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.

• 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.

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.

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.

Ans: e₹-W has the potential to transform the settlement systems for financial transactions and make them more efficient and secure. It leverages on the programmability and smart contract features of the platform and reduces settlement risk.

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

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.

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.)

Ans : Yes. It is left to the choice of the individual customer and the ECS user to decide these aspects. The mandate can contain a ceiling on the maximum amount of debit, specify the purpose of debit and validity period of the mandate.

Ans: The webpage of RBI “RBI Kehta Hai” at /en/web/rbi/rbi-kehta-hai for information regarding ways to ensure safe and secure digital payments can be referred to. Further, RBI has also launched a magazine named BE(A)WARE for users of digital transactions which can be accessed at /documents/87730/39016390/BEAWARE07032022.pdf.

Persons resident in India are permitted to maintain foreign currency accounts in India under following two Schemes:

1. EEFC Accounts –

To avoid exchange loss on conversion of foreign exchange into Indian Rupee & Rupee into foreign exchange, residents can retain upto 50% of foreign currency remittances received from abroad in a foreign currency account, viz., EEFC account, with an authorised dealer in India . Funds held in EEFC account can be utilised for current account transactions and also for approved capital account transactions as specified by the extant Rules/Regulations/Notifications/Directives issued by the Government/RBI from time to time.

2. RFC Accounts :-

Returning Indians, i.e., those Indians, who were non-residents earlier, and are returning now for permanent stay, are permitted to open, hold and maintain with an authorised dealer in India a Resident Foreign Currency (RFC) Account to keep their foreign currency assets. Assets held outside India at the time of return can be credited to such accounts. The funds in RFC account are free from all restrictions regarding utilisation of foreign currency balances including any restriction on investment outside India. The facility is also available to residents provided foreign exchange to be credited to such account is received out of certain specified type of funds/accounts.

• As indicated in our press release dated May 15, 2013, size of the each tranche would be Rs. 1,000-2,000 crore.

• The customers should be issued the securities after receiving clear money. After receiving clear money, banks should register the customer on CBS and generate Certificate of Holding.

Ans. Apart from above PPIs, there are the following two categories of PPIs:

1. Gift PPIs; and

2. PPIs for Mass Transit Systems (PPI-MTS).

The Central Government has decided that upto 30.12.2016, the payment towards tax, surcharge, penalty and deposit under the Pradhan Mantri Garib Kalyan Yojana (PMGKY), can be made in Old Bank Notes of ₹ 500 and ₹ 1000 denomination issued by the RBI. The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016 has commenced on 17th December, 2016 and is open for declarations upto 31st March, 2017. The payment of tax, surcharge and penalty under the Scheme is to be made through challan ITNS-287 and the deposits are to be made in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016. The notifications relating to PMGKY are available on the website www.incometaxindia.gov.in

Our instructions contained in circular RPCD.CO.RRB.BC.No.57/03.05.33/2011-12 dated January 30, 2012 on Deregulation of Savings Bank Deposit Interest Rate, are applicable to deposits held in ‘Basic Savings Bank Deposit Account’.

Ans. The FAQs on “Legal Entity Identifier (LEI) for Large Value Transactions in Centralised Payment Systems” on the RBI website at https://www.rbi.org.in/Scripts/FAQView.aspx?Id=140 can be referred to.

بی ایس بی ڈی اے میں بینکس کو چاہئے کہ کم سے کم چار ود ڈروالس بلا چارج کے فراہم کرے، بہ شمول اے ٹی ایم یا دیگر طریقے کے ذریعے چار ود ڈروالس سے بڑھ کر بینکس کے صوابدید پر ہے کہ ایڈیشنل ود ڈراول / ود ڈراولس مفت یا چارج لے کر آفر کریں۔ بہرکیف، پیسوں کے حصول کا ڈھانچہ بینک کو چاہئے کہ مناسب، غیر جانبدارانہ، قابلِ فہم اور شفّاف انداز میں پیش کریں۔

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. The following facilities are available to persons other than individuals:

1. Donations up-to one per cent of their foreign exchange earnings during the previous three financial years or USD 5,000,000, whichever is less, for- (a) creation of Chairs in reputed educational institutes, (b) contribution to funds (not being an investment fund) promoted by educational institutes; and (c) contribution to a technical institution or body or association in the field of activity of the donor Company.

