For the purpose of exemption from NBFC Directions, (1998) on Acceptance of Public Deposits, the debentures are required to be fully secured on the date of issue and to the fullest satisfaction of the trustees.

Withdrawal/debit mandates through automatic UPI mandates will continue to get executed till there is balance available in your account. However, after March 15, 2024, credit or deposit in your accounts will not be allowed. Therefore, to avoid inconvenience or disruption, it is suggested that you make alternative arrangements through another bank, before March 15, 2024.

Ans: In case the reporting entity does not receive the soft-form of the survey schedule, they may download the same from RBI website (www.rbi.org.in) under the head ‘Regulatory Reporting’-→ ‘List of Returns’-→ ‘CPIS – Survey Schedule’[ or under the head ‘Forms’ (available under ‘More Links’ at the bottom of the home page) and sub-head ‘Survey’] or send a request to the email: cpis@rbi.org.in. .

The circular is intended to achieve the following objectives:

1. It rationalises the existing regulatory guidance to banks on compromise settlements, consolidating various instructions issued over the years. It also tightens some of the related provisions and ensures greater transparency.

2. By providing a clear regulatory framework, it enables other regulated entities, particularly cooperative banks, to undertake compromise settlements as part of the normal resolution efforts.

3. It provides clarity on definition of technical write-off and provides a broad guidance on the process to be followed by the regulated entities for technical write-offs, which is a normal banking practice.

4. As a disincentive to both the lenders and the borrowers, it introduces the concept of cooling period for normal cases of compromise settlement during which the lender undertaking settlement shall not take any fresh exposure on the borrower entity. In case of borrower accounts classified as wilful defaulter or fraud, the debarment to obtain fresh finance, as explained at (2) above, will apply.

Ans: Yes, entities can modify the already submitted FLA return after taking the approval from RBI.

Ans.: In case the account closing is different from end-March, the company cannot report the information as per their account closing period. In such cases, the information should be reported for the reference period only, i.e., previous March and latest March based on company’s internal assessment. Companies can submit provisional figures in FCS survey schedule, if audited data is not available.

Banks have freedom to determine their own penal rates of interest for premature withdrawal of term deposits.

1. Eligible Investors may login to https://rbiretaildirect.org.in and register using the Registration link to begin the account opening process.

2. To open an account, the investor will have to furnish details like full name, PAN, mobile number, e-mail address, residential address, savings bank account number, etc. and specify a login name. Mobile number and email address will be authenticated using OTP and all further customer requests and services will be OTP based.

3. For joint accounts, the PAN, e-mail address and phone number of both holders will be required.

4. Once these details have been provided, you will get a reference number to track your application.

5. You may now initiate your Know Your Customer (KYC) verification process.

6. In case of joint accounts, the KYC verification will be done for both the holders.

7. It will be mandatory for the investor to fill in the nomination details at the time of opening of the account.

8. The savings bank account of the customer will be linked to their Retail Direct account by crediting a token amount into their bank account and verifying the same.

9. Once the KYC is successful, an RDG account will be opened in the name of the investor(s).

10. Information related to account number, login id & password to access the Online Portal will be made available to the customer on their registered e-mail id.

11. In case of KYC failures, the individual can make new application or resubmit application after making necessary changes.

Ans: Banks can replace the security sold through buy-back route with any other specified security for the amount availed under TLTRO scheme. Banks should ensure that their TLTRO funding should always be backed by specified security till maturity of TLTRO.