Response

Yes. Please refer to response to the above query (Query No.14). However, if the bank does not levy any additional charges and offers more facilities free than those prescribed under BDBDA a/cs without minimum balance then such accounts can be classified as BSBDA.

Yes. As per the 13 of the Scheme, the NBFC Ombudsman may reject a complaint at any stage on the following grounds:the complaint made is not on the grounds of complaint referred to in clause 8 of the Scheme; orthe compensation sought is beyond the pecuniary limit specified under the Scheme; orthe complaint made requires consideration of elaborate documentary and oral evidence and the proceedings before the Ombudsman are not appropriate for adjudication of such complaint; orthe complaint made is without any sufficient cause; orthe complaint made is not pursued by the complainant with reasonable diligence required to be taken; orin the opinion of the Ombudsman there is no loss or damage or inconvenience caused to the complainant.

Yes.

• The minimum investment limit is Rs. 5,000/- (five thousand).

• The maximum limit is Rs. 10 lakh per annum for eligible individual investors and Rs. 25 lakh per annum for institutions such as HUFs, Charitable Trusts, Education Endowments and similar institutions which are not pro-profit in nature.

Ans. No

Yes. As per Clause 13 of the Scheme, the Ombudsman may reject a complaint at any stage on the following grounds:Complaint not on the grounds of complaint referred to in Clause 8; orNot in accordance with Sub Clause (3) of Clause 9; orThe compensation claimed beyond the limit prescribed under Clause 12 (5) and 12 (6): orRequiring consideration of elaborate documentary and oral evidence and the proceedings before the Ombudsman are not appropriate for adjudication of such complaint; orWithout any sufficient cause; orComplaint not pursued by the complainant with reasonable diligence; orIn the opinion of the Ombudsman there is no loss or damage or inconvenience caused to the complainant.

Ans. A settlement file provides information as to how much amount has to be debited from and credited to the accounts of participants (sellers, buyers and financiers), due on a particular date / time. In other words, it indicates how much a financier has to pay to an MSME seller, and how much a buyer owes to the financier on a particular date / time. The TReDS entities generate the settlement file and send the same to existing payment systems (for instance, National Automated Clearing House) for actual payment of funds.

Resolution Framework is applicable in respect of all eligible borrowers subject to the exclusions prescribed in Paragraph 2 of the Annex to the circular dated August 6, 2020. In respect of those sectors where the sector-specific thresholds have not been specified in the circular dated September 7, 2020, lending institutions shall make their own internal assessments regarding TOL/ATNW and Total Debt/EBITDA. However, the current ratio and DSCR in all cases shall be 1.0 and above, and ADSCR shall be 1.2 and above.

Response: A co-branding partner (CBP) acting as a BC or technology service provider for the card-issuer shall abide by the rules as prescribed in the instructions issued by RBI for such activities. However, a CBP shall not have access to card transaction data irrespective of any other service offered by them to the card-issuer. For the purpose of customer convenience, card transaction related data may be drawn directly from the card-issuer’s system in an encrypted form and displayed in the CBP’s platform with robust security. The information displayed through the CBP’s platform shall be visible only to the cardholder and shall neither be accessed nor be stored by the CBP. 

In such cases, he/she may apply to the Executive Magistrate to execute the document or make endorsement on his/her behalf after producing sufficient documentary evidence about his/her identity and satisfying the Executive Magistrate that he/she has understood the implications of such execution or endorsement.

Bonds are sold through offices or branches of Nationalised Banks, Scheduled Private Banks, Scheduled Foreign Banks, designated Post Offices, Stock Holding Corporation of India Ltd. (SHCIL) and the authorised stock exchanges either directly or through their agents.

Ans. No ratings or guidelines have been prescribed under LRS of USD 2,50,000 on the quality of the investment an individual can make. However, the individual investor is expected to exercise due diligence while taking a decision regarding the investments which he or she proposes to make and such investments shall be in accordance with Overseas Investment Rules and Regulations, 2022 and the directions made thereunder.

Ans. A customer can request for tokenisation of any number of cards. For performing a transaction, the customer shall be free to use any of the cards registered with the token requestor app.

A. The NOFHC has to be wholly owned by the Promoters/Promoter Group. However, at least 51 per cent of the voting equity shares of the NOFHC have to be held by companies in the Promoter Group in which public hold not less than 51 per cent of the voting equity of those companies.[para 2 (C) (ii) (b) of the guidelines]

Ans: Penal charges such as cheque bounce/mandate failure charges, which are necessarily levied on a per instance basis may not be annualized. However, these charges must be disclosed separately in the KFS under ‘Details about Contingent Charges’.