2. Commission, per transaction, to agents abroad for sale of residential flats or commercial plots in India up to USD 25,000 or five percent of the inward remittance whichever is less.

3. Remittances up to USD 10,000,000 per project for any consultancy services in respect of infrastructure projects and USD 1,000,000 per project, for other consultancy services procured from outside India.

4. Remittances up to five per cent of investment brought into India or USD 100,000 whichever is less, by an entity in India by way of reimbursement of pre-incorporation expenses.

5. Remittances up to USD 250,000 per financial year for purposes stipulated under Para 1 of Schedule III to FEM (CAT) Amendment Rules, 2015. However, all residual current account transactions undertaken by such entities are otherwise permissible without any specified limit and are to be disposed off at the level of AD, as hitherto. It is for the AD to satisfy themselves about the genuineness of the transaction.

Anything in excess of above limits requires prior approval of the Reserve Bank of India.

Ans. The modes for periodic updation of KYC for individuals are as under:

1. It can be undertaken at the branch of the RE with which customer maintains the account or any other branch of the same RE; or
2. RE can obtain a self-declaration when there is “no change in KYC information” and also when there is “change only in address details”, through customer’s email-id/ mobile number registered with the RE, ATMs, digital channels (such as online banking / internet banking, mobile application of RE), letter, etc. However, the declared address shall be verified by the RE through positive confirmation within two months; or
3. Aadhaar OTP based e-KYC in non-face-to-face (NF2F) mode and V-CIP;
4. RE is also mandated to update customer’s KYC records based on the update information/ notification, if any, received from CKYCR for the customer concerned.

Ans: Currently, there are 14 participants in the wholesale CBDC pilot, which includes banks and non-banks.

On receipt of a complaint, it is scrutinized to assess whether it is a maintainable or a non-maintainable complaint (as explained in Question 14). If found non-maintainable, the complaint is closed, and a suitable communication is issued to the complainant.

For a maintainable complaint, the RBI Ombudsman endeavors to promote resolution by agreement between the complainant and the RE. If an amicable settlement of the complaint is arrived at between the parties, the same is recorded and signed by both the parties. As the parties have agreed to the settlement by affixing their signature on it, it becomes binding on both the parties and no formal Award is issued by the Ombudsman.

If the matter is not resolved through settlement (facilitation or conciliation or mediation) the Ombudsman, after allowing the parties a reasonable opportunity (and based on records placed before him, principles of banking law and practice, directions, instructions and guidelines issued by RBI from time to time and such other factors which in his opinion are relevant for deciding the complaint), may pass an Award (directing the Regulated Entity for specific performance) or reject the complaint (if the RE is found to have adhered to the extant norms and practices in vogue). The outcome of the complaint is communicated to both the complainant and the RE.

Ans.: Yes, it is mandatory. Here the person authorised to fill the form owns the responsibility of information furnished and declares its accuracy including CIN number. It is a final check for all the details which are filled-up in the Part- A to D of ITES survey schedule.

جواب. صارفین کو اپنے اے ٹی ایم / ڈبلیو ایل اے میں اپنے لین دین کو محفوظ رکھنے کیلئے مندرجہ ذیل احتیاطی تدابیر کا استعمال کرنا چاہئے :

