FAQ Page 1 - आरबीआय - Reserve Bank of India
Indian Currency
F) COINS
The Government of India is responsible for the designing and minting of coins in various denominations.
FAQs on Non-Banking Financial Companies
Prudential Norms
All you wanted to know about NBFCs
E. Depositor Protection Issues
When an NBFC fails to repay any deposit or part thereof in accordance with the terms and conditions of such deposit, the Company Law Board (CLB) either on its own motion or on an application from the depositor, directs by order the Non-Banking Financial Company to make repayment of such deposit or part thereof forthwith or within such time and subject to such conditions as may be specified in the order. After making the payment, the company will need to file the compliance with the local office of the Reserve Bank of India.
As explained above, the depositor can approach CLB by mailing an application in prescribed form to the appropriate bench of the Company Law Board according to its territorial jurisdiction along with the prescribed fee.
Domestic Deposits
VII. Service charges
Indian Currency
F) COINS
The Government of India decides on the quantity of coins to be minted on the basis of indent received from the Reserve Bank on yearly basis.
FAQs on Non-Banking Financial Companies
Prudential Norms
Depositor Awareness
Indian Currency
F) COINS
The Reserve Bank has instructed the banks to accept coins for transactions and exchange at all their branches. The public can continue to accept these coins as legal tender in all their transactions without any hesitation. A press release in this regard can be accessed at the following link: /en/web/rbi/-/press-releases/public-can-continue-to-accept-all-the-coins-as-legal-tender-rbi-47414
All you wanted to know about NBFCs
E. Depositor Protection Issues
The details of addresses and territorial jurisdiction of the bench officers of CLB are as under:
S. No. | Benches | Jurisdiction | Telephone No. |
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1. | Company Law Board Principal Bench Paryavaran Bhawan B-Block, 3rd Floor C.G.O. Complex Lodhi Road,New Delhi – 110 003 |
All States & Union Territories | 011 – 24366126 |
2. | Company Law Board New Delhi Bench Paryavaran Bhawan B-Block, 3rd Floor C.G.O. Complex Lodhi Road,New Delhi – 110 003 |
States of Delhi, Haryana, Himachal Pradesh, Jammu & Kashmir, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand and Union Territories of Chandigarh. | 011 – 24363671, 011 – 24362324 |
3. | Company Law Board Kolkata Bench 5, Esplande Row(West) Kolkata – 700 001 |
States of Arunachal Pradesh, Assam, Bihar, Manipur, Meghalaya, Nagaland, Orissa, Sikkim, Tripura, West Bengal, Jharkhand and Union Territories of Andaman and Nicobar Island and Mizoram. | 033 – 22486330 |
4. | Company Law Board Mumbai Bench N.T.C. House, 2ND Floor, 15 Narottam Morarjee Marg, Ballard Estate, Mumbai – 400 038 |
States of Goa, Gujarat, Madhya Pradesh, Maharashtra, Chhattisgarh and (Union Territories of Dadra and Nagar Haveli and Damman and Diu) | 022 – 22619636 |
5. | Company Law Board, Chennai Bench Corporate Bhawan (UTI Building), 3rd Floor, No. 29 Rajaji Salari, Chennai – 600001. |
States of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu and Union Territories of Pondicherry and Lakshadweep Island. | 044 – 25262791 |
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.
F. Collective Investment Schemes (CIS) and Chit Funds
G. Money Circulation/Multi-Level Marketing (MLM)/ Ponzi Schemes/ Unincorporated Bodies (UIBs)
No, Multi-Level Marketing companies, Direct Selling Companies, Online Selling Companies do not fall under the purview of RBI. Activities of these companies fall under the regulatory/administrative domain of respective state government. The list of regulators and the entities regulated by them are as provided in Annex I.
Unincorporated bodies (UIBs) include an individual, a firm or an unincorporated association of individuals. In terms of provision of section 45S of RBI act, these entities are prohibited from accepting any deposit. The Act makes acceptance of deposits by such UIBs punishable with imprisonment or fine or both. The State government has to play a proactive role in arresting the illegal activities of such entities to protect interests of depositors/investors.
UIBs do not come under the regulatory domain of RBI. Whenever RBI receives any complaints against UIBs, it immediately forwards the same to the state government police agencies (Economic Offences Wing (EOW)). The complainants are advised to lodge the complaints directly with the State government police authorities (EOW) so that appropriate action against the culprits is taken immediately and the process is hastened.
As per Section 45T of RBI Act, both the RBI and State Governments have been given concurrent powers. Nonetheless, in order to take immediate action against the offender, the information should immediately be passed on to the State Police or the Economic Offences Wing of the concerned State who can take prompt and appropriate action. Since the State Government machinery is widespread and the State Government is also empowered to take action under the provisions of RBI Act, 1934, any information on such entities accepting deposits may be provided immediately to the respective State Government’s Police Department/EOW.
Many of the State Governments have enacted the State Protection of Interests of Depositors in Financial Establishments Act, which empowers the State Government to take appropriate and timely action.
RBI on its part has taken various steps to curb activities of UIBs which includes spreading awareness through advertisements in leading newspapers to sensitise public, organize various investors awareness programmes in various districts of the country, keeps close liaison with the law enforcing agencies (Economic Offences Wing).
The two Charts given at Annex I and II depict the activities and the regulators overseeing the same. Complaints may hence be addressed to the concerned regulator. If the activity is a banned activity, the aggrieved person can approach the State Police/Economic Offences Wing of the State Police and lodge a suitable complaint.