Ans. i) Payment outside India towards a permissible current account transaction [in accordance with the provisions of the Foreign Exchange Management (Current Account Transactions) Rules, 2000] and permissible capital account transaction [in accordance with the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000].

ii) Payment in foreign exchange towards cost of goods purchased from a 100 percent Export Oriented Unit or a Unit in (a) Export Processing Zone or (b) Software Technology Park or (c) Electronic Hardware Technology Park

iii) Payment of customs duty in accordance with the provisions of the Foreign Trade Policy of the Central Government for the time being in force.

iv) Trade related loans/advances, extended by an exporter holding such account to his importer customer outside India, subject to compliance with the Foreign Exchange Management (Borrowing and Lending in Foreign Exchange) Regulations, 2000.

v) Payment in foreign exchange to a person resident in India for supply of goods/services including payments for airfare and hotel expenditure.

Yes. Cooling period is the time up to which banks wait after receiving provisional credit for the amount of cheque in their Nostro account for possible return of the cheque by the drawee bank under the provisions of the US laws, before giving credit to the customers. Cooling period is dependent on the mode and area of collection and varies from 5-8 days for cheques in New York area and 15-21 days for other cities collected under CLA mode. However, under the FCS mode, banks receive final credit in their Nostro account without any recourse to recall. It does not involve cooling period as this is already factored into by the CBs before releasing the final credit.

Ans. Section 2(1) (i) of the PSS Act 2007 defines a payment system to mean a system that enables payment to be effected between a payer and a beneficiary, involving clearing, payment or settlement service or all of them, but does not include a stock exchange (Section 34 of the PSS Act 2007 states that its provisions will not apply to stock exchanges or clearing corporations set up under stock exchanges). It is further stated by way of an explanation that a “payment system” includes the systems enabling credit card operations, debit card operations, smart card operations, money transfer operations or similar operations.

All systems (except stock exchanges and clearing corporations set up under stock exchanges) carrying out either clearing or settlement or payment operations or all of them are regarded as payment systems. All entities operating such systems will be known as system providers. Also all entities operating money transfer systems or card payment systems or similar systems fall within the definition of a system provider. To decide whether a particular entity operates the payment system, it must perform either the clearing or settlement or payment function or all of them.

No interest shall be paid for deposits made in this scheme.

With effect from February 1, 2017 limits on cash withdrawals from ATMs have been removed. Banks may, at their discretion, have their own operating limits as was the case before November 8, 2016, subject to the overall cash withdrawal limit for an account.

Response

The 'Basic Savings Bank Deposit Account' would be subject to provisions of PML Act and Rules and RBI instructions on Know Your Customer (KYC) / Anti-Money Laundering (AML) for opening of bank accounts issued from time to time. BSBDA can also be opened with simplified KYC norms. However, if BSBDA is opened on the basis of Simplified KYC, the accounts would additionally be treated as “BSBDA-Small account” and would be subject to the conditions stipulated for such accounts as indicated in our circulars RPCD.CO.RCB.AML.BC.No.63/07.40.00/2010-11 dated April 26, 2011 and RPCD.CO.RRB.AML.BC.No.15/03.05.33(E)/2011-12 dated August 8, 2011.

Yes. The complaint can be filed by one’s authorized representative (other than an advocate).

The re-pricing of the swap would be done as given in the illustration at the end of the FAQ.

Ans. Yes, please refer to the Master Directions on Reporting (/en/web/rbi/-/notifications/master-direction-reporting-under-foreign-exchange-management-act-1999-updated-as-on-may-12-2023-lt-span-gt-10202). The registration is required to be done once the AD bank’s approval for the establishment of office is issued.

Ans. The directions are applicable to loans sanctioned on or after April 1, 2022. Accordingly, pricing of the existing loans of NBFC-MFIs i.e., sanctioned prior to April 1, 2022 shall continue to be as per the guidelines applicable as on March 31, 2022. As other REs were already free to decide pricing of loans sanctioned, they are allowed to review and revise interest rates applicable to the existing loans also, subject to compliance with the relevant guidelines.

In the case of banks, especially foreign banks, earlier specifically permitted to store the banking data abroad, they may continue to do so; however, in respect of domestic payment transactions, the data shall be stored only in India, whereas for cross border payment transactions, the data may also be stored abroad as indicated earlier.

Yes. The complaint can be filed through an authorized representative of the complainant (other than an advocate).

Ans. Response to Q.No. 2 may be referred to for the applicable types of transactions.

