The customer should keep in mind, among others, the following:

 

(i) There is no requirement of keeping any deposit/ margin/ collateral/ primary security with the lender at any stage of the microfinance loan.

(ii) Lender is required to provide a loan card to the borrower in a language understood by the borrower which should have following information:

1. Information which adequately identifies the borrower;
2. Simplified factsheet on pricing;
3. All other terms and conditions attached to the loan;
4. Acknowledgements by the lender of all repayments including instalments received and the final discharge; and
5. Details of the grievance redress system, including the name and contact number of the nodal officer of the lender.

(iii) Purchase of any non-credit products is purely voluntary. Fee structure for such products shall be explicitly communicated in the loan card.

(iv) Training provided by the lenders is free of cost.

No. The Prudential Norm Return should be certified by the company’s Statutory Auditors only and not by any other Chartered Accountant.

Indian Banks’ Association (IBA) has dispensed with the practice of prescribing service charges to be levied by banks for various services rendered by them. With effect from September 1999, the Reserve Bank has granted freedom to banks to prescribe service charges with the approval of respective Board of Directors.

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.

A customer is required to pay only those charges which are explicitly mentioned in the factsheet provided by the lender. Besides this, the customer should also note the following:

(i) There is no pre-payment penalty on microfinance loans.

(ii) Penalty, if any, for delayed payment can be applied only on the overdue amount and not on the entire loan amount.

(iii) Any change in interest rate or any other charge shall be informed to the borrower in writing well in advance and these changes shall be effective only prospectively.

A The RBI regulations are aimed at protecting the depositors' interest indirectly. The Bank also exercises Off-site Surveillance and/or On-site Inspection of NBFCs. The RBI, however, does not guarantee or offer insurance cover to public deposits of NBFCs.

Coins of denominations 50 paise, one rupee, two rupees, five rupees, ten rupees and twenty rupees continue to be legal tender.

Reserve Bank of India has been issuing press releases from time to time advising the members of public to accept coins as legal tender in all their transactions without any hesitation. These press releases are available on our website www.rbi.org.in under Currency Management > Press release at the following links:

https://rbi.org.in/en/web/rbi/-/press-releases/public-can-continue-to-accept-%E2%82%B9-10-coins-as-legal-tender-rbi-38636

https://rbi.org.in/en/web/rbi/-/press-releases/rbi-reiterates-legal-tender-status-of-%E2%82%B9-10-coins-of-different-designs-42887

https://rbi.org.in/en/web/rbi/-/press-releases/public-can-continue-to-accept-all-the-coins-as-legal-tender-rbi-47414

Further, RBI has been conducting awareness campaigns in Print, SMS and social media and also disseminates awareness on coins through “RBI says’’ and “RBI Kehta Hai’’ from time to time.

Besides, the Reserve Bank has instructed the banks to accept coins for transactions and exchange at all their branches.

RBI has made it mandatory for lenders to display the minimum, maximum and average interest rates charged on microfinance loans in all their offices, in the literature (information booklets/ pamphlets) issued by them and details on their website.

A. The NBFC has been in existence for at least two years. (New NBFCs are not permitted to mobilise public deposits during first two years of existence) The NBFC has a minimum credit rating of A- (CRISIL AND ICRA),BBB(CARE), BBB- (DCR India) if it is an Equipment Leasing/Hire Purchase Company and a minimum rating of A if it is a Loan/Investment Company. The NBFC does not have overdue deposits, except unclaimed deposits, while soliciting fresh deposits. The NBFC is a profit making company. The NBFC has declared that it has complied with the RBI Directions.

For commemorative coins, you may refer to the website of SPMCIL at http://www.spmcil.com or contact SPMCIL.