Ans. A sum of ₹10,000/- (excluding applicable GST) is required to be submitted as application fee, which can be submitted by cash or cheque or payment order or demand draft or electronic fund transfer in favour of the Reserve Bank along with the application for authorisation. The fees can also be submitted in electronic mode. For further details you may send an email.

The form and manner of application for authorisation is available at /documents/87730/30842423/PSSR23022022d57d6e9afaf44d97b9ed577d9d1c7c2b.pdf

Yes, deposit may be made in combination of more than one means of payment, at a single time. However, the effective date of deposit would be the date of realization of the total amount of deposit at the bank’s end

The compensation amount, if any, which can be awarded by the NBFC Ombudsman, for any loss suffered by the complainant, is limited to the amount arising directly out of the act or omission of the NBFC or rupees one million, whichever is lower.

Ans. Yes

Ans. Yes. It shall be in order for such non-bank PSPs to effect funds transfer from their current account with RBI to current accounts maintained with commercial banks for taking care of their routine payments. The current account of RBI shall not be used therefor.

Further, extant instructions for non-bank PPI issuers on maintenance of escrow account/s with scheduled commercial bank(s) shall continue to apply. Card networks shall not be allowed to use the RBI current account for their settlement guarantee and related activities.

The compensation amount, if any, which can be awarded by the Ombudsman, for any loss suffered by the complainant, is limited to the amount arising directly out of the act or omission or commission of the System Participant, or two million rupees whichever is lower. The compensation shall be over and above the disputed amount.

Ans. The purpose of having a dedicated redress mechanism for recovery related grievances is that these grievances should be promptly addressed. Treating (clubbing) them as (with) other complaints (e.g., operational issues) may result in delayed action. However, this does not imply that a separate redress mechanism for recovery related grievances is being mandated. REs can restructure/ re-organise the existing customer grievance redress mechanism to identify and promptly address recovery related grievances.

Restructuring in respect of projects under implementation involving deferment of DCCO are excluded from the scope of the Resolution Framework. The extant regulations contained in Paragraph 4.2.15 of DBR.No.BP.BC.2/21.04.048/2015-16 dated July 1, 2015, DOR.No.BP.BC.33/21.04.048/2019-20 dated February 7, 2020 and the other relevant instructions as applicable to specific category of lending institutions, already permit revisions of the DCCO and consequential shift in repayment schedule without being treated as restructuring subject to a maximum of four years in the case of infrastructure projects and a maximum of two years in the case of non-infrastructure projects (including commercial real estate exposures). In addition to the above, DCCO of projects may be extended by a further two years in case of change in ownership subject to the conditions specified in the above instructions.

Further information is available on our website (www.rbi.org.in) and the website of the Government of India (www.finmin.nic.in)

Also see:

All You wanted to know from RBI about: Withdrawal of Legal Tender Status of ₹ 500 and ₹ 1000 Notes

Response: Interest or any charges/fees on the credit card shall not be factored in for the purpose of computing a cardholder’s credit limit usage and levying overlimit charges.

A CSGL account holder shall be deemed to be the holder of the securities held in the respective account with RBI, however, the constituents i.e. GAHs, as the beneficial owners of the Government security held therein, shall be entitled to claim from the CSGL account holder all the benefits and be subjected to all the liabilities in respect of the Government securities held in the CSGL account.

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]

Yes, each family member can buy the bonds in his/her own name if they satisfy the eligibility criteria as defined at Q No.4.

Ans: All CP and CNP transactions on cards issued in India are secured with AFA. This AFA can be in any form and few commonly used forms are PIN, dynamic one-time password (OTP), static code, etc. The requirement of AFA is not mandatory for transactions where outflow of foreign exchange is contemplated. Similarly, in case of CP transactions (except ATM transactions) using NFC contactless technology, transactions for a maximum value of ₹5,000 per transaction are allowed to be undertaken without AFA requirement, subject to adherence to EMV standards.

After sending the duly filled in and valid MF survey schedule (excel based) to mf@rbi.org.in, an MF company will receive the system-generated acknowledgement. No separate mail will be sent in this regard. If some error is mentioned in the acknowledgement, then the respondent is required to resubmit the form by rectifying the mentioned error. After corrections, the company should receive a successful processing acknowledgement.

In the UPI-PayNow linkage transactions, only person to person (P2P) remittances towards the purpose of “Maintenance of Relatives Abroad” & “Gift” under the Liberalised Remittance Scheme (LRS) are allowed, and the prescribed LRS limits would be applicable.

