Yes. REs may formulate an appropriate Board approved policy and adopt a suitable structure of penal charges that is ‘reasonable’ and ‘commensurate’ with the non-compliance of material terms and conditions of the loan contract.

RB-IOS, 2021 has simplified the processes, centralized the receipt of physical and email complaints, brought more REs under its ambit, done away with limited grounds of complaints and difference jurisdictions of Ombudsmen and now all complaints involving deficiency in service are covered under RB-IOS. Complainants can lodge their complaints against an RE on the 24x7 online CMS portal at https://cms.rbi.org.in/ or send their complaint in email/physical form to CRPC (refer Question 16). Salient benefits for the complainant arising from the RB-IOS with upgraded CMS portal are as under:

1. Simplification in the process of filing the complaint on CMS portal;

2. A complaint can be filed on CMS portal/ CRPC from anywhere in the country irrespective of the address of the complainant, RE or branch involved;

3. One address and one email for lodging of physical/ email complaints from anywhere in the country;

4. Automatic acknowledgement to the complainant on registration of online complaint;

5. Facility for real-time tracking of the status of complaint;

6. Convenience from ‘One Nation One Ombudsman’ approach;

7. Facility for online submission of additional documents on the CMS itself;

8. Detailed letter intimating decision/ closure of complaint;

9. Facility for online and voluntary feedback submission by the complainant regarding redress provided by RBI.

Ans: No. Even if a company’s account closing period is different from reference period (end-March), the ITES survey information should be reported for the survey reference period, based on the company’s internal assessment.

In case of any specific complaint against any bank relating to deficiency in service pertaining to education loan, the same can be filed with the bank concerned. If there is no response to the complaint within one month or non-satisfactory response from the bank, the complaint may be filed under ‘The Reserve Bank - Integrated Ombudsman Scheme, 2021’. Complaints can be filed online through Complaint Management System (CMS) portal of the RBI, at https://cms.rbi.org.in. Complaints can also be filed through the dedicated e-mail or sent in physical mode to the ‘Centralised Receipt and Processing Centre’ set up at Reserve Bank of India, 4th Floor, Sector 17, Chandigarh – 160017, as per the Format provided in the Scheme.

Ans: In terms of revised Master Directions, banks are not required to submit such certificates / Flash Reports to RBI.

ଉତ୍ତର. ଏଟିଏମ୍ / ଡବଲ୍ୟୁଏଲଏ ରେ ବିଭିନ୍ନ ଦେଣନେଣ ପାଇଁ, ଜାରିକର୍ତ୍ତା ଙ୍କ ଦ୍ଵାରା ଅନୁମୋଦିତ ଏଟିଏମ୍ / ଏଟିଏମ୍ ଏବଂ ଡେବିଟ୍ କାର୍ଡସ, କ୍ରେଡିଟ୍ କାର୍ଡ ଏବଂ ପ୍ରିପେଡ୍ କାର୍ଡସ ବ୍ୟବହାର କରାଯାଇପାରିବ ।

Ans. In case a customer does not possess an OVD, he can still open a ‘Small Account’ with a bank. For the purpose, the bank shall obtain a self-attested photograph from the customer and the designated officer of the bank certifies under his signature that the person opening the account has affixed his signature or thumb impression in his presence. The Small Account shall remain operational initially for a period of twelve months and is subject to conditions as given under paragraph 23 of the Master Direction on KYC.

Ans. Provisions related to penalty are contained in paragraph 15 of these Directions. The detailed procedure for premature withdrawal including partial premature withdrawal are determined by the banks in terms of their comprehensive Board approved policy.

Response: Government of India, vide its press release ID 2115009 dated March 25, 2025 has discontinued the Medium and Long Term Government Deposit (MLTGD) components of GMS. Accordingly, the mobilization of a MLTGD, including renewal, has been discontinued with effect from March 26, 2025. There is no change in the provisions pertaining to STBD under GMS.

The initiative involves collaboration between multiple regulators:

• Reserve Bank of India (RBI) – for banking and payment systems

• Securities and Exchange Board of India (SEBI) – for securities markets

• Insurance Regulatory and Development Authority of India (IRDAI) – for insurance products

• Pension Fund Regulatory and Development Authority (PFRDA) – for pension-related innovations (although PFRDA does not have a separate regulatory sandbox but is a part of the Inter-operable Regulatory Sandbox (IoRS)).

