FAQ Page 1 - ആർബിഐ - Reserve Bank of India
Indian Currency
F) COINS
For commemorative coins, you may refer to the website of SPMCIL at http://www.spmcil.com or contact SPMCIL.
FAQs on Non-Banking Financial Companies
Depositor Awareness
All you wanted to know about NBFCs
E. Depositor Protection Issues
Indian Currency
F) COINS
In case of grievance against a specific bank, a complaint may be lodged with the bank branch concerned. If not satisfied with their reply, a complaint may be lodged with Nodal Officers/Principal Nodal Officers at Controlling Office/Head Office of the bank branch, appointed under the Banking Ombudsman Scheme, 2006, for redressal of complaints. If the complaint is not redressed within one month, a complaint can be made to Banking Ombudsman, under the Banking Ombudsman Scheme, 2006. Non-acceptance, without sufficient cause, of coins tendered and charging of commission in respect thereof is a valid ground for lodging complaints against a bank under the Banking Ombudsman Scheme 2006.The details of the Banking Ombudsman Scheme are available on RBI's website www.rbi.org.in. The name and contact details of the Nodal Officers of the banks are available in their respective official website.
For the complaints not covered under Banking Ombudsman Scheme, 2006, the complainants may approach to Consumer Education and Protection Cell, Reserve Bank of India (at cms.rbi.org.in) of respective region with their grievance about deficiency in customer service by RBI regulated entities.
FAQs on Non-Banking Financial Companies
Depositor Awareness
All you wanted to know about NBFCs
E. Depositor Protection Issues
FAQs on Non-Banking Financial Companies
Depositor Awareness
All you wanted to know about NBFCs
E. Depositor Protection Issues
FAQs on Non-Banking Financial Companies
Depositor Awareness
All you wanted to know about NBFCs
E. Depositor Protection Issues
FAQs on Non-Banking Financial Companies
Depositor Awareness
All you wanted to know about NBFCs
E. Depositor Protection Issues
As per Reserve Bank’s Directions, overdue interest is payable to the depositors in case the company has delayed the repayment of matured deposits, and such interest is payable from the date of receipt of such claim by the company or the date of maturity of the deposit whichever is later, till the date of actual payment. If the depositor has lodged his claim after the date of maturity, the company would be liable to pay interest for the period from the date of claim till the date of repayment. For the period between the date of maturity and the date of claim it is the discretion of the company to pay interest. In cases where NBFCs are required to freeze the term deposits of customer based on the orders of the enforcement authorities or the deposit receipts are seized by the enforcement authorities, they shall follow the procedure as given below:
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request letter may be obtained from the customer on maturity. While obtaining the request letter from the depositor for renewal, NBFCs should also advise him to indicate the term for which the deposit is to be renewed. In case the depositor does not exercise his option of choosing the term for renewal, NBFCs may renew the same for a term equal to the original term.
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No new receipt is required to be issued. However, suitable note may be made regarding renewal in the deposit ledger.
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Renewal of deposit may be advised by registered letter / speed post / courier service to the concerned Government department under advice to the depositor. In the advice to the depositor, the rate of interest at which the deposit is renewed should also be mentioned.
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If overdue period does not exceed 14 days on the date of receipt of the request letter, renewal may be done from the date of maturity. If it exceeds 14 days, NBFCs may pay interest for the overdue period as per the policy adopted by them, and keep it in a separate interest free sub-account which should be released when the original fixed deposit is released.
However the final repayment of the principal and the interest so accrued should be done only after the clearance regarding the same is obtained by the NBFCs from the respective Government agencies.
FAQs on Non-Banking Financial Companies
RNBCs
All you wanted to know about NBFCs
E. Depositor Protection Issues
FAQs on Non-Banking Financial Companies
Nomination facility
All you wanted to know about NBFCs
E. Depositor Protection Issues
The symbols of minimum investment grade rating of the Credit rating agencies are:
Name of rating agencies | Nomenclature of minimum investment grade credit rating (MIGR) |
CRISIL | FA- (FA MINUS) |
ICRA | MA- (MA MINUS) |
CARE | CARE BBB (FD) |
FITCH Ratings India Pvt. Ltd. SMERA |
tA-(ind)(FD) SMERA A |
Brickwork Ratings India Pvt. Ltd. | BWR FBBB |
It may be added that A- is not equivalent to A, AA- is not equivalent to AA and AAA- is not equivalent to AAA.
However, if rating of an NBFC is downgraded to below minimum investment grade rating, it has to stop accepting public deposits, report the position within fifteen working days to the RBI and bring within three years from the date of such downgrading of credit rating, the amount of public deposit to nil. With the introduction of revised regulatory framework in November 2014 deposit taking NBFCs have to mandatorily get investment grade credit rating for being eligible to accept public deposits.