One may lodge his/ her complaint with the office of the NBFC Ombudsman under whose jurisdiction, the alleged NBFC branch is situated. (Click here for address and area of operation of the NBFC Ombudsman).

For complaints relating to types of services with centralized operations, complaints may be filed before the NBFC Ombudsman within whose territorial jurisdiction the billing address of the customer is located.

One may lodge complaint with the Office of the Ombudsman for Digital Transactions within whose jurisdiction the branch or office of the System Participant complained against, is located (For jurisdiction of the Ombudsman please click here). For complaint arising out of services with centralized operations, complaints can be filed with the office of the Ombudsman for Digital Transactions within whose territorial jurisdiction the billing / declared address of the customer is located.

• Investors can invest through the authorised banks and Stock Holding Corporation of India (SHCIL).

• They will fill an application form and submit the same along with other documents and payment to the bank.

• On receipt of money, the bank will register the investor on the RBI’s web-based platform (E-Kuber) and on validation, generate the Certificate of Holding.

Ans : Yes, However, the exposure of sponsor NBFCs / IFCs and non-sponsor NBFCs / IFCs to the equity and debt of the IDFs would be governed by the extant credit concentration norms as given in para 18 of the Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.

Yes, foreign exchange earnings received through an international credit card for which reimbursement has been made in foreign exchange may be regarded as remittance through normal banking channel and the same can be credited to the EEFC account.

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.

No. Timeframe for collection of USD cheques will vary depending on the collection mode. The date of credit to the account of the customer will be reckoned based on the date of credit (value date) to the Nostro Account of collecting banks and the cooling period. The time taken by banks for collection of USD cheques normally ranges from 15 to 30 days and may go up to 45 days depending upon the collection arrangement and place at which the instrument is payable. The diversity in the banking and payment systems in USA and laws governing cheque transactions have a significant bearing on the collection time. Based on the mode of collection, banks have been advised to indicate the period for collection of USD cheques in their USD Cheque Collection Policy. The transit time may be reduced by 2 to 3 days by sending the cheques the same day from branches to centralised pooling branch and centralised pooling branch to Correspondent Banks. However, banks have also been advised to explore using faster methods of realisation such as leveraging on Check-21 facility in the US for saving in transit time.

Yes, subscription to the market instruments in the primary market will be considered to determine exposures beyond NPPL.

In terms of the Specified Bank Notes (Deposit of Confiscated Notes) Rules 2017 notified by GoI on May 12, 2017, where specified bank notes have been confiscated or seized by a law enforcement agencies or produced before a court on or before the 30th day of December 2016, such specified bank notes may be tendered for deposit in a bank account or exchange of the value thereof with legal tender, subject to the following conditions, namely:—

(a) in case confiscated specified bank notes are returned by the court to a person who is a party in case pending before that court, then, the person shall be entitled, on production of the direction of the court, to deposit or exchange such specified bank notes, the serial numbers of which—

(i) have been noted by the law enforcement agency which confiscated or produced them before the court; and

(ii) are mentioned in the direction of the court;

(b) in case specified bank notes are forfeited in favour of the Central Government or the State Government by an order of the court, then, that Government shall be entitled, on production of the direction of the court, to deposit or exchange such specified bank notes; or

(c) in case specified bank notes are placed in custody of any other person by an order of the court on or before the 30th day of December, 2016, then, the person shall be entitled, on production of the direction of the court, to deposit or exchange such specified bank notes, the serial numbers of which—

(i) have been noted by the law enforcement agency which confiscated or produced them before the court; and

(ii) are mentioned in the direction of the court.

These rules do not apply to specified bank notes confiscated or seized after the 30th day of December, 2016.

The RBI Offices where the confiscated Specified Banknotes will be accepted in terms of the Specified Banknotes (Deposit of confiscated Notes) Rules 2017 are:

Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram

Yes, banks have to necessarily approach RBI for cancellation of the swap if the underlying FCNR (B) deposit has been prematurely withdrawn. For the sake of operational and mutual convenience of both RBI and the bank, the cancellation of the swap may be undertaken once a threshold amount of deposits have been prematurely withdrawn. The threshold amount will be decided by RBI and conveyed to the bank at the time of bank approaching the RBI for cancellation of swap.

Ans. Yes, however, BO’s transactions should be restricted to its designated INR account and it should not put any transactions through the agent’s foreign currency account.