• گاہک کو مکمل رازداری میں اے ٹی ایم / ڈبلیو ایل اے کا لین دین کرنا چاہئیے۔
• ایک وقت میں صرف ایک کارڈ ہولڈر کو داخل ہونا چاہئے اور اے ٹی ایم / ڈبلیو ایل اے کیوسک تک رسائی حاصل کرنا چاہئے۔
• کارڈ ہولڈر کو کسی کو اپنا کارڈ کسی کو نہیں دینا چاہئے۔
• کارڈ ہولڈرکو کارڈ پر پن نہیں لکھنا چاہئے۔
• کارڈ ہولڈر کو اپنا پن نمبر کسی کے ساتھ ساجھا نہیں کرنا چاہئیے۔
• اے ٹی ایم میں کارڈ داخل کرتے وقت کارڈ ہولڈراس بات کا خیال رکھے کہ کوئی اس کا پن دیکھنے نہ پائے۔
• کارڈ ہولڈر کو کبھی بھی ایسا پن استعمال نہیں کرنا چاہئے جس کا آسانی سے اندازہ لگایا جاسکے۔
• کارڈ ہولڈر کو کبھی بھی کارڈ اے ٹی ایم / ڈبلیو ایل اے میں نہیں چھوڑنا چاہئے۔
• اے ٹی ایم / ڈبلیو ایل ایل میں لین دین کیلئے الرٹ حاصل کرنے کیلئے کارڈ ہولڈر کو اپنا موبائیل نمبر کارڈ جاری کرنے والے بینک میں درج کرنا چاہئے۔ اکاؤنٹ میں کسی بھی غیر مجاز کارڈ لین دین کی، اگر ہوئی ہے تو، کارڈ جاری کرنے والے بینک کو فوری طور پراس کی اطلاع دی جانی چاہئے۔
• کارڈ ہولڈر کو چوکس رہنا چاہئے اور چیک کرنا چاہئے کہ آیا کوئی اضافی ڈیوائس اے ٹی ایم / ڈبلیو ایل ایل کے ساتھ منسلک ہے۔ ہوسکتا ہے کہ ڈیوائس کو ممکنہ طور پر صارفین کے ڈیٹا کو دھوکہ دہی حاصل کرنے کیلئے رکھا گیا ہو۔ اگر مل جاتا ہے تو، سیکیورٹی گارڈ / بینک / ڈبلیو ایل ایل ایجنٹ کو فوری طور پر آگاہ کیا جانا چاہئے۔
• کارڈ ہولڈر کو مشکوک حرکت / اے ٹی ایم / ڈبلیو ایل ایل کے آس پاس کے لوگوں پر نگاہ رکھنا چاہئے۔ اسے اجنبی افراد سے محتاط رہنا چاہئے کہ وہ اسے گفتگو میں شامل کرے یا اے ٹی ایم چلانے میں مدد / مدد کی پیش کش کرے۔
• کارڈ ہولڈر کو یاد رکھنا چاہئے کہ بینک عہدیدار کبھی بھی ٹیلیفون / ای میل پر کارڈ کی تفصیلات یا پن نہیں مانگیں گے۔ لہذا، اسے کسی سے بھی اس طرح کی بات چیت کا جواب نہیں دینا چاہئے جس سے یہ ظاہر ہوتا ہے کہ وہ اس کے بینک کی نمائندگی کرتے ہیں۔

Ans : No. There is no value limit on the amount of individual transactions that can be collected by ECS Debit.

• Exclusive series for retail investors would be launched in the second half of the current fiscal year (around October 2013).

The various quantity conditions available are as under:

1. Normal: By default the amount type will be Normal. A Normal order can get partly traded.
2. Disclosed: Disclosed Amount is the part of order amount (In Rs. Crore) which the User is willing to disclose to the market. This is an optional field.
3. All or None (AON): By selecting this option, a User specifies that all of the order should be traded in full i.e. no partial trades, should be allowed. This is an optional field.

The various time conditions available are as under:

4. Day: Under this time condition, order would remain valid throughout the validity of the trading session. It will be available for trade till session close. By default Time Condition - Day is selected.
5. IOC (Immediate or Cancel): If a User wishes his order to be traded immediately, then he could select IOC. Under this condition, when an IOC order is placed, the order would seek for an immediate match, if found it results into a trade; else the IOC order would get cancelled.
6. GTT (Good Till Time): Here while placing an order, the User could mention the time up to which the order would be valid and available for trade. Once the User specified order expiry time has been reached the order would get cancelled.