Ans. On realization of the sum for which contravention is compounded, a certificate shall be issued by the Reserve Bank, indicating that, the applicant has complied with the order passed by the Compounding Authority.

Ans.: Company has to submit only one form aggregating all the units in India. However, for the units abroad, the information should be provided in Part D of the schedule.

Ans: Users can raise disputes via their e₹ wallet app or reach out to their customer care centre.

Yes. The prescribed instructions on penal charges are also applicable in case of securitisation and co-lending portfolios.

Ans. No. In terms of paragraph 29.1 of these Directions, banks cannot pay any remuneration or fees or commission or brokerage or incentives on deposits in any form or manner to any individual, firm, company, association, institution or any other person except:

1. commission paid to agents employed to collect door-to-door deposits under a special scheme.

2. commission paid to Direct Selling Agents/ Direct Marketing Agents as part of the outsourcing arrangements by commercial banks

3. remuneration paid to Business Facilitators or Business Correspondents.

4. incentives granted to staff members of co-operative banks as approved by Reserve Bank of India from time to time.

For redress of his grievance, the complainant must first approach the concerned RE. If the RE does not respond within a period of 30 days after lodgment of the complaint or rejects the complaint wholly/partly or if the complainant is not satisfied with the response/resolution given by the RE, the complainant can lodge his complaint under the RB-IOS, 2021.

Approaching the RBI Ombudsman without first lodging a complaint with the RE or doing so before 30 days after lodging the complaint, if there is no response from the RE, would make the complaint non-maintainable under RB-IOS, 2021.

It may be noted that the complaint should be made to the RBI Ombudsman not later than one year after receiving the reply of the RE or, in cases where no reply is received, not later than one year and 30 days after the date of the representation to the RE.

For redress of grievance in case of deficiency of service, the complainant / aggrieved customer may first approach the concerned bank. If the bank does not respond within a period of 30 days after lodging of the complaint or if the complainant is not satisfied with the response/resolution given by the bank, the complainant can lodge the complaint under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2021 at the Complaint Management System portal of RBI (cms.rbi.org.in).

ಉತ್ತರ. ಗ್ರಾಹಕರಿಗೆ ಉಚಿತವಹಿವಾಟುಗಳ ಸಂಖ್ಯೆಯ ಲಭ್ಯತೆಗೆ ಸಂಬಂಧಿಸಿದಂತೆ ಎಟಿಎಮ್ನ ಸ್ಥಿತಿಯನ್ನು ಗುರುತಿಸಲು ಸಾಧ್ಯವಾಗಲು ಎಟಿಎಮ್ ಅಳವಡಿಸುವ ಬ್ಯಾಂಕ್ಗಳಿಗೆ ಪ್ರತಿ ಎಟಿಎಮ್ ಸ್ಥಳದಲ್ಲಿ ಎಟಿಎಮ್ ‘ಮೆಟ್ರೋ’ಅಥವಾ ‘ ನಾನ-ಮೆಟ್ರೋ’ ಸ್ಥಳದಲ್ಲಿದೆ ಎಂದು ಸೂಚಿಸಲು ಸೂಕ್ತವಾದ ವಿಧಾನಗಳನ್ನು[ಎಟಿಎಮ್ /ಸ್ಟಿಕರ್/ಪೋಸ್ಟರ್,ಮುಂತಾದವುಗಳ ಮೇಲೆ ಸಮದೇಶವನ್ನು ಪ್ರದರ್ಶಿಸಲಾಗುವುದು] ಬಳಸಲು ಸೂಚಿಸಲಾಗಿದೆ.

Answer: Yes, the income from INR balance can be repatriated subject to applicable regulatory guidelines and tax provisions.

Ans. In addition to the purpose of establishing an account-based relationship, KYC Identifier can be used for updation/ periodic updation of KYC, or for verification of identity of a customer. Further details in this regard are given in paragraph 56(j) of the Master Direction on KYC.

Response: In case of STBD, the corresponding provisions will be as determined by designated banks. In case of MTGD or LTGD deposits, premature closure before the minimum lock-in period is available in case of death of depositor or default of loan taken against MLTGD certificate. The applicable interest rates are detailed in para 2.2.2. (f) and 2.2.2. (g) of the Master Directions – Gold Monetization Scheme, 2015.