• International Financial Services Centres Authority (IFSCA) – unified Regulatory authority of Gujarat International Finance Tech-City International Financial Services Centre (GIFT IFSC) for testing in the domain areas as specified in the Annexure I of Framework for FinTech Entity in the International Financial Services Centres.

Ans. Along with the application in the prescribed format, the applicant may also furnish the details as per the Annexures- relating to Foreign Direct Investment, External Commercial Borrowings, Overseas Direct Investment and Branch Office / Liaison Office, as applicable, (Annexures available in the Directions – Compounding of contraventions under FEMA, 1999, as mentioned in answer to Q. 4 above) along with an undertaking that they are not under investigation of DOE,., a cancelled cheque copy, a copy of the Memorandum of Association while applying for compounding of contraventions under FEMA, 1999. Application submitted to the Reserve Bank must contain contact details i.e., name of the applicant / authorised official or representative of the applicant, telephone/ mobile number and email ID.

Ans : The mutual fund companies can submit their responses through Schedule-4 (excel format) on or before July 15 of every year.

Ans. “Payment obligation” is defined as what is owed by one participant in a payment system to another such participant which results from clearing or settlement or payment instructions relating to funds, securities or foreign exchange or derivatives or other transactions.

CTS was originally implemented with three separate geographical CTS grids in New Delhi, Chennai, and Mumbai with effect from February 1, 2008, September 24, 2011, and April 27, 2013 respectively. Over time, all locations across the country were brought under the ambit of one of the three grids. After migration of the entire cheque volume to CTS, the traditional mechanisms of cheque clearing have been discontinued across the country. Banks have been advised to ensure that all their branches are connected to CTS.

With effect from October 13, 2023, the three grids were merged to form a National Grid managed by National Grid Clearing House (NGCH), Chennai.

Ans: Creation and issuance of retail e₹ is identical to the arrangement for issuance of paper currency i.e., RBI creates e₹ and issues them to banks and non-banks electronically. Banks and non-banks, thereafter, are responsible for facilitating onboarding and opening e₹ wallets for their customers on their mobile phones. The e₹ issuance, distribution, and usage within the retail segment (for members of the public) is live in pilot mode with effect from December 1, 2022. The users and merchants of identified pilot banks and non-banks across the country can use e₹.

Yes. REs may formulate an appropriate Board approved policy and adopt a suitable structure of penal charges that is ‘reasonable’ and ‘commensurate’ with the non-compliance of material terms and conditions of the loan contract.

ଆଜ୍ଞା ନା, ବିଏସବିଡିଏ ଖୋଲିବା ପାଇଁ ବ୍ୟକ୍ତିବିଶେଷଙ୍କର ବୟସ ଏବଂ ଆୟ ମାନଦଣ୍ଡ ଭଳି ପ୍ରତିବନ୍ଧକ ନ ଲଗାଇବାକୁ ବ୍ୟାଙ୍କଗୁଡିକୁ ପରାମର୍ଶ ଦିଆଯାଇଛି ।

Ans: In terms of MD-TLE dated September 24, 2021, Primary (Urban) Co-operative Banks (PUCBs), State Co-operative Banks (StCBs) and Central Co-operative Banks (CCBs) have been recognised as eligible transferors of stressed loans. The relevant provisions of circular “Guidelines on Sale of Financial Assets to Securitisation Company/Reconstruction Company (SC/RC) by Multi State Urban Cooperative Banks’ dated March 28, 2014, in terms of which only multistate cooperative banks could sell stressed assets to ARCs have been repealed. Accordingly, all cooperative banks are permitted to transfer stressed assets to ARCs in compliance with the provisions of the MD-TLE and other extant regulatory instructions.

The Resolution Framework may be invoked for resolution of all exposures of lending institutions to eligible borrowers, including investment exposures. However, the Resolution Framework is without prejudice to all applicable guidelines issued by the relevant financial sector regulators and other Departments of the RBI in respect of any particular exposure.

Ans. With effect from July 01, 2019, RBI has waived the processing charges levied by it for RTGS transactions. Banks may pass on the benefit to its customers. With a view to rationalise the service charges levied by banks for offering funds transfer through RTGS system, a broad framework of charges has been mandated as under: a) Inward transactions – Free, no charge to be levied. b) Outward transactions – ₹ 2,00,000/- to 5,00,000/-: not exceeding ₹ 25/- (exclusive of tax, if any) Above ₹ 5,00,000/-: not exceeding ₹ 50 (exclusive of tax, if any) Banks may decide to charge a lower rate but cannot charge more than the rates prescribed by RBI.