Deposit into accounts can be made without restrictions. The ₹2000 banknotes can be deposited into bank accounts and cash requirements can be drawn thereafter, against these deposits.

Ans: No. The bilateral arrangements between banks / non-banks to handle cross-border transactions between India and Nepal are not covered under guidelines of the INRF Scheme. The INRF Scheme exclusively uses NEFT ecosystem for such remittance to Nepal and as such all NEFT enabled bank-branches are already covered under Scheme.

Foreign banks can have a common global policy on green deposits, without prejudice to the provisions of the framework for green deposits raised in India after June 01, 2023.

Answer: Permitted purpose depends on the currency pair viz. Foreign Currency - Indian Rupee (FCY-INR) and Foreign Currency - Foreign Currency (FCY-FCY).

• Permitted purpose for undertaking FCY-INR forex derivative transactions (e.g., USD-INR forwards, futures, options, etc.): Hedging exchange rate risk.

• Permitted purpose for undertaking FCY-FCY forex derivative transactions (e.g., EUR-USD forwards, futures, options, etc.): No restrictions in terms of purpose.

Answer: Exchange rate between the currencies of the two trading partner countries will be market determined.

Ans. No, a customer can choose whether or not to let his / her card tokenised.

Ans. No, there are no restrictions towards remittances for current account transactions to Mauritius and Pakistan.

Remittances directly or indirectly to countries identified by the Financial Action Task Force (FATF) as “non- cooperative countries and territories”, from time to time; and remittances directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks are not permissible.

Ans: The exemption can be extended to co-lending arrangements between REs for non-PSL loans subject to the condition that no third party other than the REs in a co-lending transaction should have direct or indirect control over the flow of funds at any point of time.

Ans: RE providing DLG shall deduct full amount of the DLG which is outstanding from its capital.

Ans. Yes, another person may be authorised by the applicant to attend the personal hearing on his behalf but only with proper written authority. It has to be ensured that the person appearing on behalf of the applicant is conversant with the nature of contravention applied for. However, the Reserve Bank encourages the applicant to appear directly for the personal hearing rather than being represented/ accompanied by legal experts/consultants, etc. as the compounding is only for admitted contraventions.

Answer: Yes, a Foreign Portfolio Investor or a Foreign Venture Capital Investor, both registered with the Securities and Exchange Board of India (SEBI) under the relevant SEBI regulations can open and maintain a non-interest bearing foreign currency account for the purpose of making investment in accordance with Foreign Exchange Management (Non-Debt Instrument) Rules, 2019.

Ans. In terms of paragraph 13 read with paragraph 5 of these Directions, the rate of interest on matured deposits standing in the name of a deceased individual depositor or two or more joint depositors, where one of the depositors has died, will be as per comprehensive policy duly approved by the Board of Directors or any committee of the Board to which powers have been delegated.

Ans. KYC verification once done by one branch/ office of the RE shall be valid for transfer of the account to any other branch/ office of the same RE, provided full KYC verification has already been done for the concerned account and the same is not due for periodic updation.

Ans.: Total invoice value must be in Indian Rupees (INR) in actuals (which should also include billing to subsidiary(s)/associate(s)) during the reference period.

Ans: Currently, opening of e₹ wallets is linked to user’s saving accounts. This linkage facilitates frictionless user onboarding and obviates the need for separate KYC requirement. Based on the feedback and emerging use cases, new models of user on-boarding are also being explored.

Since instructions related to GST are issued by Central Board of Indirect Taxes & Customs (CBIC), instructions and clarifications, if any, issued by CBIC in this regard may be followed.

The following REs of RBI are covered under the RB-IOS, 2021:

(i) Banks: All commercial banks, including Public Sector Banks, Private Sector Banks, Foreign Banks, Local Area Banks, Small Finance Banks, Payment Banks, Regional Rural Banks, Scheduled Primary (Urban) Co-operative Banks and Non-scheduled Primary (Urban) Co-operative Banks with deposit size of ₹50 Crore and above, as on the date of the audited balance sheet of the previous financial year;

(ii) NBFCs registered with RBI: All Non-Banking Financial Companies (excluding Housing Finance Companies) which (a) are authorized to accept deposits; or (b) have customer interface, with an assets size of ₹100 crore and above as on the date of the audited balance sheet of the previous financial year;

Note: Core Investment Companies, Infrastructure Debt Fund-Non-banking Financial Companies, Non-Banking Financial Companies-Infrastructure Finance Companies, companies in resolution or winding up / liquidation, or any other NBFC specified by RBI are excluded from the ambit of the RB-IOS, 2021.

