An Inter-Regulatory Technical Group on FinTech (IRTG on FinTech) was constituted under the aegis of the Financial Stability and Development Council-Sub Committee (FSDC-SC). The terms of reference (ToR) of IRTG on FinTech included discussion on issues relating to hybrid product/ service falling under the regulatory ambit of more than one financial sector regulator for admission in Regulatory Sandbox and framing of Standard Operating Procedure (SOP) for IoRS for hybrid products/services. The group, in addition to the members from Financial Sector Regulators/ Authority (RBI, SEBI, IRDAI, IFSCA and PFRDA), has representation from Department of Economic Affairs (DEA), Ministry of Finance and Ministry of Electronics and Information Technology (MeITY), GoI. In order to facilitate testing of innovative products/services falling within the regulatory ambit of more than one financial sector regulator, a Standard Operating Procedure (SOP) for IoRS has been prepared by the Inter-Regulatory Technical Group on FinTech (IRTG on FinTech). The SOP can be accessed from the link: - FinTech

Ans: Whenever there is a reset of interest rates for an entire class of borrowers in a particular loan category, say home loan, due to increase in the reference benchmark; the RE shall provide the following options to the borrowers:

1. Either enhancement in EMI or elongation of number of EMIs, keeping the EMI unchanged or a combination of both options;

2. Switch to fixed interest rate for the remaining portion of the loan, ¹[where such an option is provided by the RE]; and

3. To prepay, either in part or in full, at any point during the residual tenor of the loan.

Ans. When a person is made aware of the contravention of the provisions of FEMA, 1999 by the Reserve Bank or any other statutory authority or the auditors or by any other means, she/he may apply for compounding. One can also make an application for compounding, suo mo-to, on becoming aware of the contravention.

Ans. Under the PSS Act, 2007, two Regulations have been made by the Reserve Bank of India, namely, the Payment and Settlement Systems Regulations, 2008 and the Payments Regulatory Board Regulations, 2025. Both these Regulations came into force on 12th August 2008 and 20th May 2025 respectively.

Ans: e₹ wallet is a digital wallet that can be opened on one’s mobile phone/device. e₹ wallet stores the Digital Rupee, similar to the physical wallet/purse that stores the physical currency. e₹ wallets are being currently provided by banks and non-banks, which are part of the retail CBDC pilot.

Item Expiry Time indicates the latest time by which confirmation for the presented instrument can be provided by the drawee bank, failing which the cheque will be considered deemed approved and included for settlement. Item Expiry Time is arrived at by CCH based on presentation time and provided to drawee banks along with cheque data.

The Ministry of Micro, Small and Medium Enterprises vide Office Memorandum No. 5/2(2)/2021-E/P & G/Policy dated July 02, 2021 decided to include Retail and Wholesale trade as MSMEs for the limited purpose of Priority Sector Lending and they would be allowed to be registered on Udyam Registration Portal. Detailed guidelines are available in our circular FIDD.MSME & NFS.BC.No.13/06.02.31/2021-22 dated July 07, 2021.

‘मूलभूत बचत बँक ठेव खाते’ धारक त्या बँकेमध्ये अन्य कोणतेही बचत खाते ठेवू शकतो/ शकते का ?

For the borrowers eligible for resolution under the circular dated August 6, 2020 on Resolution Framework for COVID-19-related Stress, the circular dated August 6, 2020 will be applicable if a resolution process under the circular is invoked. For all other borrowers, the extant instructions as otherwise applicable shall still be in force. However, if any entity is otherwise eligible to be resolved under the Resolution Framework, only Resolution Framework can be used for resolving the stress arising out of the pandemic.

