The transactions through UPI-PayNow linkage can be carried out with ease similar to how the domestic transactions through UPI or PayNow take place, and the transaction can be completed within a minute.

No. A non-account holder also can exchange ₹2000 banknotes up to a limit of ₹20,000/- at a time at any bank branch.

Ans: No.

Ans: In case of complaints relating to non-credit or delay in credit to the beneficiary account or for complaints of any other nature, the NEFT Customer Facilitation Centre (CFC) of the respective bank (the originating bank and / or SBI) can be contacted. Details of NEFT CFCs of banks are available on the websites of the respective banks. The details are also available on the website of RBI at http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2070.

If the issue is not resolved satisfactorily, the NEFT Help Desk / Contact point of the RBI can be approached at nefthelpdeskncc@rbi.org.in.

The actual amount of green deposits raised during the year and use of such funds have to be disclosed as per the Annexure 2 of the framework.

Answer: No. AD bank in India can open multiple Special Rupee Vostro Accounts for different banks from the same country.

Ans. Actual card data, token and other relevant details are stored in a secure mode by the token service provider (card payment network or card issuer). Token requestor cannot store Primary Account Number (PAN), i.e., card number, or any other card detail. Card networks are also mandated to get the token requestor certified for safety and security that conform to international best practices / globally accepted standards.

Ans: Such repayments can be allowed subject to the condition that the loan is repaid by the corporate employer by deducting the amount from the borrower’s salary. Further, REs should ensure that LSPs do not have any control over the flow of funds directly or indirectly in such transactions. It has also to be ensured that repayment is directly from the bank account of the employer to the RE.

Ans. More information about this facility can be found in the following circulars issued by the RBI:

DPSS.CO.PD.No.147/02.14.003/2009-10 dated July 22, 2009, DPSS.CO.PD.No.563/02.14.003/2013-14 dated September 5, 2013, DPSS.CO.PD.No.449/02.14.003/2015-16 dated August 27, 2015, DPSS.CO.PD.No.501/02.14.003/2019-20 dated August 29, 2019, DPSS.CO.PD.No.1465/02.14.003/2019-20 dated January 31, 2020, DPSS.CO.PD.No.S-99/02.14.006/2021-22 dated May 19, 2021.

Ans. Personal Hearing can either be on physical basis or through virtual mode. However, it is not mandatory to attend/opt for the personal hearing. In case a person opts not to attend the personal hearing he//she may indicate his/her preference in writing. The application would be disposed of on the basis of documents submitted to the Compounding Authority. It may be noted that appearing for, or opting out of the personal hearing does not have any bearing, whatsoever, on the compounding amount that may be mentioned in the compounding order, as the compounding amount is calculated based on the Para 5.4 of Guidance note on computation matrix as contained in the Directions - compounding of contraventions under FEMA, 1999.

Presently, Offices of RBI Ombudsmen (ORBIOs) are functioning from 22 locations across India. However, the complainants need not contact/ approach any specified ORBIO for filing a complaint under the RB-IOS, 2021. The complaints lodged directly online through CMS Portal (https://cms.rbi.org.in) are automatically allocated to different RBI Ombudsmen for redressal upon registration of the complaint. Physical and email complaints are processed and entered in CMS for further processing, after seeking further information/ details, if missing, from the complainant.

Answer: Yes, such acceptance of deposit and refunds, if required, will be covered under current account transactions and can be made freely without any restriction from FEMA perspective.

If an individual opens more than one deposit account in one or more branches of a bank for example, Shri S.K. Pandit opens one or more savings/current account and one or more fixed/recurring deposit accounts etc., all these are considered as accounts held in the same capacity and in the same right. Therefore, the balances in all these accounts are aggregated and insurance cover is available upto rupees five lakhs in maximum.

If Shri S.K. Pandit also opens other deposit accounts in his capacity as a partner of a firm or guardian of a minor or director of a company or trustee of a trust or a joint account, say with his wife Smt. K. A. Pandit, in one or more branches of the bank then such accounts are considered as held in different capacity and different right. Accordingly, such deposits accounts will also enjoy the insurance cover upto rupees five lakhs separately.

It is further clarified that the deposit held in the name of the proprietary concern where a depositor is the sole proprietor and the amount of Deposit held in his individual capacity are aggregated and insurance cover is available upto rupees five lakhs in maximum.

Illustrations

If more than one deposit accounts (Savings, Current, Recurring or Fixed deposit) are jointly held by individuals in one or more branch of a bank say three individuals A, B & C hold more than one joint deposit accounts in which their names appear in the same order then all these accounts are considered as held in the same capacity and in the same right. Accordingly, balances held in all these accounts will be aggregated for the purpose of determining the insured amount within the limit of ₹ 5 lakhs.

