquent loans, recovery/ servicing of digital loans may be undertaken by a recovery agent collecting cash from borrowers. Will such cases be exempted from the requirement of direct repayment of loan in the RE’s bank account? +

Ans: In case of delinquent loans, REs can deploy physical interface to recover loans in cash, where absolutely necessary. In order to afford operational flexibility to REs, such transactions are exempted from the requirement of direct repayment of loan in the RE’s bank account. However, any recovery by cash should be duly reflected in the borrower’s account and REs shall ensure that any fees, charges, etc., payable to LSPs are paid directly by them (REs) and are not charged by LSP to the borrower directly or indirectly from the recovery proceeds.

Q. 9. What are sensitive contraventions? +

Ans. Cases involving serious contravention suspected of money laundering, terror financing or affecting sovereignty and integrity of the nation are categorized as sensitive contraventions. These contraventions shall not be compounded by the Reserve Bank of India.

Q9. Can multilateral organisation have deposits in India ? +

Answer: Any multilateral organization, of which India is a member nation, or its subsidiary/ affiliate bodies and officials in India can open deposits with an authorised dealer in India.

Q.9 Will the circular be applicable to existing borrowers?

Ans: Yes, the circular will be applicable to the existing borrowers.

9. Can Digital Rupee be transacted from one’s bank account outside banking hours?

Ans: Yes. e₹ can be loaded/redeemed/transferred from/to one’s bank account to/from the e₹ wallet 24 hours x 7 days a week.

9. If the schedule of penal charges is displayed on the website of the RE and only a reference of the said schedule is given in the sanction letter and loan agreement issued to the customer, whether the same may be treated as compliance to para 3(vi) of the circular?

No. The quantum and reason for penal charges shall have to be clearly disclosed by REs to the customers upfront in the loan agreement and Most Important Terms & Conditions (MITC) / Key Fact Statement (KFS), as applicable.

Q 9. Whether societies registered under respective State Co-operatives Societies Act, are eligible for opening savings bank account?

Ans. No. In terms of item (iv) of Schedule-I to paragraph 29.8 of these Directions, societies registered under Societies Registration Act, 1860 (SRA,1860) or societies registered under any other law in force in a State or a Union Territory with the same object & purpose of promoting literary, scientific, and charitable activities as the SRA,1860, are eligible to open savings bank account with banks. Accordingly, savings bank accounts cannot be opened in the name of any other society/societies.

9. Can the complaints with the RBI Ombudsmen under RB-IOS, 2021 be filed through Contact Center? +

No, complaints cannot be filed through Contact Center, but the Contact Centre can assist the complainant in filing the complaint through CMS portal or physical mode. It will also provide clarifications about/ details of the AGR mechanism set up by RBI.

9. ಬಿಎಸ್ಬಿಡಿಎ ಖಾತೆಗಳಿಗೆ ಅನ್ವಯಿಸುವ ಕೆವೈಸಿ ನಿಯಮಗಳೇನು? ಬಿಎಸ್ಬಿಡಿಎ ಖಾತೆಗಳಿಗೆ ಅನ್ವಯಿಸುವ ಕೆವೈಸಿ ನಿಯಮಗಳಲ್ಲಿ ಏನಾದರೂ ವಿನಾಯಿತಿ ಇದೆಯೇ?

'ಬೇಸಿಕ್ ಸೇವಿಂಗ್ಸ್ ಬ್ಯಾಂಕ್ ಡಿಪೋಸಿಟ್ ಅಕೌಂಟ್'ಗಳು, ಬ್ಯಾಂಕುಗಳು ಖಾತೆಗಳನ್ನು ತೆರೆಯವ ಬಗೆಗೆ ಕಾಲಕಾಲಕ್ಕೆ ನೀಡುವ ಪಿಎಮೆಲ್ ಆಕ್ಟ್ ಮತ್ತು ರೂಲ್ಸ್ ಹಾಗೂ ನಿಮ್ಮ ಗ್ರಾಹಕರ ಬಗ್ಗೆ ತಿಳಿದಿರಿ [ಕೆವೈಸಿ]/ ಅಂಟಿ ಮನಿ ಲಾಂಡರಿಂಗ್ [ಎಎಮ್ಎಲ್] ನಿಯಮಗಳಿಗೊಳಪಟ್ಟಿರುತ್ತವೆ. ಬಿಎಸ್ಬಿಡಿಎಗಳನ್ನು ಸರಳೀಕೃತ ಕೆವೈಸಿ ನಿಯಮಗಳ ಮೂಲಕ ಸಹ ತೆರೆಯಬಹುದು. ಒಂದು ವೇಳೆ ಬಿಎಸ್ಬಿಡಿಎಗಳನ್ನು ಸರಳೀಕೃತ ಕೆವೈಸಿ ನಿಯಮದಡಿ ತೆರೆದರೆ, ಅವನ್ನು ''ಬಿಎಸ್ಬಿಡಿಎ- ಸ್ಮಾಲ್ ಅಕೌಂಟ್ಸ್'' ಎಂದು ಪರಿಗಣಿಸಲಾಗುವುದು ಮತ್ತು ಅಂತಹ ಖಾತೆಗಳಿಗೆ ನಿಗದಿಸಿದ Master Circular DBOD.AML.BC.No. 11/14.01.001/2012-13, ದಿನಾಂಕ ಜುಲೈ 2, 2012, ಪ್ಯಾರಾ 2,7ರಲ್ಲಿ ಸೂಚಿಸಿದ ಷರತ್ತುಗಳಿಗೊಳಪಟ್ಟಿರುತ್ತದೆ.