(iii) System Participants: All Payment System Participants - banks as well as non-banks regulated by RBI are covered under the RB-IOS, 2021. These entities issue Prepaid Payment Instruments (PPIs) and facilitate transactions over National Electronic Funds Transfer (NEFT) / Real Time Gross Settlement (RTGS) / Immediate Payment Service (IMPS) / Unified Payments Interface (UPI) / Bharat Bill Payment System (BBPS) / Bharat QR Code / *99# mobile transaction service using Unstructured Supplementary Service Data (USSD) / Aadhaar Enabled Payment System (AePS), etc.

(iv) Credit Information Companies: All Credit Information Companies as defined in the Companies Act, 2013 (18 of 2013) and granted a Certificate of Registration under sub-section (2) of section 5 of the Credit Information Companies (Regulation) Act, 2005 (30 of 2005).

The list of entities, periodically updated, covered under the RB-IOS, 2021 is available at https://cms.rbi.org.in/cms/assets/Documents/RBIO_English_Portal.pdf.

ಉತ್ತರ. ಹೌದು, ನವೆಂಬರ್ 01,2014ರಿಂದ ಜಾರಿಗೆ ಬಂದಂತೆ ಬ್ಯಾಂಕ್ ತನ್ನ ಉಳಿತಾಯ ಬ್ಯಾಂಕ್ ಖತೆದಾರರಿಗೆ ಎಟಿಎಮ್ಗಳಲ್ಲಿ ಕನಿಷ್ಠ ಸಂಖ್ಯೆಯ ಉಚಿತವಹಿವಾಟುಗಳನ್ನು ಈ ಕೆಳಗಿನಂತೆ ನೀಡಬೇಕು :

• ಯಾವುದೇ ಸ್ಥಳದಲ್ಲಿ ಬ್ಯಾಂಕಿನ ಸ್ವಂತ ಎಟಿಎಮ್ಗಳಲ್ಲಿ [ಆನ್-ಅಸ್ ವಹಿವಾಟುಗಳು] ವಹಿವಾಟುಗಳು: ಎಟಿಎಮ್ಗಳು ಸ್ಥಳವನ್ನು ಲೆಕ್ಕಿಸದೇ , ಬ್ಯಾಂಕುಗಳು ತಮ್ಮ ಉಳಿತಾಯ ಬ್ಯಾಂಕ್ ಖಾತೆದಾರರಿಗೆ ಒಂದು ತಿಂಗಳದಲ್ಲಿ ಕನಿಷ್ಠ ಐದು ಉಚಿತ ವಹಿವಾಟುಗಳನ್ನು [ಹಣಕಾಸಿನ ಹಾಗೂ ಹಣಕಾಸೇತರ ಎರಡನ್ನೂ ಒಳಗೊಂಡು] ನೀಡಬೇಕು
• ಮೆಟ್ರೋ ಸ್ಥಳಗಳಲ್ಲಿ ಯಾವುದೇ ಇತರ ಬ್ಯಾಂಕ್‌ಗಳ ಎಟಿಎಮ್‌ಗಳಲ್ಲಿ [ಆಫ್‌-ಅಸ್‌ ವಹಿವಾಟುಗಳು ]ವಹಿವಾಟುಗಳು : ಆರು ಮೆಟ್ರೋ ಸ್ಥಳಗಳಲ್ಲಿ ಎಟಿಎಮ್‌ಗಳು ಇದ್ದ ಸಂದರ್ಭದಲ್ಲಿ, ಅಂದರೆ ಮುಂಬೈ,ಹೊಸ ದೆಲ್ಲಿ,ಚೆನ್ನೈ,ಕಲ್ಕತ್ತಾ,ಬೆಂಗಳೂರು,ಹೈದರಾಬಾದ್‌, ಬ್ಯಾಂಕುಗಳು ತಮ್ಮ ಉಳಿತಾಯ ಬ್ಯಾಂಕ್‌ ಖಾತೆದಾರರಿಗೆ ಒಂದು ತಿಂಗಳದಲ್ಲಿ ಕನಿಷ್ಠ ಮೂರು ಉಚಿತ ವಹಿವಾಟುಗಳನ್ನು [ಹಣಕಾಸಿನ ಹಾಗೂ ಹಣಕಾಸೇತರ ಎರಡನ್ನೂ ಒಳಗೊಂಡು] ನೀಡಬೇಕು.
• ನಾನ್ -ಮೆಟ್ರೋಸ್ಥಳಗಳಲ್ಲಿ ಯಾವುದೇ ಇತರ ಬ್ಯಾಂಕ್ಗಳ ಎಟಿಎಮ್ಗಳಲ್ಲಿ [ಆಫ್-ಅಸ್ ವಹಿವಾಟುಗಳು ]ವಹಿವಾಟುಗಳು : ಮೇಲಿನ ಆರು ಮೆಟ್ರೋ ಸ್ಥಳಗಳನ್ನು ಹೊರತುಪಡಿಸಿ ,ಯಾವುದೇ ಸ್ಥಳಗಳಲ್ಲಿ ,ಇತರ ಬ್ಯಾಂಕ್ ಎಟಿಎಮ್ಗಳಲ್ಲಿ ಬ್ಯಾಂಕ್ಗಳು ಉಳಿತಾಯ ಬ್ಯಾಂಕ್ ಖಾತೆದಾರರಿಗೆ ಒಂದು ತಿಂಗಳದಲ್ಲಿ ಕನಿಷ್ಠ ಐದು ಉಚಿತ ವಹಿವಾಟುಗಳನ್ನು [ಹಣಕಾಸಿನ ಹಾಗೂ ಹಣಕಾಸೇತರ ಎರಡನ್ನೂ ಒಳಗೊಂಡು] ನೀಡಬೇಕು.