Ans. Details of types of membership in RTGS are available in chapter 4 of RTGS System Regulations. The type of membership in RTGS for non-banks PSPs will be decided by Reserve Bank based on the type of transactions they handle.

Ans. The insurance charges included in the factsheet are only for credit linked insurance product as these charges are linked to the microfinance loan. A borrower would not have incurred these charges if he had not taken the loan. The factsheet should contain information related to only pricing of microfinance loans to keep it uncluttered. Disclosures related to other non-credit products should be provided separately from the factsheet as mentioned under para 7.1.5¹ of the directions. All non-credit products (both financial products such as investment products, insurance products etc. as well as non-financial products such as solar lanterns, sewing machines etc.) should be provided only with the explicit consent of the borrower and REs should ensure that there is no direct or indirect linkage between the loan provided to the borrower and other non-credit products. No non-credit product shall be sold as a pre-condition for the loan product. REs should prominently display² that purchase of any non-credit product by the microfinance borrowers is purely on a voluntary basis. Board-approved Fair Practices Code of the REs, as mentioned under para 7.1.1³ of the directions, should also cover this aspect.

Ans. In TReDS, FU can be created either by the MSME seller or the buyer. If MSME seller creates it, the process is called factoring; if the same is created by corporates or other buyers, it is called as reverse factoring.

The System Audit Report (SAR), from a CERT-In empanelled Auditor, should inter-alia include Data Storage, Maintenance of Database, Data Backup Restoration, Data Security, etc.

उत्तर.

क्लोजड सिस्टम पीपीआयज: एखाद्या संस्थेद्वारा पीपीआयज जारी केले जातात आणि संस्थेकडून वस्तू व सेवांची खरेदी करण्यासाठीच फक्त त्याचा उपयोग करता येतो आणि रोख पैसे काढण्यासाठी परवानगी दिली जात नाही. ही तिसऱ्या पक्षाच्या सेवांचे पैसे देण्यासाठी किंवा त्यांचा मोबदला देण्यासाठी इन्स्ट्रुमेंटचा उपयोग करता येत नसल्यामुळे सदर इन्स्ट्रुमेंट जारी करणे आणि त्याचे कामकाज यांचे रिझर्व बँकेची मंजुरी/ अधिकार आवश्यक असलेली पेमेंट यंत्रणा असे वर्गीकरण केले जात नाही.

सेमी-क्लोजड सिस्टम पीपीआयज: पेमेंट इन्स्ट्रुमेंट म्हणून पीपीआयजचा स्वीकार करण्यासाठी ज्यांनी जारीकर्त्याबरोबर खास कंत्राट (किंवा पेमेंट ॲग्रीगेटर/ पेमेंट गेटवे द्वारा कंत्राट) केले आहे अशा स्पष्टपणे निश्चित करण्यात आलेल्या मर्चंट ठिकाणे/ आस्थापना येथे आर्थिक सेवा, पैसे देण्याची सुविधा, वगैरे सह वस्तू व सेवांची खरेदी करण्यासाठी हे पीपीआयज बँकांद्वारा (आरबीआयने मंजूर केलेल्या) आणि बँकाव्यतिरीक्त संस्थाद्वारा (आरबीआयने अधिकार दिलेल्या) जारी केली जातात. हे इंस्ट्रूमेंट बँकांद्वारा किंवा बँकांव्यतिरिक्त संस्थेने जारी केले असले तरी त्याद्वारे रोख पैसे काढण्याची परवानगी दिली जात नाही. ओपन सिस्टम पीपीआयज: ही पीपीआयज बँकांद्वारा (आरबीआयने मंजूर केलेल्या) जारी केली जातात आणि आर्थिक सेवा, पैसे देण्याची सुविधा, वगैरे सह वस्तू व सेवांची

खरेदी करण्यासाठी कोणताही मर्चंट्सच्या ठिकाणी त्यांचा उपयोग करता येतो. सदर पीपीआयजच्या सहाय्याने एटीएमस/ पॉईंटस ऑफ सेल (पीओएस) टर्मिनलस/ बिझनेस कॉरस्पॉन्डन्ट्स (बीसीज) येथे रोख पैसे काढण्याची देखील परवानगी आहे.

