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Retail Direct Scheme

Investment and Account holdings related queries

CSGL, i.e., Constituents' Subsidiary General Ledger account, means a securities account opened and maintained with RBI by an agent on behalf of the constituents of such agent, i.e., an account opened by an agent with the RBI to hold the securities on behalf of their constituents. The constituents are known as the Gilt Account Holders (GAHs).

Domestic Deposits

IV. Advances against shares and debentures

Yes. Banks can sanction bridge loans to companies for a period not exceeding one year against the expected equity flows/ issues as also the expected proceeds of non-convertible Debentures, External Commercial Borrowings, Global Depository Receipts and/ or funds in the nature of Foreign Direct Investments, provided the bank is satisfied that the borrowing company has made firm arrangements for raising the aforesaid resources/ funds. Bridge loans extended by a bank will be included within the 5% ceiling prescribed for banks’ exposure to capital market.

All you wanted to know about NBFCs

D. Definition of deposits, Eligible / Ineligible Institutions to accept deposits and Related Matters

It depends on whether the money is received as advance for delivering jewellery at a future date or whether the money is received with a promise to return the same with interest. The money accepted by Jewellery shops in instalments for the purpose of delivering jewellery at the end of the period of contract is not deposit. It will amount to acceptance of deposits if in return for the money received, the jewellery shop promises to return the principal amount along with interest.

Foreign Investment in India

IV. Reporting Delays

Answer: The reporting requirements are laid down in the Master Direction on Reporting under Foreign Exchange Management Act, 1999.

Indian Currency

E) Counterfeits/Forgeries

The Reserve Bank of India has been organizing training sessions on the authentication of banknotes security features for people handling significant amounts of cash like banks/consumer forums/merchant associations/educational institutions/police professionals. Apart from the training sessions, information on security features of banknotes is also available on the Bank’s website at https://rbi.org.in/web/rbi/rbi-kehta-hai/know-your-banknotes.

FAQs on Non-Banking Financial Companies

Repayment of matured deposits

An NBFC accepts deposits under a mutual contract with its depositors. In case a depositor requests for pre-mature payment, Reserve Bank of India has prescribed Regulations for such an eventuality in the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998. However, premature repayment of deposits is the sole discretion of the company concerned. In other words, if the company agrees to pre-pay deposits at the request of the depositor, the depositor and the company are deemed to have mutually agreed to amend the terms of contract. On the above analogy, if a company intends to pre-pay deposits, it can seek the consent of the depositors for such pre-mature repayment and if the depositors agree, a company can do so. It does not involve prior approval of RBI so long as the provisions relating to minimum period regarding repayment of deposits are not violated.

Retail Direct Scheme

Investment and Account holdings related queries

Yes, securities can be gifted/transferred to a relative/friend/anybody who fulfills the eligibility criteria. The bonds shall be transferred in accordance with the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007.

Domestic Deposits

IV. Advances against shares and debentures

The loans/ advances granted to individuals against the security of shares, debentures and PSU bonds should not exceed Rs.10 lakhs and Rs.20 lakhs, if the securities are held in physical form and dematerialized form respectively. The maximum amount of finance that can be granted to an individual for subscribing to IPOs is Rs.10 lakhs. However, the bank should not provide finance to companies for their investment in IPOs of other companies. Banks can grant advances to employees for purchasing shares of their own companies under Employees Stock Option Plan (ESOP) to the extent of 90% of purchase price of shares or Rs.20 lakhs whichever is lower. NBFCs should not be provided finance for lending to individuals for subscribing the IPOs. Loans/ advances granted by a bank for subscribing to IPOs should be reckoned as an exposure to capital market.

All you wanted to know about NBFCs

D. Definition of deposits, Eligible / Ineligible Institutions to accept deposits and Related Matters

NBFCs are prohibited by the Reserve Bank from associating with any unincorporated bodies. If NBFCs associate themselves with unincorporated entities which are accepting deposits in contravention of RBI Act, they are also liable for penal action under the Act, or action under the Protection of Interest of Depositors (in Financial Establishments) Act, or the Banning of Unregulated Deposit Schemes Act, 2019, as applicable.

Foreign Investment in India

IV. Reporting Delays

Answer: Foreign investment can be made based on a notification issued under FEMA, 1999.

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