उत्तर. पीपीआय जारीकर्ता यांचेकडून पीपीआय मिळविणारी/ खरेदी करणारी आणि आर्थिक सेवा, पैसे देण्याची सुविधा, वगैरे सह वस्तू व सेवांची खरेदी त्याचा उपयोग करणारी व्यक्ती/ संस्था ही धारक असते. परंतु गिफ्ट पीपीआयच्या बाबतीत नियोजित लाभधारक (खरेदीदार नसला तरीसुद्धा) हा धारक असू शकतो.

उत्तर. एनईएफटी इलेक्ट्रॉनिक निधी हस्तांतरण यंत्रणा आहे ज्यात एका ठराविक वेळे पर्यंत मिळालेल्या व्यवहारांची टप्प्याटप्प्याने प्रक्रिया केली जाते. त्या उलट आरटीजीएसमध्ये व्यवहारांची, आरटीजीएसच्या संपूर्ण व्यवसायाच्या कामकाजाच्या वेळेत एकामागोमाग एक व्यवहार अशा पद्धतीने प्रक्रिया केली जाते.

The Department / Office selected by the applicant, while submitting his/her application through ATS, will receive the application.

Ans. Such a company shall have to submit to RBI, a letter of its intention either to become a Factor or to unwind the business totally, and a road map to this effect. The company would be granted CoR as NBFC-Factor only after it complies with the twin criteria of financial assets and income. If the company does not comply within the period as specified by the Bank, it would have to unwind the factoring business.

The potential users of the NDS-OM Web Module are GAHs permitted by RBI to access the NDS OM Web Based Module. So far, GAHs have only the indirect access through CSGL route for placing their order/bid feed into NDS-OM. Now in addition to the indirect access, permitted GAHs can directly deal on the NDS-OM Web system, subject to controls set by PM. The access to the GAH to the NDS-OM Web Based Module is granted on a request made on his behalf by its Primary Member.

Answer: Unless otherwise specifically stated in the features of the account, a foreign currency account maintained by a person resident in India with an authorized dealer in India can be opened, held and maintained in the form of current or savings or term deposit account in cases where the account holder is an individual, and in the form of current account or term deposit account in all other cases. The account can be held singly or jointly in the name of person eligible to open, hold and maintain such account.

No bank can refuse to accept outstation cheques deposited for collection or refuse to offer its products to customers.

Ans. Not permanently resident means a person resident in India for employment of a specified duration (irrespective of length) or for a specific job duration which does not exceed three years.

Ans Step-1: The remitter fills in the EFT Application form giving the particulars of the beneficiary (city, bank, branch, beneficiary’s name, account type and account number) and authorises the branch to remit a specified amount to the beneficiary by raising a debit to the remitter’s account. Step-2: The remitting branch prepares a schedule and sends the duplicate of the EFT application form to its Service branch for EFT data preparation. If the branch is equipped with a computer system, data preparation can be done at the branch level in the specified format. Step-3: The Service branch prepares the EFT data file by using a software package supplied by RBI and transmits the same to the local RBI (National Clearing Cell) to be included for the settlement. Step-4: The RBI at the remitting centre consolidates the files received from all banks, sorts the transactions city-wise and prepares vouchers for debiting the remitting banks on Day-1 itself. City-wise files are transmitted to the RBI offices at the respective destination centres. Step-5: RBI at the destination centre receives the files from the originating centres, consolidates them and sorts them bank-wise. Thereafter, bank-wise remittance data files are transmitted to banks on Day 1 itself. Bank-wise vouchers are prepared for crediting the receiving banks’ accounts the same day or next day. Step-6: On Day 1/2 morning the receiving banks at the destination centres process the remittance files transmitted by RBI and forward credit reports to the destination branches for crediting the beneficiaries’ accounts.

Ans. All transactions to be settled through the ACU will be handled by AD Category-I banks in the same manner as other normal foreign exchange transactions, through correspondent arrangements.

The DICGC while registering the banks as insured banks furnishes them with printed leaflets for display giving information relating to the protection afforded by the Corporation to the depositors of the insured banks. In case of doubt, depositor should make specific enquiry from the branch official in this regard.