9. What information on business activity classification has been covered under this survey?

Ans.: Four major business activities of computer software & information technology enabled services with their sub classifications are covered under the survey schedule. Details can be found in the survey schedule itself.

9. What do I do if I still have a grievance ? +

If any customer has a complaint against a bank due to non-payment or inordinate delay in the payment or collection of cheques, complaint can be lodged with the bank concerned. If the bank fails to respond within 30 days, you may make a complaint under “The Reserve Bank-Integrated Ombudsman Scheme (RB-IOS 2021)”. Complaints can be filed online on https://cms.rbi.org.in, or through the dedicated e-mail or sent in physical mode to the ‘Centralised Receipt and Processing Centre’ set up at RBI, 4th Floor, Sector 17, Chandigarh – 160 017 in the format given at the following path - /documents/87730/39016390/RBIOS2021_121121_A.pdf. A toll-free number – 14448 (9:30 am to 5:15 pm) – is also available for customers to seek assistance in filing complaints and information on grievance redressal, with multi-lingual support.

9. ಭಾರತದಲ್ಲಿ ಬ್ಯಾಂಕ್ ನೀಡುವ ಕಾರ್ಡ್ಗಳನ್ನು ದೇಶದಲ್ಲಿ ಯಾವುದೇ ಎಟಿಎಮ್/ಡಬ್ಲ್ಯೂಎಲ್ಎಯಲ್ಲಿ ಬಳಸಬಹುದೇ ? +

ಉತ್ತರ. ಹೌದು, ಭಾರತದಲ್ಲಿ ಬ್ಯಾಂಕ್ ನೀಡುವ ಕಾರ್ಡ್ಗಳನ್ನು ದೇಶದಲ್ಲಿ ಯಾವುದೇ ಎಟಿಎಮ್/ಡಬ್ಲ್ಯೂಎಲ್ಎಯಲ್ಲಿ ಬಳಸಬಹುದು.

Q 7: Can foreign bank (correspondent bank) maintain more than one Special Rupee Vostro Account with different AD banks?

Answer: Yes

Q 9. If there is a change in the name and the OVD does not include the new name, how can one open an account?

Ans. In such case, an OVD containing the earlier name along with a copy of the Gazette notification, or marriage certificate issued by the State Government, as applicable, indicating the change in name, can be submitted for opening the account.

9. Query: My existing MTGD/LTGD deposit under GMS matured before March 25, 2025 but was not redeemed. Can I renew this deposit now?

Response: No. The renewal of MTGD/LTGD has been discontinued with effect from March 26, 2025.

Q.10. What are the RBI guidelines on interest rates for loans disbursed by the commercial banks?

As part of the financial sector liberalisation, all credit related matters of banks including charging of interest have been deregulated by RBI and are governed by the banks' own lending policies.

With a view to improve monetary policy transmission, banks have been advised to link loans to Micro and Small Enterprises to an external benchmark from October 01, 2019. (Refer circular DBR.DIR.BC.No.14/13.03.00/2019-20 dated September 04, 2019). To further improve the transmission of monetary policy rates, it has been decided that with effect from April 01, 2020, loans to Medium Enterprises shall be linked to external benchmark. (Refer circular DOR.DIR.BC.No.39/13.03.00/2019-20 dated February 26, 2020).

Q9. What are the benefits of participating in the IoRS?

Testing of innovative solutions in a controlled, low-risk environment.
Interaction with multiple regulators through single window to ensure compliance across domains.
Opportunity to refine products based on feedback from regulators and the sandbox testing.
Reduced time to market for innovative solutions.