Response

No. In BSBDA, banks are required to provide free of charge minimum four withdrawals, through ATMs and other mode including RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing instructions/EMI etc. It is left to the banks to either offer free or charge for additional withdrawal/s. However, in case the banks decide to charge for the additional withdrawal, the pricing structure may be put in place by banks on a reasonable, non-discriminatory and transparent manner by banks.

The NBFC Ombudsman proceeds to pass an Award if the the complaint is not settled by an agreement within a specified period as allowed by the NBFC Ombudsman. Before passing an Award, the NBFC Ombudsman will provide reasonable opportunity to the complainant and the NBFC to present their case. It is upto the complainant to accept the Award in full and final settlement or reject it.

• Yes premature redemption is allowed.

• For senior citizens above 65 years, the premature redemption is allowed after one year. For others, it is allowed after 3 years.

• Penalty at the rate of half of the last payable coupon will be charged from the investors. For example, if last payable coupon is Rs. 1,000/-, then Rs. 500 would be charged as penalty..

Ans. RBI has made it mandatory for lenders to display the minimum, maximum and average interest rates charged on microfinance loans in all their offices, in the literature (information booklets/ pamphlets) issued by them and details on their website.

Ans. No. Default handling is outside the purview of TReDS platforms.

If the Ombudsman is satisfied that there is indeed a deficiency of service on the part of the System Participant and the complaint is not settled by agreement within a specified period as allowed by the Ombudsman, he/she proceeds to pass an Award. Before passing an Award, the Ombudsman will provide reasonable opportunity to the complainant and the System Participant to present their case. It is upto the complainant to accept the Award in full and final settlement or reject it.

Such accounts are ineligible for resolution under the Resolution Framework as the Resolution Framework is applicable only for eligible borrowers which were classified as standard, but not in default for more than 30 days as on March 1, 2020. However, such accounts may still be resolved under the Prudential Framework dated June 7, 2019.

Response: No. De-activation/Blocking of a credit card temporarily curtails the ability of a cardholder to make any transaction in a credit card account while still maintaining the credit/account relationship with the card-issuer.

Closure of a credit card on the other hand amounts to termination of the account-based relationship between the cardholder and the card-issuer. The request for closure has to be honoured within seven working days as stipulated in Para 8 of the MD. However, in case payment towards dues is outstanding, the card-issuer shall provide details regarding such outstanding dues to the cardholder upon receipt of the closure request without waiting for completion of the billing cycle and accordingly advise him/her to make payment in order to complete the closure process. In such cases, the prescribed timeline of seven working days shall be calculated after excluding the number of days taken by the cardholder to clear the outstanding dues.  The card-issuer shall also report to CICs suitably about the closure of the card account.

Yes.  The title to Government security can now be recognised not only on the basis of a Succession Certificate issued under Part X of the Indian Succession Act, 1925 but also on the basis of a decree, order or direction passed by a competent court or on the basis of a certificate issued or order passed by any other authority who might have been empowered under any statute to confer on any such person a title to the Government security. Further, the title to Government security of deceased sole or joint holders may also be recognized by the RBI/Agency Banks on the basis of any one of the following six documents as prescribed in the G S Regulations.

1. a “Will” executed by the deceased holder of the Government security bequeathing thereby the security in favour of the person claiming title thereto, provided the probate issued in respect of such Will has been submitted to the Bank by the claimant; or

2. a registered deed of family settlement, wherein the Government security claimed has been included and given to the claimant; or

3. a gift deed executed in accordance with the law relating thereto, in respect of the Government security claimed; or

4. a deed of relinquishment executed by other legal heir or successor of the deceased in accordance with law in favour of the claimant in respect of the Government security claimed; or

5. a decree passed by a foreign court in respect of the Government security claimed, the execution whereof is permissible in accordance with the provisions of Section 44A of the Civil Procedure Code, 1908 (5 of 1908); or

6. a deed of partition executed and acted upon in accordance with law, wherein the Government security claimed has been included and given to the share allotted to the claimant.

At the time of making applications, the Promoters/Promoter Group will have to furnish a road map and methodologies they would adopt to comply with all the requirements of the corporate structure indicated in para 2 (C)(ii) and (iii) of the guidelines and realign the business between the entities to be held under the NOFHC [para 2(C)(iv) of the guidelines] within a period of 18 months. After the ‘in-principle approval’ is accorded by RBI for setting up of the bank, the actual setting up of NOFHC and the bank, re-organization of the Promoter Group entities to bring the regulated financial services entities under the NOFHC as well as realignment of business among the entities under the NOFHC have to be completed within a period of 18 months from the date of in-principle approval or before commencement of banking business, whichever is earlier.