Ans: The FAQs on “Legal Entity Identifier (LEI) for Large Value Transactions in Centralised Payment Systems” on the RBI website at /en/web/rbi/faq-page-2?ddm__keyword__26256231__FaqDetailPage2Title_en_US=Legal Entity Identifier (LEI) for Large Value Transactions in Centralised Payment Systems can be referred to.

Ans. The salient features of Gift PPIs are as follows:

1. Maximum value of each such prepaid gift instrument shall not exceed ₹10,000/-;

2. Are not reloadable;

3. Cash-out or fund transfer is not permitted. However, the funds may be transferred ‘back to source account’ (account from where Gift PPI was loaded) after receiving consent of the PPI holder;

4. Shall be revalidated (including through issuance of new instrument) as and when requested by the PPI holder; and

5. The Additional Factor of Authentication (AFA) / Two Factor Authentication (2FA) for transactions using Gift PPIs is not mandatory.

Response

BSBDA does not envisage cheque book facility in the minimum facilities that it should provide to BSBDA customers. They are free to extend any additional facility including cheque book facility free of charge (in which case the account remains BSBDA) or charge for the additional facilities (in which case the account is not BSBDA).

• The application form can be downloaded from the RBI’s website. However, banks shall also get forms printed and made available to the investors.

Ans. A resident individual is permitted to make a rupee loan to a NRI/PIO who is a close relative of the resident individual (‘relative’ as defined in Section 2(77) of the Companies Act, 2013) by way of crossed cheque/ electronic transfer subject to the following conditions:

(i) The loan is free of interest and the minimum maturity of the loan is one year.

(ii) The loan amount should be within the overall LRS limit of USD 2,50,000, per financial year, available to the resident individual. It would be the responsibility of the lender to ensure that the amount of loan is within the LRS limit of USD 2,50,000 during the financial year.

(iii) The loan shall be utilised for meeting the borrower's personal requirements or for his own business purposes in India.

(iv) The loan shall not be utilised, either singly or in association with other person, for any of the activities in which investment by persons resident outside India is prohibited, namely;

1. the business of chit fund, or

2. Nidhi Company, or

3. agricultural or plantation activities or in real estate business, or construction of farmhouses, or

4. trading in Transferable Development Rights (TDRs).

Explanation: For the purpose of item (c) above, real estate business shall not include development of townships, construction of residential / commercial premises, roads or bridges.

(v) The loan amount should be credited to the NRO a/c of the NRI /PIO. Credit of such loan amount may be treated as an eligible credit to NRO a/c.

(vi) The loan amount shall not be remitted outside India.

(vii) Repayment of loan shall be made by way of inward remittances through normal banking channels or by debit to the Non-resident Ordinary (NRO)/ Non-resident External (NRE) / Foreign Currency Non-resident (FCNR) account of the borrower or out of the sale proceeds of the shares or securities or immovable property against which such loan was granted.

Ans: The entity receives a system-generated acknowledgement mail of ITES data submitted at the time of final processing itself. No separate mail will be sent in this regard.

Ans: There are two ongoing use cases of e₹-W, (i) funds settlement of secondary market transactions in Government Securities, and (ii) settlement of inter-bank lending and borrowing in call money market. Settlement in central bank money is expected to reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk and benefitting from the programmability and smart contracts functionalities of e₹-W.

Ans. The requirement of KYC documents depends on the modes used for periodic updation of KYC as detailed in the reply to Q 24, above.

