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Domestic Deposits

I. Domestic Deposits

10. Whether banks can pay additional interest admissible to bank’s staff on the deposit placed in the name of minor child/ children of the deceased member of staff? +

No. Children (including minor) are not eligible for additional interest admissible to bank’s staff member/ retired staff member.

Annual Return on Foreign Liabilities and Assets (FLA) under FEMA 1999

Eligible entities and requirements to submit the FLA return

Q10. If an entity has only share application money, then is that entity supposed to submit the FLA return? +

Ans: If an entity has received only share application money and does not have any foreign direct investment or overseas direct investment outstanding as on end-March of the latest FY, it is not required to fill the FLA return.

External Commercial Borrowings (ECB) and Trade Credits

D. RECOGNISED LENDERS/ INVESTORS

10. Can persons resident in India subscribe to bonds (foreign currency/INR) issued by eligible ECB borrowers in overseas centres or IFSCs as permitted in the ECB framework? +

No. AD banks should ensure that persons resident in India do not have any exposure to borrowings by eligible entities under this framework either directly or indirectly except foreign branches/ subsidiaries of Indian banks abroad or any other permitted entities. Further, establishing borrowing structures/modalities which contravene the guidelines shall render themselves liable for penal action as prescribed under FEMA.

Remittances (Money Transfer Service Scheme (MTSS) and Rupee Drawing Arrangement (RDA))

Money Transfer Service Scheme (MTSS)

10. Who is an Indian Agent ? +

To become an Indian Agent, the applicant should be an Authorised Dealer Category-I bank or an Authorised Dealer Category-II or a Full Fledged Money Changer (FFMC) or the Department of Posts. Further, the Indian agents can also appoint sub-agents which can be retail outlets, commercial entities having a place of business, and whose bonafides are acceptable to the Indian Agent.

Coordinated Portfolio Investment Survey – India

What to report under CPIS?

Q10. Should we report data for a particular branch of the reporting entity or the consolidated data of the entity? +

Ans: A consolidated data at the entity level, covering all the branches/offices in India, should be furnished.

FAQs on Non-Banking Financial Companies

Definition of public deposits

10. Whether External Commercial Borrowings (ECBs) are exempted borrowings i.e. outside the purview of public deposit ? +

Subject to the Exchange Control Regulations, the NBFCs can receive external commercial borrowings from foreign Overseas Corporate Bodies, individuals, FIIs, and other trusts or persons. The moneys received from all these sources are excluded from the definition of public deposit as per the provisions of NBFC Directions. However, Indian companies are required to obtain prior approval of the Exchange Control Department for acceptance of deposits from non-residents.

Business restrictions imposed on Paytm Payments Bank Limited vide Press Releases dated January 31 and February 16, 2024

Bank Accounts with Paytm Payments Bank

10. The instalment (EMI) for my loan is automatically paid through my account with a bank other than Paytm Payments Bank. Can this continue? +

Yes, EMIs registered with any bank other than Paytm Payments Bank can continue.

FAQs on Master Directions on Priority Sector Lending Guidelines

J. PSLCs

Query 28: How can banks register for PSLC trading ? +

Clarification: The banks are required to submit a request to FIDD, CO (fiddplan@rbi.org.in) to obtain registration for PSLC trading by submitting a) DEA Fund Code b) Customer identification number and c) RBI Current account number.

Query 29: What is the expiry date of PSLC ? +

Clarification: All PSLCs will be valid till end of FY i.e. March 31st and will expire on next day i.e. April 1st.

Query 30: Whether PSLCs can be issued for a limited period i.e., for one reporting quarter and multiples thereof ? +

Clarification: The duration of the PSLCs will depend on the date of issue with all PSLCs being valid till end of FY i.e. March 31st and expiring on next day i.e. April 1st.