Response: The deposit under STBD (1-3 years) can be made for only specified timeframe. The deposit can be subsequently renewed upon maturity.

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 to the tune of 75-90 per cent of the outstanding amount in default.

The CGTMSE would provide cover for credit facility up to ₹10 crore 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.

ಉತ್ತರ. ಕನಿಷ್ಠ ವಿವರಗಳು ಒನ್ ಟೈಮ್ ಪಿನ್[ಒಟಿಪಿ]ಯೊಂದಿಗೆ ಪರಿಶೀಲಿಸಿದ ಮೊಬೈಲ್ ನಂಬರ್ ಹಾಗೂ ಪಿಎಮ್ಎಲ್ ರೂಲ್ಸ್, 2005ರ ರೂಲ್ 2[ಡಿ] ಅಡಿಯಲ್ಲಿ ವ್ಯಾಖ್ಯಾನಿಸಲಾದ ಯಾವುದೇ ‘ಆಫಿಶಿಯಲಿ ವ್ಯಾಲಿಡ್ ಡಾಕ್ಯೂಮೆಂಟ್ [ಒವಿಡಿ]’ಯ ಹೆಸರಿನ ಸ್ವಯಂ ಘೋಷಣೆ ಹಾಗೂ ವಿಶಿಷ್ಟ ಗುರುತಿನ ಸಂಖ್ಯೆಯನ್ನು ಅಥವಾ ಪಿಎಮ್ಎಲ್ ರೂಲ್ಸ್, 2005ರ ಅಡಿಯಲ್ಲಿ, ಅನ್ವಯವಾಗುವಂತೆ, ಯಾವುದೇ ಕಡ್ಡಾಯ ಕಾಗದಪತ್ರಗಳನ್ನು ಒಳಗೊಂಡಿರುತ್ತದೆ.

'ಬೇಸಿಕ್ ಸೇವಿಂಗ್ಸ್ ಬ್ಯಾಂಕ್ ಡಿಪೋಸಿಟ್ ಅಕೌಂಟ್'ನಲ್ಲಿ ಉಚಿತವಾಗಿ ದೊರೆಯುವ ಸೇವೆಗಳೆಂದರೆ, ನಗದು ಡಿಪೋಸಿಟ್ ಮತ್ತು ವಿಥ್ಡ್ರಾವಲ್, ಎಲೆಕ್ಟ್ರಾನಿಕ್ ಪೇಮೆಂಟ್ಸ್ ಚನೆಲ್ಸ್ ಅಥವಾ ಡಿಪೋಸಿಟ್ ಮೂಲಕ ಹಣ ಸ್ವೀಕರಿಸುವುದು/ಕ್ರೆಡಿಟ್ ಪಡೆಯುವುದು, ಬ್ಯಾಂಕು ಶಾಖೆಗಳಲ್ಲಿ ಅಥವಾ ಎಟಿಮ್ಗಳಲ್ಲಿ ಚೆಕ್ ಸಂಗ್ರಹಿಸಿಸುವುದು.