Ans. LRS does not envisage extension of fund and non-fund based facilities by the AD banks to their resident individual customers to facilitate remittances for capital account transactions under LRS.

However, AD banks may extend fund and non-fund based facilities to resident individuals to facilitate current account remittances under the Scheme.

The current facility for deposit / exchange of ₹2000 banknotes at bank branches has been extended by RBI till October 07, 2023.

Ans. For performing any transaction, the customer shall be free to use any of the cards registered with the token requestor app.

If the customer meets the eligibility criteria, produces a valid identification document and remits the application money on time, he/she will receive the allotment.

Ans: Reasonable one-time processing fee can be retained if the customer exits the loan during cooling-off period. This, if applicable, should be disclosed to the customer upfront in KFS. However, the processing fee has to be mandatorily included for the computation of APR.

Ans. In case of non-payment of the amount indicated in the compounding order within 15 days of the order, it will be treated as if the applicant has not made any compounding application to the Reserve Bank and the other provisions of FEMA, 1999 regarding contraventions will apply. Such cases will be referred to the DoE for necessary action.

Ans.: Yes, the number of employee information should be reported as on end - March of the reference year.

The provisions made in the above framework shall be applicable to MSMEs having loan limits up to Rs.25 crore, including accounts under consortium or multiple banking arrangement (MBA).

Ans: Given the cash-like features of e₹, there is no interest payable on the wallet balances.

A complaint can be filed through any of the following methods:

1. Online - on CMS portal of RBI at https://cms.rbi.org.in.

2. Physical complaint (letter/post) in the form as specified in Annexure ‘A’ in the Scheme to “Centralised Receipt and Processing Centre, 4th Floor, Reserve Bank of India, Sector -17, Central Vista, Chandigarh - 160017”.

3. Complaints with full details (please refer to Question 17 below) can be sent by email (crpc@rbi.org.in).

Answer: Balance in SRVA is like foreign exchange inflow converted into INR, hence balance can be used for any permissible current and capital account transaction under the present FEMA framework.

No. The prescribed instructions on penal charges are not applicable in case of rupee/ foreign currency export credit and other foreign currency loans.

ಉತ್ತರ. ಹೌದು , ಎಟಿಎಮ್‌ಗಳಲ್ಲಿ ಕಡ್ಡಾಯಗೊಳಿಸಿರುವ ಉಚಿತ ಸಂಖ್ಯೆಯ ವಹಿವಾಟುಗಳ [ಮೇಲಿನ ಪ್ರಶ್ನೆ 11ರಲ್ಲಿ ಸೂಚಿಸಿದಂತೆ] ಮೇಲ್ಪಟ್ಟ ವಹಿವಾಟುಗಳಿಗಾಗಿ ಗ್ರಾಹಕರಿಗೆ ಶುಲ್ಕವನ್ನು ವಿಧಿಸಬಹುದು. ಹೀಗಿದ್ದಾಗ್ಯೂ, ಪ್ರಸ್ತುತದಲ್ಲಿ, ಈ ಶುಲ್ಕಗಳು ಅವನ/ಆವಳ ಬ್ಯಾಂಕಿನಿಂದ ಪ್ರತಿ ವಹಿವಾಟಿಗೆ [ಮತ್ತು ಅನ್ವಯವಾಗುವ ತೆರಿಗೆಗಳು, ಯಾವುದಾದರೂ ಇದ್ದರೆ] ಗರಿಷ್ಠ ರೂ.20/ನ್ನು ಮೀರಬಾರದು

Ans. Yes, the RE is required to obtain customer’s explicit consent to use his/ her KYC Identifier for downloading KYC records from CKYCR for the purposes mentioned in reply to Q. 14 and 15.

Response: The jewellery will be melted by the CPTC/GMCTAs to conduct the fire assay and the customer can then get back gold only in post-melted form. Thus, the decision regarding taking back jewellery in the original form must be taken by the customer after XRF test and before giving consent for fire-assaying.

The preliminary scrutiny will be done by FinTech Department of Reserve Bank of India. However, detailed scrutiny will be done by the PR based on its sandbox framework. The PR will also coordinate with ARs to review specific features of your product that fall under their regulatory scope, ensuring a smooth and efficient process.