The salient features of the Framework are as under:

i) Before a loan account of an MSME turns into a Non-Performing Asset (NPA), banks or creditors should identify incipient stress in the account by creating three sub-categories under the Special Mention Account (SMA) category as given in the Framework.

ii) Any MSME borrower may also voluntarily initiate proceedings under this Framework.

iii) Committee approach to be adopted for deciding corrective action plan.

iv) Time lines have been fixed for taking various decisions under the Framework.

For more details you may refer to circular no. FIDD.MSME & NFS.BC.No.21/06.02.31/2015-16 dated March 17, 2016.

No, applications are accepted on an ‘On-Tap’ basis throughout the year.

Ans. Reissue of such PPIs using the same mobile number and same minimum details is not allowed.

Ans : No. There is no value limit on the amount of individual transactions.

ಇಲ್ಲ. ಬಿಎಸ್ಬಿಡಿಎಯಲ್ಲಿ ಬ್ಯಾಂಕುಗಳು ಎಟಿಎಮ್ ಮತ್ತು ಆರ್ಟಿಜಿಎಸ್ ಆರ್ಟಿಜಿಎಸ್/ಎನ್ಇಎಫ್ಟಿ/ಕ್ಲೀಯರಿಂಗ್ /ಬ್ರಾಂಚ್ ನಗದು ವಿಥ್ಡ್ರಾವಲ್/ಟ್ರಾನ್ಸ್ಫರ್/ಇಂಟರ್ನೆಟ್ ಡೆಬಿಟ್ಸ್/ಸ್ಟ್ಯಾಂಡಿಂಗ್ ಇನ್ಸ್ಟ್ರಕ್ಷನ್ಸ್/ಇಎಮ್ಐ ಇತ್ಯಾದಿ ಇತರ ಮಾಧ್ಯಮಗಳು ಸೇರಿದಂತೆ ಶುಲ್ಕರಹಿತ ಕನಿಷ್ಠ 4 ವಿಥ್ಡ್ರಾವಲ್ಸ್ಗಳನ್ನು ನೀಡಬೇಕು. ಉಚಿತವಾಗಿ ನೀಡುವುದು ಅಥವಾ ಹೆಚ್ಚಿನ ವಿಥ್ಡ್ರಾವಲ್ಸ್ಗೆ ಶುಲ್ಕ ವಿಧಿಸುವುದು ಬ್ಯಾಂಕಿನ ಇಚ್ಛೆಗೆ ಬಿಟ್ಟ ವಿಷಯ. ಒಂದು ವೇಳೆ ಬ್ಯಾಂಕು ಹೆಚ್ಚಿನ ವಿಥ್ಡ್ರಾವಲ್ಸ್ಗೆ ಶುಲ್ಕ ವಿಧಿಸಲು ನಿರ್ಧರಿಸಿದರೆ ಶುಲ್ಕಪಟ್ಟಿಯು ಸಮಂಜಸವಾಗಿ, ತಾರತಮ್ಯರಹಿತವಾಗಿ ಹಾಗೂ ಪಾರದರ್ಶಕತೆಯಿಂದ ಕೂಡಿರಬೇಕು.

Any person resident in India can remit upto US$5,000 in any one year as a gift to a person residing outside India or as donation to a charitable/educational / religious /cultural organisation outside India. Remittances exceeding the limit require prior permission from the Reserve Bank.

Ans. The PSS Act does not place any restriction on the types of payment systems / services a foreign entity can provide. However, any service provided by a domestic or foreign entity must be in accordance with the overall legal framework of the country.

Foreign entities viz., card networks like MasterCard (Singapore), Visa Worldwide Pte. Limited (Singapore), etc. are authorised under the PSS Act and operating card schemes in India. Also, cross-border remittance service providers viz., Western Union Financial Services Incorporated, USA, MoneyGram Payment Systems Inc, USA., etc. have also been authorised and are providing remittance services. The list of entities authorised under the PSS Act is available at /en/web/rbi/-/publications/certificates-of-authorisation-issued-by-the-reserve-bank-of-india-under-the-payment-and-settlement-systems-act-2007-for-setting-up-and-operating-payment-system-in-india-12043

No, option for premature redemption of the BLA is not available.

No. There is no value limit on the amount of individual transactions.