Ans: If a Destination Bank is not in a position to credit the beneficiary account due to any reason, the same would be returned to the ECS Centre to enable the ECS Centre to pass on the uncredited items to the User Institution through the Sponsor Bank. The User Institution can then initiate payment through alternate modes to the beneficiary.

In case of delayed credit by the destination bank, the destination bank would be liable to pay penal interest (at the prevailing RBI LAF Repo rate plus two percent) from the due date of credit till the date of actual credit. Such penal interest should be credited to the Destination Account Holder’s account even if no claim is lodged to the effect by the Destination Account Holder.

All NDS OM-Web GAH users would need to use Digital Certificates issued by the designated Certifying Authority obtained by the respective PM, embedded into e-tokens (of the prescribed configuration) supplied to them by their PM. A safe, reliable, stable internet connection with suitable bandwidth is necessary for efficient operations. A modern PC with contemporary configuration, minimum 1 GB RAM, Operating System - Windows XP and above will be required.  Only IE Browser - 7 and above can be used for accessing OM-Web.

Ans : IDF-NBFCs shall invest only in PPP and post COD infrastructure projects which have completed at least one year of satisfactory commercial operation and are a party to a Tripartite Agreement with the Concessionaire and the Project Authority for ensuring a compulsory buyout with termination payment.

The granularity to be built in the system should be able to meet the current requirements of regulatory reporting as prescribed by various departments of Reserve Bank. However, over and above this, banks are free to determine and have a finer granularity not only to meet ad- hoc requirements of RBI from time to time but also for internal MIS..

If a Destination Bank is not in a position to credit the beneficiary account due to any reason, the same would be returned to the ECS Centre to enable the ECS Centre to pass on the uncredited items to the User Institution through the Sponsor Bank. The User Institution can then initiate payment through alternate modes to the beneficiary. In case of delayed credit by the destination bank, the destination bank would be liable to pay penal interest (at the prevailing RBI LAF Repo rate plus two percent) from the due date of credit till the date of actual credit. Such penal interest should be credited to the Destination Account Holder’s account even if no claim is lodged to the effect by the Destination Account Holder.

Deposit insurance premium is borne entirely by the insured bank.

For the purpose of studies abroad, exchange for maintenance expenses is released in the form of (i) currency notes up to US$ 2,000, (ii) the balance foreign exchange may be taken in form of traveller’s cheques or bank draft payable overseas.

Ans: There are no charges to be levied for inward transactions at destination bank branches for giving credit to beneficiary accounts.

For outward transactions undertaken using the NEFT system, RBI stopped levying processing charges on member banks from July 01, 2019.

Also, in order to give further impetus to digital retail payments, banks have been advised to not levy any charges from their savings bank account holders for NEFT funds transfers initiated online with effect from January 01, 2020.

The maximum charges which originating bank can be levy from its customers for other outward transactions, if they so desire, are given below: –

- For transactions up to ₹10,000 : not exceeding ₹2.50 (+ Applicable GST)

- For transactions above ₹10,000 up to ₹1 lakh: not exceeding ₹5 (+ Applicable GST)

- For transactions above ₹1 lakh and up to ₹2 lakhs: not exceeding ₹15 (+ Applicable GST)

- For transactions above ₹2 lakhs: not exceeding ₹25 (+ Applicable GST)

The details about charges applicable for transferring funds from India to Nepal using the NEFT system under the INRF Scheme is available on the RBI website at /en/web/rbi/faq-page-2?ddm__keyword__26256231__FaqDetailPage2Title_en_US=Indo-Nepal Remittance Facility scheme.

The objective of the Scheme is to provide easier foreign exchange conversion facilities for travellers and tourists, including Non Resident Indians (NRIs), by enlarging the network of money changing facilities in the country. It is expected that the facility of Franchisee arrangement will enable AD Category-I banks, ADs Category-II and FFMCs to provide such facilities at all tourist centres and major cities during extended hours and on holidays.

Ans. Taking personal jewellery out of India is as per the Baggage Rules, governed and administered by Customs Department, Government of India. While no approval of the Reserve Bank is required in this case, approvals, if any, required from Customs Authorities may be obtained.