Before a loan account of a 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 Table below:

SMA Sub-categories	Basis for classification
SMA-0	Principal or interest payment not overdue for more than 30 days but account showing signs of incipient stress
SMA-1	Principal or interest payment overdue between 31-60 days
SMA-2	Principal or interest payment overdue between 61-90 days

ಉತ್ತರ. ಪಿಪಿಐದಾರರು ಯಾವುದೇ ಸಮಯದಲ್ಲಿ ಪಿಪಿಐ ಅನ್ನು ಮುಕ್ತಾಯಗೊಳಿಸುವ ಹಾಗೂ ಕೆವೈಸಿ ಅಗತ್ಯತೆಗಳನ್ನು ಅನುಸರಿಸಿದ ನಂತರ ಅವನ/ಅವಳ ‘ಸ್ವಂತ ಬ್ಯಾಂಕ್ ಖಾತೆಗೆ’ ಬಾಕಿ ಇರುವ ಶಿಲ್ಕನ್ನು ವರ್ಗಾಯಿಸುವ ಆಯ್ಕೆಯನ್ನು ಹೊಂದಿರುತ್ತಾರೆ. ಮುಕ್ತಾಯಗೊಳಿಸುವ ಖಾತೆಯ ಆದಾಯವನ್ನು ವರ್ಗಾಯಿಸಲು ಅಂತಹ ವರ್ಗಾವಣೆಗೆ ಅವಕಾಶ ನೀಡುವ ಮೊದಲು ‘ಪಿಪಿಐ ನೀಡಿಕೆದಾರರಿಂದ ಸರಿಯಾಗಿ ಪರಿಶೀಲಿಸಬೇಕು. ಪಿಪಿಐದಾರರು ಮುಕ್ತಾಯಗೊಳಿಸುವ ಸಮಯದಲ್ಲಿ ‘ಮೂಲಕ್ಕೆ ಹಿಂದೆ’ [ಪಿಪಿಐ ಲೋಡ್ ಮಾಡಿದ ಸ್ಥಳದಿಂದ ಪಾವತಿಯ ಮೂಲಕ್ಕೆ] ಹಣವನ್ನು ವರ್ಗಾಣೆ ಮಾಡಬಹುದು.

ಬ್ಯಾಂಕುಗಳು ಎಟಿಎಮ್ ಡೆಬಿಟ್ ಕಾರ್ಡುಗಳನ್ನು ಉಚಿತವಾಗಿ ಕೊಡಬೇಕು ಮತ್ತು ಅಂತಹ ಕಾರ್ಡುಗಳಿಗೆ ವಾರ್ಷಿಕ ಶುಲ್ಕವನ್ನು ವಿಧಿಸಬಾರದು.

Ans : The Reserve Bank of India has deregulated the charges to be levied by sponsor banks from user institutions. The sponsor banks are, however, required to disclose the charges in a transparent manner. With effect from 1st July 2011, originating banks are required to pay a nominal charge of 25 paise per transaction to the Clearing house and destination bank respectively. Destination bank branches have been directed to afford ECS Credit free of charge to the beneficiary account holders.

ECS (DEBIT)

Use of the International Credit Cards (ICCs) / ATMs/ Debit Cards can be made for making personal payments like subscription to foreign journals, internet subscription, etc., and for travel abroad in connection with various purposes only to the extent of the limits specified above. However, the cards can be freely used in India. Use of these instruments for payment in foreign exchange in Nepal and Bhutan is not permitted.

• Like other G-Secs, the day count for IIBs would 30/360.

GAH will be accessing the NDS OM Web Based Module over the internet. To prevent unauthorized access and to ensure non-repudiation, RBI has stipulated that a digital certificate has to be obtained for each GAH User from IDRBT. The digital certificate has to be installed in an e-token which provides the second layer of security. Before a GAH User is created by the PM, the PM has to ensure that the digital certificate and the e-token have been procured for the GAH User.

Ans: There is no restriction with respect to primary/ secondary market investments in specified securities under the on Tap TLTRO scheme.

The Reserve Bank of India has deregulated the charges to be levied by sponsor banks from user institutions. The sponsor banks are, however, required to disclose the charges in a transparent manner. With effect from 1st July 2011, originating banks are required to pay a nominal charge of 25 paise per transaction to the Clearing house and destination bank respectively. Destination bank branches have been directed to afford ECS Credit free of charge to the beneficiary account holders.

The Corporation has deposit insurance liability on liquidation etc. of "Insured banks" i.e. banks which have been de-registered (a) on account of prohibition on receiving fresh deposits or (b) on cancellation of license or it is found that license cannot be granted. The liability of the Corporation in these cases is limited to the extent of deposits as on the date of cancellation of registration of bank as an insured bank.