Ans. The following payments are eligible to be settled through ACU:-

1. for export / import transaction between ACU member countries on deferred payment terms; and

2. not declared ineligible as mentioned under Q.10

Note:- Trade transaction with Myanmar may be settled in any freely convertible currency, in addition to the ACU mechanism.

Ans. Yes. The TReDS could deal with both receivables factoring as well as reverse factoring.

Ans. The IFSC number can be obtained by the remitter (customer) from his / her bank branch. Alternatively, it is available on the cheque leaf of the beneficiary. This code number / bank branch information can be communicated by the beneficiary to the remitting customer. The list of IFSCs is also available on the RBI website at the link https://rbi.org.in/Scripts/Bs_viewRTGS.aspx?Category=5. The list is updated on a fortnightly basis.

The instructions in the circular dated September 7, 2020 is applicable in the case of all borrowers in respect of whom resolution is being undertaken in terms of Part B of the Annex to the circular dated August 6, 2020 on Resolution Framework.

Response: The cardholder shall be provided option to choose any date as the starting or closing day of the billing cycle at least once. Further, card-issuers may provide the option to modify the billing cycle through multiple channels such as helpline, dedicated e-mail-id, Interactive Voice Response (IVR), internet banking, mobile-application and any other modes.

Stock means a Government security registered in the books of RBI for which a Stock Certificate (SC) is issued or which are held at the credit of the holder in the Subsidiary General Ledger (SGL) account maintained in the books of RBI and transferable by registration in the books of RBI.

Ans. Resident individuals (but not permanently resident in India) who have remitted their entire earnings and salary and wish to further remit ‘other income’ may approach RBI with documents through their AD bank for consideration.

Ans: The monthly updates mentioned in the circular specifically relate to the inclusion of new secured assets possessed by the REs, and the removal of the secured assets that have been sold or resolved by the REs.

Ans.: The reference period of an MF survey round is the immediately preceding financial year (April-March).

The requirement is that the companies in the Promoter Group in which the public hold not less than 51 per cent of the voting equity shares shall hold not less than 51 per cent of the total voting equity shares of the NOFHC.[ para 2 (C) (ii) (b) of the guidelines] A company in which public holds 51 per cent need not necessarily be listed. For the purpose of these guidelines, ‘public shareholding’ implies that no person along with his relatives (as defined in Section 6 of the Companies Act, 1956) and entities in which he and / or his relatives hold not less than 50 per cent of the voting equity shares, by virtue of his shareholding or otherwise, exercises ‘significant influence’ or ‘control’ (as defined in Accounting Standard 23) over the company.

Yes, there is an opt in / opt out feature in the apps of the participating banks in India for receiving the remittances from Singapore.

To give time to the banks to make preparatory arrangements, members of the public are requested to approach the bank branches or ROs of RBI from May 23, 2023 for availing exchange facility.

Ans: For transactions up to ₹50,000, the charges are as follows:

1. Originating bank – Maximum ₹5/- per transaction.

2. State Bank of India – ₹20/- per transaction. SBI would share this ₹20/- with NSBL at ₹10 each. NSBL would not charge any additional amount for crediting the beneficiary. if he maintains an account with it.

3. In case the beneficiary does not maintain an account with NSBL then, an additional amount would be charged- ₹50/- for remittances up to ₹5,000/- and ₹75/- for remittance above ₹5,000/-.

4. For transactions above ₹50,000/-, charges prescribed by SBI shall apply. The charges prescribed by SBI is available on the website of SBI under the hyperlink - https://nsbl.statebank/remittance-from-india.

Ans: No. DLG arrangements for credit cards are not permitted.

The RE needs to publish the FF along with opinion of external reviewer on the FF (before implementation of FF) on its website. There is no requirement of publishing FF twice, i.e., one before and another after external review.

Ans: The limits on cash withdrawal at ATMs and for purchase of goods and services are decided by the card issuer. Within these limits, the card holder may set and modify transaction limits for various uses like domestic, international, PoS, ATMs, online transactions, contactless transactions, etc. Cash withdrawal using debit cards and full-KYC prepaid cards at PoS terminals has been allowed by Reserve Bank of India (RBI) whereby, a maximum of ₹2,000 can be withdrawn per transaction within an overall monthly limit of ₹10,000. Cardholders can check with their issuers for details of such facilities provided by them.

Answer: “Capital account transaction" means a transaction which alters the assets or liabilities, including contingent liabilities, outside India of persons resident in India or assets or liabilities in India of persons resident outside India. Please refer to the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 for permitted capital account transactions.

Answer: Yes

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.

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.

No.

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.

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.

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.

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.

'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.

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.

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.

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.

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.

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.

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.

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.

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

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