Ans. On realization of the sum for which contravention is compounded, a certificate shall be issued by the Reserve Bank, indicating that, the applicant has complied with the order passed by the Compounding Authority.

Ans.: Company has to submit only one form aggregating all the units in India. However, for the units abroad, the information should be provided in Part D of the schedule.

Ans. In addition to the purpose of establishing an account-based relationship, KYC Identifier can be used for updation/ periodic updation of KYC, or for verification of identity of a customer. Further details in this regard are given in paragraph 56(j) of the Master Direction on KYC.

Ans: Users can raise disputes via their e₹ wallet app or reach out to their customer care centre.

Yes. The prescribed instructions on penal charges are also applicable in case of securitisation and co-lending portfolios.

Ans. No. In terms of paragraph 29.1 of these Directions, banks cannot pay any remuneration or fees or commission or brokerage or incentives on deposits in any form or manner to any individual, firm, company, association, institution or any other person except:

1. commission paid to agents employed to collect door-to-door deposits under a special scheme.

2. commission paid to Direct Selling Agents/ Direct Marketing Agents as part of the outsourcing arrangements by commercial banks

3. remuneration paid to Business Facilitators or Business Correspondents.

4. incentives granted to staff members of co-operative banks as approved by Reserve Bank of India from time to time.

For redress of his grievance, the complainant must first approach the concerned RE. If the RE does not respond within a period of 30 days after lodgment of the complaint or rejects the complaint wholly/partly or if the complainant is not satisfied with the response/resolution given by the RE, the complainant can lodge his complaint under the RB-IOS, 2021.

Approaching the RBI Ombudsman without first lodging a complaint with the RE or doing so before 30 days after lodging the complaint, if there is no response from the RE, would make the complaint non-maintainable under RB-IOS, 2021.

It may be noted that the complaint should be made to the RBI Ombudsman not later than one year after receiving the reply of the RE or, in cases where no reply is received, not later than one year and 30 days after the date of the representation to the RE.

For redress of grievance in case of deficiency of service, the complainant / aggrieved customer may first approach the concerned bank. If the bank does not respond within a period of 30 days after lodging of the complaint or if the complainant is not satisfied with the response/resolution given by the bank, the complainant can lodge the complaint under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2021 at the Complaint Management System portal of RBI (cms.rbi.org.in).

उत्तर. ग्राहकाला मोफत व्यवहारांच्या संख्येच्या उपलब्धतेबाबत एटीएमची स्थिती निश्चित करता यावी यासाठी एटीएम बसविणाऱ्या बँकेला प्रत्येक एटीएम च्या ठिकाणी योग्य पद्धतीचा वापर करून (एटीएम वर प्रदर्शित केलेला संदेश/ स्टिकर पोस्टर वगैरे/) एटीएम 'मेट्रो' च्या ठिकाणी आहे की 'मेट्रो व्यतिरिक्त' ठिकाणी आहे हे निर्देशित करण्याच्या सूचना देण्यात आल्या आहेत.

Answer: Yes, the income from INR balance can be repatriated subject to applicable regulatory guidelines and tax provisions.

The salient features of the Framework are as under:

i) Before a loan account of an MSME turns into a Non-Performing Asset (NPA), banks or creditors should identify incipient stress in the account by creating three sub-categories under the Special Mention Account (SMA) category as given in the Framework.

ii) Any MSME borrower may also voluntarily initiate proceedings under this Framework.

iii) Committee approach to be adopted for deciding corrective action plan.

iv) Time lines have been fixed for taking various decisions under the Framework.

For more details you may refer to circular no. FIDD.MSME & NFS.BC.No.21/06.02.31/2015-16 dated March 17, 2016.

Response: In case of STBD, the corresponding provisions will be as determined by designated banks. In case of MTGD or LTGD deposits, premature closure before the minimum lock-in period is available in case of death of depositor or default of loan taken against MLTGD certificate. The applicable interest rates are detailed in para 2.2.2. (f) and 2.2.2. (g) of the Master Directions – Gold Monetization Scheme, 2015.

Ans. Reissue of such PPIs using the same mobile number and same minimum details is not allowed.

Ans : No. There is no value limit on the amount of individual transactions.

नाही. बीएसबीडीए मध्ये, बँकांनी एटीएम्समधून आणि आरटीजीएस/ एनईएफटी/ क्लीअरिंग/ इंटरनेट डेबिट्स/ स्थायी सूचना/इएमआय वगैरे अन्य माध्यमांमधून किमान चार वेळा विनाशुल्क पैसे काढण्याची सुविधा पुरवणे गरजेचे आहे. ह्या नंतर पैसे विनाशुल्क काढू द्यायचे की त्यासाठी चार्जेस आकारायचे हे ठरवणे बँकांवर सोडण्यात आले आहे. तथापि, बँकांनी जर अतिरिक्त पैसे काढण्यासाठी चार्ज करायचे ठरवले तर बँकांनी ह्यासाठीची मूल्य संरचना रास्त, निष्पक्षपाती आणि पारदर्शक पद्धतीने तयार करायला हवी.

Any person resident in India can remit upto US$5,000 in any one year as a gift to a person residing outside India or as donation to a charitable/educational / religious /cultural organisation outside India. Remittances exceeding the limit require prior permission from the Reserve Bank.

Ans. The PSS Act does not place any restriction on the types of payment systems / services a foreign entity can provide. However, any service provided by a domestic or foreign entity must be in accordance with the overall legal framework of the country.

Foreign entities viz., card networks like MasterCard (Singapore), Visa Worldwide Pte. Limited (Singapore), etc. are authorised under the PSS Act and operating card schemes in India. Also, cross-border remittance service providers viz., Western Union Financial Services Incorporated, USA, MoneyGram Payment Systems Inc, USA., etc. have also been authorised and are providing remittance services. The list of entities authorised under the PSS Act is available at /en/web/rbi/-/publications/certificates-of-authorisation-issued-by-the-reserve-bank-of-india-under-the-payment-and-settlement-systems-act-2007-for-setting-up-and-operating-payment-system-in-india-12043

No, option for premature redemption of the BLA is not available.

No. There is no value limit on the amount of individual transactions.

The Corporation may cancel the registration of an insured bank if it fails to pay the premium for three consecutive periods. In the event of the DICGC withdrawing its coverage from any bank for default in the payment of premium the public will be notified through newspapers. Registration of an insured bank stands cancelled if the bank is prohibited from receiving fresh deposits; or its licence is cancelled or a licence is refused to it by the RBI; or it is wound up either voluntarily or compulsorily; or it ceases to be a banking company or a co-operative bank within the meaning of Section 36A(2) of the Banking Regulation Act, 1949; or it has transferred all its deposit liabilities to any other institution; or it is amalgamated with any other bank or a scheme of compromise or arrangement or of reconstruction has been sanctioned by a competent authority and the said scheme does not permit acceptance of fresh deposits. In the event of the cancellation of registration of a bank, deposits of the bank remain covered by the insurance till the date of the cancellation.