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.

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 Ministry of MSME, Government of India and SIDBI set up the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) with a view to facilitate flow of credit to the MSE sector without the need for collaterals / third party guarantees. The main objective of the scheme is that the lender should give importance to project viability and secure the credit facility purely on the primary security of the assets financed. The Credit Guarantee scheme (CGS) seeks to reassure the lender that, in the event of a MSE unit, which availed collateral - free credit facilities, failing to discharge its liabilities to the lender, the Guarantee Trust would make good the loss incurred by the lender, as per the scheme.

The CGTMSE would provide cover for credit facility up to ₹200 lakh which have been extended by lending institutions without any collateral security and /or third-party guarantees. A guarantee and annual service fee is charged by the CGTMSE to avail of the guarantee cover. For more details you may visit www.cgtmse.in.

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.

The bank or PD through whom the investor bids will obtain and keep on record an undertaking to the effect that the investor is making only a single bid.Auction Process

Ans. Yes, authorisation is required to be obtained from RBI under the Payment and Settlement Systems (PSS) Act, 2007.

Under CTS the physical cheques are retained at the presenting bank and do not move to the paying banks. In case a customer desires, banks can provide images of cheques duly certified/authenticated. In case, however, a customer desires to see / get the physical cheque, it would need to be sourced from the presenting bank, for which a request has to be made to his / her bank. An element of cost / charge may also be involved for the purpose. To meet legal requirements, the presenting banks which truncates the cheques need to preserve the physical instruments for a period of 10 years.

• The authorised banks are SBI & Associates, Nationalised Banks, HDFC Bank, ICICI Bank, and Axis Bank.

Response

As notified in terms of Govt. of India notification dated December 16, 2010, BSBDA-Small Accounts would be subject to the following conditions:

i. Total credits in such accounts should not exceed one lakh rupees in a year.

ii. Maximum balance in the account should not exceed fifty thousand rupees at any time

iii. The total of debits by way of cash withdrawals and transfers will not exceed ten thousand rupees in a month

iv. Foreign remittances cannot be credited to Small Accounts without completing normal KYC formalities

v. Small accounts are valid for a period of 12 months initially which may be extended by another 12 months if the person provides proof of having applied for an Officially Valid Document.

vi. Small Accounts can only be opened at CBS linked branches of banks or at such branches where it is possible to manually monitor the fulfillments of the conditions

For FCNR (B) deposits mobilized in permissible foreign currencies other than US Dollar, banks may arrive at the equivalent dollar amount eligible to be swapped by converting the same at the prevailing market rates on the day of the swap deal. Banks may follow a consistent policy as far as conversion is concerned and should maintain a proper documentation (audit trails) of the procedure followed for such conversions.

Ans. The following should be ensured while putting through a funds transfer transaction using RTGS –

• Originating and destination bank branches are part of the RTGS network.

• Beneficiary details such as beneficiary name, account number and account type, name and IFSC of the beneficiary bank branch should be available with the remitter.

• Extreme care should be exercised in providing the account number of the beneficiary, as, during processing RTGS transactions, the credit will be given to the customer’s account solely based on the account number provided in the RTGS remittance instruction / message.

Yes, the EEFC account balances can be hedged. The balances in the account sold forward by the account holders have to remain earmarked for delivery. However, the contracts can be rolled over.

Yes. Banks have been advised to pay interest on the amount of cheque on a value-date concept from the date of sighting of credit in their Nostro accounts till such time the credit is actually afforded to customers’ accounts. Interest shall be paid minimum at the Savings Bank rate calculated on the amount of proceeds credited to the customers’ accounts.