In terms of our circular RPCD.SME&NFS.BC.No.79/06.02.31/2009-10 dated May 6, 2010, banks are mandated not to accept collateral security in the case of loans upto Rs 10 lakh extended to units in the MSE sector.

ಉತ್ತರ. ಹೌದು, ಪಿಪಿಐಗಳ ನಗದು ಲೋಡಿಂಗ್ ಪಿಪಿಐನ ಒಟ್ಟಾರೆ ಮಿತಿಗೆ ಒಳಪಟ್ಟು ಪ್ರತಿ ತಿಂಗಳಿಗೆ 50,000ಕ್ಕೆ ಸೀಮಿತವಾಗಿರುತ್ತದೆ. ಇಲೆಕ್ಟ್ರಾನಿಕ್/ಆನ್ಲೈನ್ ವಿಧಾನದ ಮೂಲಕ ಪಿಪಿಐಗಳ ಲೋಡಿಂಗ್ ಮೇಲಿನ ಮಿತಿಯು ಪಿಪಿಐನ ಒಟ್ಟಾರೆ ಮಿತಿಗೆ ಒಳಪಟ್ಟಿರುತ್ತದೆ

ಭಾರತ ಸರಕಾರದಿಂದ ಸೂಚಿಸಲ್ಪಟ್ಟ ಡಿಸೆಂಬರ್ 16, 2010 ಸೂಚನಾ ಪ್ರಕಾರ ಬಿಎಸ್ಬಿಡಿಎ – ಸ್ಮಾಲ್ ಅಕೌಂಟ್ಸ್ ಈ ಕೆಳಗೆ ತಿಳಿಸಿದ ಷರತ್ತುಗಳಿಗೆ ಬದ್ಧವಾಗಿರುತ್ತವೆ:

1. ಅಂತಹ ಖಾತೆಗಳಲ್ಲಿ ಒಟ್ಟು ಕ್ರೆಡಿಟ್ ಒಂದು ಲಕ್ಷ ರೂಪಾಯಿಗೆ ಮೀರಬಾರದು,
2. ಆ ಅಕೌಂಟಿನಲ್ಲಿ ಯಾವುದೇ ಸಮಯ ಗರಿಷ್ಠ ಬ್ಯಾಲೆನ್ಸ್ ಐವತ್ತು ಸಾವಿರ ರೂಪಾಯಿಗೆ ಮೀರಬಾರದು.
3. ನಗದು ವಿಥ್ಡ್ರಾವಲ್ ಮತ್ತು ಟ್ರಾನ್ಸ್ಫರ್ ಸೇರಿದಂತೆ ಒಟ್ಟು ಡೆಬಿಟ್ ತಿಂಗಳಿಗೆ ಹತ್ತು ಸಾವಿರ ರೂಪಾಯಿ ಮೀರಬಾರದು.
4. ಸಂಬಂಧಿತ ಕೆವೈಸಿ ಪೂರೈಕೆಗಳನ್ನು ಮುಗಿಸದೆ ವಿದೇಶಿ ಹಣವನ್ನು ಸ್ಮಾಲ್ ಅಕೌಂಟ್ಸ್ಗೆ ಕ್ರೆಡಿಟ್ ಮಾಡುವಂತಿಲ್ಲ.
5. ಮೊದಲಿಗೆ ಸ್ಮಾಲ್ ಅಕೌಂಟ್ಸ್ 12 ತಿಂಗಳವರೆಗೆ ಮಾತ್ರ ಮಾನ್ಯವಿರುತ್ತದೆ ಹಾಗೂ ವ್ಯಕ್ತಿಯು ಅಧಿಕೃತವಾಗಿ ಮಾನ್ಯವಿರುವ ದಾಖಲೆಗಳಿಗೆ ಅರ್ಜಿ ಹಾಕಿದ ಪುರಾವೆಯನ್ನು ಸಲ್ಲಿಸಿದರೆ ಇನ್ನೊಂದು 12 ತಿಂಗಳವರೆಗೆ ವಿಸ್ತರಿಸಬಹುದು.
6. ಸ್ಮಾಲ್ ಅಕೌಂಟ್ಸ್ಗಳನ್ನು ಸಿಬಿಎಸ್ ಸಂಪರ್ಕವಿರುವ ಬ್ಯಾಂಕು ಬ್ರಾಂಚುಗಳಲ್ಲಿ ಮಾತ್ರ ತೆರೆಯಬಹುದು ಅಥವಾ ಷರತ್ತುಗಳು ಪೂರೈಸುವುದನ್ನು ಸ್ವತ: [ಮ್ಯಾನುವಲಿ] ನಿಗಾವಹಿಸುವಂತಿದ್ದರೆ ಅಂತಹ ಶಾಖೆಗಳಲ್ಲಿ ತೆರೆಯಬಹುದು.

Ans : It is the responsibility of the user institution to communicate to the beneficiary the details of credit that is being afforded to his / her account, indicating the proposed date of credit, amount and related particulars of the payment. Destination banks have been advised to ensure that the pass books / statements given to the beneficiary account holders reflect particulars of the transaction / credit provided by the ECS user institutions. The beneficiaries can match the entries in the passbook / account statement with the advice received by them from the User Institutions. Many banks also give mobile alerts / messages to customers after credit of such funds to accounts.

• IIBs would be Government securities (G-Sec) and the different classes of investors eligible to invest in G-Secs would also be eligible to invest in IIBs.