However, if individuals open more than one joint accounts in which their names are not in the same order for example, A, B and C; C, B and A; C, A and B; A, C and B; or group of persons are different say A, B and C and A, B and D etc. then, the deposits held in these joint accounts are considered as held in the different capacity and different right. Accordingly, insurance cover will be available separately upto rupees five lakhs to every such joint account where the names appearing in different order or names are different.

Illustrations

Account (i) (Savings or Current A/C)	First a/c holder- "A" Second a/c holder - "B"	Maximum insured amount upto ₹ 5 lakh
Account (ii)	First a/c holder - "A" Second a/c holder - "C"	Maximum insured amount upto ₹ 5 lakh
Account (iii)	First a/c holder - "B" Second a/c holder - "A"	Maximum insured amount upto ₹ 5 lakh
Account (iv) at Branch ‘X’ of the bank	First a/c holder - "A" Second a/c holder - "B" Third a/c holder - "C"	Maximum insured amount upto ₹ 5 lakh
Account (v)	First a/c holder - "B" Second a/c holder - "C" Third a/c holder - "A"	Maximum insured amount upto ₹ 5 lakh
Account (vi)(Recurring or Fixed Deposit)	First a/c holder - "A" Second a/c holder - "B"	The account will be clubbed with the a/c at (i)
Account (vii) At Branch ‘Y’ of the bank	First a/c holder - "A" Second a/c holder - "B" Third a/c holder - "C"	The account will be clubbed with the a/c at (iv)
Account (viii)	First a/c holder - "A" Second a/c holder - "B" Third a/c holder - "D"	Maximum insured amount upto ₹ 5 lakh

Ans. In terms of paragraph 10.2, if a Term Deposit (TD) matures and proceeds are unpaid, the amount left unclaimed with the bank will attract rate of interest as applicable to savings account or the contracted rate of interest on the matured TD, whichever is lower.

Ans. No. However, in case the customer is desirous of receiving any benefit or subsidy under any scheme notified under section 7 of the Aadhaar (Targeted Delivery of Financial and Other subsidies, Benefits and Services) Act, 2016 (18 of 2016), the customer shall provide the Aadhaar number. In other cases, the Aadhaar number may be provided voluntarily by the customers.

Ans.: Yes. In case the company/LLPs/proprietorship firm doesn’t have export earnings during the reference period, but had the same earlier, then it has to submit NIL survey schedule for the current round of ITES survey.

Ans: No. There is no minimum balance required to open/maintain an e₹ wallet.

Although no upper limit/ cap for penal charges has been prescribed in the circular, the REs, while formulating their Board approved policy on penal charges, should keep in mind that the intent of levying penal charges is essentially to inculcate a sense of credit discipline and such charges are not meant to be used as a revenue enhancement tool. Accordingly, the quantum of penal charges shall have to be ‘reasonable’ and ‘commensurate’ with the non-compliance of material terms and conditions of loan contract.

ಉತ್ತರ. ಕಾರ್ಡ್ ನೀಡುವ ಬ್ಯಾಂಕಿನ ಎಟಿಎಮ್ಗಳಲ್ಲಿ ನಡೆಸಲಾದ ವಹಿವಾಟನ್ನು ಆನ್-ಅಸ್ ವಹಿವಾಟು ಎಂದು ಕರೆಯಲಾಗುತ್ತದೆ.ಕಾರ್ಡ್ ನೀಡುವ ಬ್ಯಾಂಕ್ನಿಂದ ಭಿನ್ನವಾದ ಬ್ಯಾಂಕ್ನ ಎಟಿಎಮ್ಗಳಲ್ಲಿ ನಡೆಸುವ ವಹಿವಾಟು ಅಥವಾ ಡಬ್ಲ್ಯೂಎಲ್ಎನಲ್ಲಿನ ವಹಿವಾಟನ್ನು ಆಪ್-ಆಸ್ ವಹಿವಾಟು ಎಂದು ಕರೆಯಲಾಗುತ್ತದೆ. ಉದಾಹರಣೆಗಾಗಿ, ಬ್ಯಾಂಕ್ ಎಯಿಂದ ನೀಡಲಾದ ಕಾರ್ಡ್ ಅನ್ನು ಬ್ಯಾಂಕ್ ಎಯ ಎಟಿಎಮ್ನಲ್ಲಿ ಬಳಸಿದರೆ ಅದು ಆನ್ -ಅಸ್ ವಹಿವಾಟಾಗಿರುತ್ತದೆ; ಬ್ಯಾಂಕ್ ಎಯಿಂದ ನೀಡಲಾದ ಕಾರ್ಡ್ ಅನ್ನುಡಬ್ಲ್ಯೂಎಲ್ಎ ಅಥವಾ ಬ್ಯಾಂಕ್ ಬಿಯ ಎಟಿಎಮ್ನಲ್ಲಿ ಬಳಸಿದರೆ , ಅದು ಆಫ್-ಅಸ್ ವಹಿವಾಟಾಗಿರುತ್ತದೆ.

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