1. In case of change in the KYC information, the customer has to provide the documents as mentioned in the reply to Q 5 above;
2. In case of no change in KYC information, the customer can provide a self-declaration. Similarly, a self-declaration in case of change only in address can also be provided by the customer to RE as detailed in reply to Q 24 above.
3. In case of Aadhaar OTP-based e-KYC authentication facility in non-face-to-face mode, the customer can provide a declaration of the current address even if the current address is different from the address in Aadhaar database. However, RE shall ensure that mobile number for Aadhaar authentication is same as the one available with it in the customer’s profile, in order to prevent any fraud.
4. In case of use of V-CIP for completing re-KYC, the requirements shall be as per paragraph 18 of the Master Direction on KYC, which include identification and verification of the identity using (i) Aadhaar OTP based e-KYC authentication in non-face-to-face mode; (ii) offline verification of Aadhaar; (iii) KYC records downloaded from CKYCR; and (iv) equivalent e-documents including documents issued through DigiLocker.

DPSS. CO.CHD. No. 274/03.01.02/2012-13 dated August 10, 2012
بی ایس بی ڈی اے گاہکوں کو مہیا کرائی جارہی، کم سے کم سہولیات میں چیک کی سہولت کا تصّور بی ایس بی ڈی اے میں نہیں ہے جو کہ بی ایس بی ڈی اے کسٹمرس کو فراہم کی جانی چاہئے۔ بینک بلامعاوضہ کسی بھی سہولت میں اضافے کیلئے آزاد ہیں بہ شمول چیک بُک کی سہولت (اس صورت میں کھاتہ بی ایس بی ڈی اے برقرار رہے گا) یا زائد سہولیات کیلئے چارج کیا جائے۔ (اس معاملے میں کھاتہ بی ایس بی ڈی اے نہیں رہے گا)۔

The objective of TReDS is to create Electronic Bill Factoring Exchanges which could electronically accept and settle bills so that MSMEs could encash their receivables without delay. This will not only give them greater access to finance but will also put greater discipline on corporates to pay their dues on time. For more details you may refer to RBI guidelines for setting up and operating TReDS.

Ans : The Reserve Bank of India has deregulated the charges to be levied by sponsor banks from user institutions. The sponsor banks are, however, required to disclose the charges in a transparent manner. With effect from 1st July 2011, originating banks are required to pay a nominal charge of 25 paise and 50 paise per transaction to the Clearing house and destination bank respectively. Bank branches do not generally levy processing / service charges for debiting the accounts of customers maintained with them.

• Product structure of the series of IIBs for retail investors is yet to be finalised. It will be finalised in the due course and accordingly, the same would put in the public domain.

جواب دیں۔ ماس ٹرانزٹ سسٹمز (پی پی آئی ۔ ایم ٹی ایس) کے پی پی آئی کی نمایاں خصوصیات

1. یہ بڑے پیمانے پر ٹرانزٹ سسٹم آپریٹرز کے ذریعہ جاری نیم بند پی پی آئی ہیں۔
2. ماس ٹرانزٹ سسٹم کے علاوہ، اس طرح کے پی پی آئی ۔ ایم ٹی ایس کا استعمال دوسرے تاجروں پر ہی کیا جاسکتا ہے جن کی سرگرمیاں ٹرانزٹ سسٹم کے احاطے میں منسلک ہیں یا اس سے وابستہ ہیں۔
3. وہ اپنی نوعیت کے مطابق دوبارہ لوڈ کی جاسکتی ہیں۔
4. زیادہ سے زیادہ بقایا کسی بھی وقت 3,000/- روپئے کی حد سے تجاوز نہیں کرسکتا۔
5. نقد آؤٹ یا رقم کی واپسی یا رقوم کی منتقلی کی اجازت نہیں ہے۔
6. جاری کنندگان کی بورڈ کی منظور شدہ پالیسی کے مطابق انہیں نئے سرے سے تیار کیا جاسکتا ہے۔
7. ایسے پی پی آئی کا استعمال کرتے ہوئے لین دین کے لئے اے ایف اے کی ضرورت نہیں ہے۔

Response

All the existing 'No-Frill' accounts may be treated as BSBDA accounts from the date of the circular i.e., August 22, 2012 and banks may offer the prescribed facilities as per the circular such as issuing ATM card etc., to the existing ‘No-Frill’ account holders as and when the customer approaches the bank. However, for customers opening new accounts after the issue of our circular should be provided with the prescribed facilities immediately on opening of the account.