• FIIs would be eligible to invest in the forthcoming IIBs but subject to the overall cap for their investment in G-Secs (currently USD 25 billion).

The system is owned by RBI. There are no charges for use of this application by clients. However, since all trades are to be guaranteed and settled by CCIL, PMs will have to pay settlement charges and also continue to deposit adequate margin on behalf of their clients to CCIL.

Ans : IDF-NBFCs will raise resources through issue of either Rupee or Dollar denominated bonds of minimum 5 year maturity. IDF-MFs will raise resources through issue of units of MFs.

The total time for complete implementation of ADF would depend on the cluster in which the bank places itself after making an assessment of Process and Technology maturity as per the methodology given in the Approach Paper. However, it is expected that the banks with advanced IT systems and experience of working in computerised environment would take the lead and implement ADF in shortest possible time, say, even 2-3 months. In general, banks should strive to meet the objectives within shortest possible timelines.

It is the responsibility of the user institution to communicate to the beneficiary the details of credit that is being afforded to his / her account, indicating the proposed date of credit, amount and related particulars of the payment. Destination banks have been advised to ensure that the pass books / statements given to the beneficiary account holders reflect particulars of the transaction / credit provided by the ECS user institutions. The beneficiaries can match the entries in the passbook / account statement with the advice received by them from the User Institutions. Many banks also give mobile alerts / messages to customers after credit of such funds to accounts.

Yes. Banks have the right to set off their dues from the amount of deposits as on cut off date. The deposit insurance is available after netting of such dues.

Ans. Yes. Except the transactions mentioned at Q.10 above. However, trade transactions with Myanmar may be settled in any freely convertible currency, in addition to the ACU mechanism. Further, with effect from July 1, 2016, all eligible current account transactions including trade transactions in “Euro” are permitted to be settled outside the ACU mechanism till further notice.

Travellers are allowed to purchase foreign currency notes/coins only up to USD 2000. Balance amount can be taken in the form of traveller’s cheque or banker’s draft. Exceptions to this are (a) travellers proceeding to Iraq and Libya can draw foreign exchange in the form of foreign currency notes and coins not exceeding US$ 5000 or its equivalent; (b) travellers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States can draw entire foreign exchange released in form of foreign currency notes or coins.

Ans: The essential elements of beneficiary's identification are:

Beneficiary's Name
Beneficiary's Branch Name
Beneficiary's Bank Name
Beneficiary's Account Type
Beneficiary's Account No.
Beneficiary's Branch IFSC
Sender and Beneficiary Legal Entity Identifier (for eligible transactions)

At present, the conversion of foreign currency or travellers' cheques designated in foreign currency into Indian Rupees and vice versa is possible through AD Category-I banks, ADs Category-II and Full Fledged Money Changers (FFMCs). Further, AD Category-I banks, ADs Category-II and FFMCs may appoint franchisees (also known as agents) to undertake purchase of foreign currency.

Ans. Banks authorised to deal in foreign exchange are permitted to issue International Debit Cards (IDCs) which can be used by a resident individual for drawing cash or making payment to a merchant establishment overseas during his visit abroad. IDCs can be used only for permissible current account transactions and the usage of IDCs shall be within the LRS limit.

AD banks can also issue Store Value Card/Charge Card/Smart Card to residents traveling on private/business visit abroad which can be used for making payments at overseas merchant establishments and also for drawing cash from ATM terminals. No prior permission from Reserve Bank is required for issue of such cards. However, the use of such cards is limited to permissible current account transactions and subject to the LRS limit.

Resident individuals maintaining a foreign currency account with an Authorised Dealer in India or a bank abroad, as permissible under extant Foreign Exchange Regulations, are free to obtain International Credit Cards (ICCs) issued by overseas banks and other reputed agencies. The charges incurred against the card either in India or abroad, can be met out of funds held in such foreign currency account/s of the card holder or through remittances, if any, from India only through a bank where the card-holder has a current or savings account. The remittance for this purpose, should also be made directly to the card-issuing agency abroad, and not to a third party. It is also clarified that the applicable credit limit will be the limit fixed by the card issuing banks. There is no monetary ceiling fixed by the RBI for remittances, if any, under this facility. The LRS limit shall not apply to the use of ICC for making payment by a person towards meeting expenses while such person is on a visit outside India.

Use of ICCs/ IDCs can be made for travel abroad in connection with various purposes and for making personal payments like subscription to foreign journals, internet subscription, etc. However, use of ICCs/IDCs is NOT permitted for prohibited transactions indicated in Schedule 1 of FEM (CAT) Amendment Rules 2015 such as purchase of lottery tickets, banned magazines etc.

Use of these instruments for payment in foreign exchange in Nepal and Bhutan is not permitted.

Modalities for obtaining payment from clients towards the cost of securities, accrued interest, wherever applicable and commission will have to be worked out by the aggregator or facilitator and clearly stated in the contract made for the purpose with the client

No. The Banking Ombudsman does not charge any fee for filing and resolving customers’ complaints.

No. As the money belongs to the minor child and not the bank's staff, additional interest cannot be paid.

Yes, capitalization of export proceeds is permitted subject to compliance of certain guidelines. i.e. the exports have not remained outstanding beyond the stipulated period of realisation etc.

The foreign exchange acquired for any purpose has to be used within 60 days of purchase. In case it is not possible to use the foreign exchange within the period of 60 days it should be surrendered to an authorised dealer.