NBFCs which are required to comply with Indian Accounting Standards (IndAS) shall, as hitherto, continue to be guided by the guidelines duly approved by their Boards and as per ICAI Advisories for recognition of significant increase in credit risk and computation of Expected Credit Losses. However, the various additional provisions mentioned in the circular dated August 6, 2020 would constitute the prudential floors for the purpose of Paragraph 2 of the Annex to the circular DOR (NBFC).CC.PD.No.109/22.10.106/2019-20 dated March 13, 2020 on Implementation of Indian Accounting Standards.

‘मूलभूत बचत बँक ठेव खाते’ सादर करण्याचे लक्ष्य खचितपणे आरबीआयच्या वित्तीय समावेशनाच्या उद्दिष्टांचा एक भाग बनणे हा आहे.11 नोव्हेंबर 2005 रोजीच्या DBOD परिपत्रक DBOD.No.Leg.BC.44/09.07.005/2005-06 च्या अनुसार पूर्वी ‘ नो-फ्रिल्स’ खाती म्हणून उघडलेल्या सर्व खात्यांचे 10 ऑगस्ट 2012 रोजीचे आमचे परिपत्रक DBOD. No. Leg. BC. 35/09.07.005/2012-13 च्या परिच्छेद 2 मध्ये समाविष्ट सूचनांच्या अनुसार बीएसबीडीए म्हणून पुन्हा नामकरण करायला हवे आणि 10 ऑगस्ट 2012 रोजीचे आमचे परिपत्रक DBOD.No.Leg.BC.35 जारी केल्यापासून उघडण्यात आलेली सर्व खाती बँकांनी RPCD, CO ना दाखल करायच्या बँकांच्या वित्तीय समावेशन प्लॅन्सच्या मासिक अहवालामध्ये रिपोर्ट करायची आहेत.

Response

The aim of introducing 'Basic Savings Bank Deposit Account' is very much part of the efforts of RBI for furthering Financial Inclusion objectives. All the accounts opened earlier as 'no-frills' account vide RPCD Circular dated RPCD.RF.BC.54/07.38.01/2005-06 dated December 13, 2005 and RPCD.CO.No.RRB.BC.58/03.05.33(F)/2005-06 dated December 27, 2005 should be renamed as BSBDA as per the instructions contained in paragraph 2 of our Circular RPCD.CO.RRB.RCB.BC.No.24/07.38.01/2012-13 dated August 22, 2012 and all the new accounts opened since the issue of our circular RPCD.CO.RRB.RCB.BC.No.24 dated August 22, 2012 should be reported under the monthly report of the progress of Financial Inclusion plans submitted by banks to RPCD, CO.

Response: For a typical credit card with billing cycle from October 1, 2023 to October 30, 2023, let’s assume the bill is generated on October 30, 2023 and the due date of payment is November 19, 2023. The different scenarios for adjustment of credit are detailed below:

Scenario 1 – Credit of refund/failed/reversed transaction within the same billing cycle
Purchase transaction date – October 15, 2023 Refund on October 19, 2023 - For cancellation of purchase dated October 15, 2023	As bill is yet to be generated in the given case, the refund amount received on October 19, 2023, shall be adjusted with other debits, prior to calculation of the Total Amount Due.
Scenario 2 – Credit of refund/failed/reversed transaction post generation of bill but before making payment of the dues
Purchase transaction date - October 29, 2023 Refund on November 04, 2023 - For cancellation of purchase dated October 29, 2023	The bill is generated on October 30, 2023, however, the payment towards the dues has not been made till the date of refund. Therefore, the refund amount received on November 04, 2023, shall be adjusted towards the Total Amount Due (TAD) and accordingly the cardholder will be required to pay only the remaining outstanding (Remaining outstanding = TAD – Refund amount).
Scenario 3 – Credit of refund/failed/reversed transaction for which payment has already been made
Purchase transaction date - October 30, 2023 Payment towards dues – November 06, 2023 Refund on November 07, 2023 - For cancellation of purchase dated October 30, 2023	As the cardholder has already cleared the dues, card-issuers shall seek explicit consent of the cardholder to adjust the refund amount in line with the provision stipulated at Para 10(h) of the MD. Case I - If the cardholder gives explicit consent, then refund amount shall be adjusted. Case II - If the cardholder does not provide the consent or no response is received for adjustment of the refund, then the refund amount will be credited to the bank account of the cardholder in line with para 10(h). Further, if the cardholder makes a request for crediting the refund (transaction for which payment has already been made), the same shall be credited back to the bank account of the cardholder irrespective of the cut off defined under Para10(h).

Note: The card-issuers may put in place a suitable mechanism to prevent evergreening of the credit facility.