The bond can be gifted/transferable to a relative/friend/anybody who fulfills the eligibility criteria (as mentioned at Q.no. 4). The Bonds shall be transferable in accordance with the provisions of the Government Securities Act 2006 and the Government Securities Regulations 2007 before maturity by execution of an instrument of transfer which is available with the issuing agents.

Ans. A resident individual can make a rupee gift to a NRI/PIO who is a close relative of the resident individual [relative’ as defined in Section 2(77) of the Companies Act, 2013] by way of crossed cheque /electronic transfer. The amount should be credited to the Non-Resident (Ordinary) Rupee Account (NRO) a/c of the NRI / PIO and credit of such gift amount may be treated as an eligible credit to NRO a/c. The gift amount would be within the overall limit of USD 250,000 per financial year as permitted under the LRS for a resident individual. It would be the responsibility of the resident donor to ensure that the gift amount being remitted is under the LRS and all the remittances made by the donor during the financial year including the gift amount have not exceeded the limit prescribed under the LRS.

In terms of announcement in para 48 of First Bi-monthly Monetary Policy Statement, 2016-17, Reserve Bank laid down a framework for accreditation of credit counsellors which was shared with SIDBI for laying down operational guidelines. Accordingly, the scheme was launched by SIDBI in July 2017. As per the scheme, Certified Credit Counsellors are institutions or individuals registered with SIDBI who shall assist MSMEs in preparing project reports in a professional manner which would, in turn, help banks make more informed credit decisions.

Ans. Yes, once a customer submits updated KYC information or self-declaration to the RE, it shall provide an acknowledgement to this effect to the customer. Upon updating KYC information, the RE shall also intimate customers about such updation.

Yes. As per Clause 16 of the RB-IOS, 2021, the RBI Ombudsman may reject a complaint at any stage, if the complaint:

1. is non-maintainable under Clause 10 of the RB-IOS, 2021;

2. is in the nature of offering suggestions or seeking guidance or explanation;

3. in the opinion of the Ombudsman there is no deficiency in service;

4. the compensation sought for the consequential loss is beyond the power of the Ombudsman to award as indicated in RB-IOS, 2021 (please refer to Question 22);

5. the complaint is not pursued by the complainant with reasonable diligence;

6. the complaint is without sufficient cause;

7. the complaint requires consideration of elaborate documentary and oral evidence and the proceedings before the Ombudsman are not appropriate for adjudication of such a complaint;

8. in the opinion of the Ombudsman there is no financial loss or damage, or inconvenience caused to the complainant.

Ans.: Please refer to the below table containing the error codes (Fatal error, non-Fatal error) with their descriptions. If a respondent get an acknowledgment of the processed data with any Fatal error codes, then it should study the below mentioned fatal error message/description and revise its data and resubmit it on surveysoftex@rbi.org.in. If the company gets an acknowledgment of the processed data with any Non-fatal error codes then it needs to provide justification/clarification on the errors and send it on itesquery@rbi.org.in along with revised data if applicable to surveysoftex@rbi.org.in.

Ans. The meaning of KYC is as defined in paragraph 6 of the MD-PPIs. The KYC / Anti-Money Laundering (AML) / Combating Financing of Terrorism (CFT) guidelines issued by the Department of Regulation (DoR), RBI, in “Master Direction – Know Your Customer Direction, 2016”, shall apply mutatis mutandis to all the entities issuing PPIs.

• Fixed Income Money Market and Derivatives Association of India (FIMMDA) will come out with valuation guidelines shortly.

Ans. Yes, Reserve Bank has the authority to conduct on-site inspection, under the PSS Act.

However, foreign entities located in overseas jurisdictions may be exempted from certain requirements applicable to domestic payment systems (India) subject to the RBI concluding cooperative agreements with the home regulator/s.