The Corporation may cancel the registration of an insured bank if it fails to pay the premium for three consecutive periods. In the event of the DICGC withdrawing its coverage from any bank for default in the payment of premium the public will be notified through newspapers. Registration of an insured bank stands cancelled if the bank is prohibited from receiving fresh deposits; or its licence is cancelled or a licence is refused to it by the RBI; or it is wound up either voluntarily or compulsorily; or it ceases to be a banking company or a co-operative bank within the meaning of Section 36A(2) of the Banking Regulation Act, 1949; or it has transferred all its deposit liabilities to any other institution; or it is amalgamated with any other bank or a scheme of compromise or arrangement or of reconstruction has been sanctioned by a competent authority and the said scheme does not permit acceptance of fresh deposits. In the event of the cancellation of registration of a bank, deposits of the bank remain covered by the insurance till the date of the cancellation.

Residents are permitted to hold foreign currency up to USD 2,000 or its equivalent or credit to their RFC(Domestic) Account without any limit provided the foreign exchange was - acquired by him while on a visit to any place outside India by way of payment for services not arising from any business in or anything done in India; or acquired by him, from any person not resident in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obligation, or acquired by him by way of honorarium or gift while on a visit to any place outside India; or acquired by him from an authorised person for travel abroad and represents the unspent amount thereof.

Ans: After crediting the account of the beneficiary, the beneficiary bank shall advise the beneficiary of the funds received. The remitter’s name shall be printed in the Account Statement / Pass Book of the beneficiary.

There is an optional field with tag 7495 in NEFT payment message that enables inclusion of additional sender-to-receiver information. Destination banks should capture and store this information in their CBS / other systems as appropriate, to be provided to the customer on request.

If the beneficiary specified in the sender's payment instruction fails to get payment through the NEFT system for some valid reasons, the originating bank shall provide the description “NEFT-Return” in the pass book / account statement of the originator whose NEFT transaction is returned.

The franchiser, i.e. AD Category–I Bank / AD Category–II / FFMC may appoint franchisees within a distance of 100 kilometres from their controlling branches concerned.

However, this distance criterion is relaxed in case of a recognised group/ chain of hotels appointed as franchisees, provided the headquarters of the group/ chain of hotels falls within a distance of 100 kilometres of the controlling branch of the franchiser concerned.

Further, in case of areas declared as hilly areas (as defined by the respective State Governments/ Union Territories) and the North-Eastern States, the distance restriction given in point (i) above is not applicable.

Ans. In terms of sub-section 4, of Section (6) of the Foreign Exchange Management Act, 1999, a person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such person when he was resident outside India or inherited from a person who was resident outside India.

Further, a resident individual can also acquire property and other assets overseas under LRS.

In case the aggregate amount bid is less than the reserved amount all the applicants will be allotted in full and the shortfall amount will be added to the amount available for competitive auction.

Yes. The Banking Ombudsman may reject a complaint at any stage if it appears to him that a complaint made to him is:not on the grounds of complaint referred to abovecompensation sought from the Banking Ombudsman is beyond ₹ 20 lakh (₹ Two Million).requires consideration of elaborate documentary and oral evidence and the proceedings before the Banking Ombudsman are not appropriate for adjudication of such complaintthe complaint is without any sufficient causethe complaint that it is not pursued by the complainant with reasonable diligencein the opinion of the Banking Ombudsman there is no loss or damage or inconvenience caused to the complainant.

The RBI will allot the bids under the non-competitive segment to the bank or PD which, in turn, will allocate to the bidders.

Banks have freedom to fix the rate of interest chargeable on loans and advances against FCNR(B) deposits to the depositors without reference to their own Prime Lending Rate irrespective of repayment made in Rupees or Foreign Currency.

• Settlement cycle of IIBs will be T+1, like fixed rate conventional bonds.

Core activity means activities carried by an Indian party, which constitutes at least 50% of its average turnover in the previous accounting year.

Yes. Under one GAH, a PM can create as many users as they wish.  The users created by the PM will have to be approved by the NDS OM Web Admin at CCIL.

Ans. No

Please refer to the FAQ (updated as on September 13, 2013) on “Features of various Deposit Schemes available for Non-Resident Indians” available on the RBI website (link: http://www.rbi.org.in/scripts/FAQView.aspx?Id=69). Banks are permitted to extend loans to the FCNR (B) account holders and mark lien on such deposits.

Ans. While the customers do not have the facility to track the transaction, the RBI has implemented the feature of positive confirmation in an RTGS transaction. Under this, the remitting bank would receive a message from RBI (through the beneficiary bank) that the money has been credited to the beneficiary bank / customer account. Based on this, the remitting bank should advise the remitting customer that money has been credited to the receiving bank’s beneficiary account.