Ans. The regulatory framework for microfinance loans is applicable only to REs/ entities as defined under para 2.1⁴ and para 9.2⁵ of the directions. However, it may be prudent for other lenders operating in the microfinance sector to follow these customer-centric directions.

The complainant is required to give details such as,The name and the address of the complainantThe name and address of the branch or office of the System Participant against whom the complaint is made;The facts giving rise to the complaint, supported by documents, if any;The nature and extent of the loss caused to the complainant;The relief sought for; andDeclaration that the complaint is maintainable under Clause 9(3) of the Scheme.

Banks are not required to enter into any ISDA agreement with RBI.

Only such resolution plans which receive a credit opinion of RP4 or better for the residual debt from a CRAs shall be considered for implementation under the Resolution Framework. In case credit opinion is obtained from more than one CRA, all such credit opinions must be RP4 or better.

Ans. List of all authorised Payment System Operators (PSOs), including TReDS, is available at the following path: www.rbi.org.in → “Payment and Settlement Systems” dropdown → “Information Useful to Customer” → “List of Authorised Entities – Payment System Operators”. Following is the web link for accessing the same: /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

Response: The Reserve Bank has not prescribed any requirement for insurance cover on debit or credit cards. However, in case a card-issuer or a card payment network provides an insurance cover, complimentary or chargeable (with the consent of the cardholder), the card-issuer shall ensure that the relevant nomination details are recorded by the Insurance Company and the availability of insurance is included, along with other information, in every statement. The information shall also include the details regarding the insurance cover, name/address and telephone number of the Insurance Company which will handle the claims relating to the insurance cover. In case of group insurance policy, the contact details of the concerned officials of the card-issuer shall be provided in the statements.

Ans. The registration for a tokenisation request is done only with explicit customer consent through Additional Factor of Authentication (AFA), and not by way of a forced / default / automatic selection of check box, radio button, etc. Customer will also be given choice of selecting the use case and setting-up of limits.

No. They are not covered under the G S Act or the G S Regulations.

The requirement is that the companies in the Promoter Group in which the public hold not less than 51 per cent of the voting equity shares shall hold not less than 51 per cent of the total voting equity shares of the NOFHC.[ para 2 (C) (ii) (b) of the guidelines] A company in which public holds 51 per cent need not necessarily be listed. For the purpose of these guidelines, ‘public shareholding’ implies that no person along with his relatives (as defined in Section 6 of the Companies Act, 1956) and entities in which he and / or his relatives hold not less than 50 per cent of the voting equity shares, by virtue of his shareholding or otherwise, exercises ‘significant influence’ or ‘control’ (as defined in Accounting Standard 23) over the company.

The maximum limit will be applicable to the first applicant in case of a joint holding for that specific application.

Ans. The remittances can be made in any freely convertible foreign currency.

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

The participating banks will be rolling-out an update in their respective UPI apps in a phased manner and the customers will have to update their UPI app so as to enable global remittances feature.

Banks have been instructed to make arrangements to reduce inconvenience to the senior citizens, persons with disabilities, etc., seeking to exchange/deposit ₹2000 banknotes.

Answer: Regulated financial entities, other entities with a minimum net worth of Rs.500 crore or a minimum turnover of Rs. 1000 crore, as per the latest audited financial statements, and non-residents (other than individuals) are classified as non-retail users. All other types of users are classified as retail users.

Ans: The Guidelines are applicable to ‘digital loans’ offered over any digital platform which meet the definition of ‘Digital Lending Apps/ Platforms’ (DLAs) as per our circular dated September 02, 2022 on Guidelines on Digital Lending.

Banks may be guided by para 3.2.3 of the Master Circular - Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances dated April 1, 2023, as per which in respect of NPAs, fees, commission and similar income that have accrued should cease to accrue in the current period and should be reversed with respect to past periods, if uncollected. Accordingly, in respect of NPA accounts, penal charges shall be reversed to the extent it remains uncollected for the specific purpose of non-recognition of income. However, the same shall be part of the total liability of the borrower to the lender, unless it is waived as per the bank’s Board approved policy.

Ans. No. As per paragraph 20.2.1 of these Directions, banks cannot accept recurring deposits under FCNR(B) Scheme.

Ans.: Total invoice value must be in Indian Rupees (INR) in actuals (which should also include billing to subsidiary(s)/associate(s) abroad) as per type of export service.