On liquidation etc. of other de-registered banks i.e. banks which have been de-registered on other grounds such as non payment of premium or their ceasing to be eligible co-operative banks under section 2(gg) of the DICGC Act, 1961, the Corporation will have no liability.

Notice: Information given above is to convey the basic provisions of the deposit insurance scheme of the Corporation. The information is of a non-technical nature and is not intended to be a legal interpretation of the deposit insurance scheme.

There is no restriction on residents holding foreign coins.

Ans: The NEFT Help Desk / Contact point of the RBI can be approached at nefthelpdeskncc@rbi.org.in.

It will be responsibility of aggregator or facilitator to allocate securities to their clients in the same manner (either full or partial) in which they have been allotted the bids.

If a complaint is not settled by an agreement within a period of one month, the Banking Ombudsman proceeds further to pass an Award. Before passing an award, the Banking Ombudsman provides reasonable opportunity to the complainant and the bank, to present their case.It is up to the complainant to accept the award in full and final settlement of or to reject it.

No. Banks cannot accept recurring deposits under FCNR (B) Scheme.

Financial commitment means the amount of direct investment outside India by way of contribution to equity and loans and 50% of the amount of guarantee issued by an Indian party to or on behalf of its overseas JV/WOS.

Franchisers are expected to impart training to the franchisees as regards operations and maintenance of records.

In case the aggregate amount bid is more than the reserved amount through non-competitive bidding, allotment would be made on a pro rata basis.

Example:

Suppose, the amount reserved for allotment in non competitive basis is 10 crore. The total amount bid at the auction for Non competitive segment is 12 crore. The partial allotment percentage is =10/12=83.33%.

The actual allocation in the auction will be as follows:

Bidder	Bid Amount	Allotment
Bank1	2 crore	1,66,70,000/-
Bank2	3 crore	2,50,00,000/-
PD1	1 crore	83,30,000/-
PD2	1 crore	83,30,000/-
Bank3	5 crore	4,16,70,000/-

It may be noted that the actual allotment may vary slightly at times from the partial allotment ratio due to rounding off with a view to ensuring that the allotted amounts are in multiples of 10,000/-.

Ans. The Reserve Bank will consider factors like the need for the proposed payment system, the technical standards and design of proposed system, the security procedures and terms and conditions of operation of the proposed system, the procedure for netting of payment instructions, risk management processes, financial status of the applicant, experience of management and integrity of applicant, consumer interests, monetary and credit policies and other relevant factors while deciding on an application for authorization for commencing or operating a payment system (Section 7 of PSS Act, 2007).

The Reserve Bank will endeavour to dispose of all applications received for authorization within six months from the date of their receipt.

• In case of redemption prematurely before the maturity date, investors can approach the concerned bank few days before the coupon date and apply.

• In case of redemption on maturity, the investor will be advised one month before maturity regarding the ensuing maturity of the bond advising them to provide a Letter of Acquaintance, confirming the NEFT account details, etc.

• If everything is in order, the investor has to be paid immediately on the maturity date for payments through electronic mode and within maximum five days for any payment through physical instruments.

Yes, the Scheme provides the appellate mechanism for the complainant as well as the NBFC.

Any person aggrieved by an Award issued under Clause 12 or by the decision of the NBFC Ombudsman rejecting the complaint for the reasons specified in sub-clause (c) to (f) of Clause 13 of the Scheme, can approach the Appellate Authority.

The Appellate Authority is vested with a Deputy Governor-in-Charge of the department of the RBI implementing the Scheme. The address of the Appellate Authority is :

The Appellate Authority
Ombudsman Scheme for Non-Banking Financial Companies
Consumer Education and Protection Department
Reserve Bank of India
First Floor, Amar Building
Fort, Mumbai 400 001.

The complainant also has the option to explore other recourse and/or remedies available as per the law.

Ans. Yes, if it is not possible to credit the funds to the beneficiary customer’s account for any reason, the funds received by the RTGS member bank will be returned to the originating bank within one hour of receipt of the payment at the Payment Interface (PI) or before the end of the RTGS Business day, whichever is earlier. Once the money is received back by the remitting bank, the original debit entry in the customer's account needs to be reversed.

No, the BLAs cannot be gifted/transferred to any relative or friend. Transferability of the Bond Ledger Account shall be limited to nominee or to the legal heir of an individual holder, only in the event of death of the declarant.