The company intending to make investment under automatic route is required to fill in the form ODA supported by documents listed therein, i.e., Board Resolution, Statutory Auditor’s certificate, Valuation report (in case of acquisition of an existing company) and approach an Authorised Dealer for making the investment.

Yes. In case of any need to withdraw or stop a mandate the customer can do so by approaching the user institution to withdraw the mandate. The account holder / customer can also withdraw the mandate / debit instruction directly from his / her banker without involvement of the User institution. The withdrawal instructions of a customer in such cases would be treated equivalent to a ‘stop payment’ instruction in cheque clearing system. However, as a matter of best practice, the customer may also provide prior notice or intimation of mandate withdrawal to the ECS user institution well in time, so as to ensure that the input files submitted by the user institution does not include the ECS Debit details in respect of the withdrawn / stopped mandates, leading to avoidable returns/rejections etc.

Yes, an investor in IIB or SGB scheme may retain the same Investor ID to deposit in PMGKDS provided the Personal Identification Document (PID) linked to the Investor ID is the Permanent Account Number.

Response

In BSBDA, banks are required to provide free of charge minimum four withdrawals, including through ATM and other mode. Beyond four withdrawals, it is left to discretion of the banks to either offer free or charge for additional withdrawal/s. However pricing structure may be put in place by banks on a reasonable, non-discretionary, non-discriminatory and transparent manner by banks.

• As customers will be owned by the banks, KYC will also be done by the banks.

Ans. Complaints can be filed online on https://cms.rbi.org.in, or through the dedicated e-mail or sent in physical mode to the ‘Centralised Receipt and Processing Centre’ set up at RBI, 4th Floor, Sector 17, Chandigarh – 160 017 in the format given at the following path - https://rbidocs.rbi.org.in/rdocs/content/pdfs/RBIOS2021_121121_A.pdf. A toll-free number – 14448 (9:30 am to 5:15 pm) – is also available for customers to seek assistance in filing complaints and information on grievance redressal, with multi-lingual support.

No.  If a Government security is held on behalf of a minor, the payment for the same may be made to the father or mother of such minor and in case neither parent is alive then the payment is made to a person entitled, as per law, to take care of the property of the minor. However, if a Government security, whose principal value does not exceed Rupees One lakh, belongs to a minor or person who is insane and incapable of managing his affairs, RBI may make a vesting order in terms of Regulation 17 of the GS Regulations in favour of a person to represent the minor or insane person.

• The investor will be advised one month before maturity regarding the ensuing maturity of the bond.

• On the date of maturity, the maturity proceeds will be credited to the bank account as per the details on record.

• In case there are changes in any details, such as, account number, email ids, then the investor must intimate the bank/SHCIL/PO promptly.

At the time of making applications, the Promoters/Promoter Group will have to furnish a road map and methodologies they would adopt to comply with all the requirements of the corporate structure indicated in para 2 (C)(ii) and (iii) of the guidelines and realign the business between the entities to be held under the NOFHC [para 2(C)(iv) of the guidelines] within a period of 18 months. After the ‘in-principle approval’ is accorded by RBI for setting up of the bank, the actual setting up of NOFHC and the bank, re-organization of the Promoter Group entities to bring the regulated financial services entities under the NOFHC as well as realignment of business among the entities under the NOFHC have to be completed within a period of 18 months from the date of in-principle approval or before commencement of banking business, whichever is earlier.

Ans: No.

Ans. Enter the list of business activities in the “Please specify” field in Q-3 of Part A of the ITES survey schedule. There is no need to provide individual percentage in the “Please specify” field.

The Ombudsman may award a compensation not exceeding ₹1 lakh to the complainant for loss of the complainant’s time, expenses incurred, harassment and mental anguish suffered by the complainant.

ଉତ୍ତର. କାର୍ଡର ବୈଧତା ସମାପ୍ତ ହେବା ପରେ କିମ୍ବା ଆକାଉଣ୍ଟ ବନ୍ଦ ହେବା ପରେ ଏହାକୁ ଫୋପାଡିବା ପୂର୍ବରୁ ମ୍ୟାଗାନେଟିକ ଷ୍ଟ୍ରିପ / ଚିପ ମଝିରେ ଥାଇ ଚାରି ଖଣ୍ଡରେ କାଟିଦେବା ଉଚିତ ।

Answer: The details of SRVA can be found on FEDAI’s website under link ‘SRVA Directory’.

Ans. The broad indicative parameters prescribed for customer’s risk categorisation are customer’s identity, social/ financial status, nature of business activity, information about the customer’s business and his/ her location, geographical risk covering customer as well as transactions, type of products/ services offered, delivery channel used for delivery of products/ services, types of transaction undertaken – cash, cheque/monetary instruments, wire transfers, forex transactions, etc. While considering customer’s identity, the ability to confirm identity documents through online or other services offered by issuing authorities may also be factored in. The risk category and reasons thereof are not required to be divulged to the customers by the RE.

In terms of the Master Direction FIDD.MSME & NFS.12/06.02.31/2017-18 dated July 24, 2017, banks have been advised that timeline for credit decisions for loans up to ₹25 lakh to MSE borrowers shall not be more than 14 working days. For loans above the aforementioned limit, timelines shall be as per the Board approved sanction time norms of the banks. Further, banks have also been advised to display all credit related information pertaining to MSMEs including timelines for credit decisions, indicative document checklist etc., under a separate tab prominently on the bank's website.

Ans. The Reserve Bank is empowered to prescribe the format of payment instructions, size and shape of instructions, timings to be maintained by payment systems, manner of funds transfer criteria for membership including continuation, termination and rejection of membership, terms and conditions for participation in the payment system etc (Section 10 of PSS Act, 2007).

Ans: Wholesale Central Bank Digital Currency (e₹-W) is designed for use by financial institutions and intermediaries, primarily to streamline interbank settlements and large-value transactions. It operates within a restricted ecosystem and enhances the efficiency, speed, and security of wholesale payment systems by using the functionalities of programming and smart contracts. Wholesale CBDC focuses on improving the financial system's infrastructure and reducing settlement risks, retail CBDC aims to enhance accessibility, financial inclusion, and convenience for individuals / businesses. Retail CBDC is intended for the general public and is used for everyday transactions, much like physical cash but in digital form.

In terms of the Master Direction FIDD.MSME & NFS.12/06.02.31/2017-18 dated July 24, 2017, banks have been advised to put in place a Credit Proposal Tracking System (CPTS)/ equivalent tracking mechanism to facilitate central registration and a system of e-tracking of all MSME loan applications. This mechanism shall automatically generate an acknowledgement of the application, having a unique application serial number for both physical and online applications. Banks shall ensure that the acknowledgement and status of the application is sent automatically to the applicants.

Further, Banks have also been advised to convey to the MSME borrowers in writing the main reason/reasons which, in the opinion of the bank after due consideration, have led to rejection of the loan applications. (Refer to the circular RPCD. MSME&NFS.BC.No.74/06.02.31/2012-13 dated May 9, 2013 for further information.)