New FAQ Page 2 - RBI - Reserve Bank of India
FAQ on Master Direction (MD) - Credit Card and Debit Card – Issuance and Conduct Directions, 2022
Response: Customer-initiated process indicating intent to use a credit card such as PIN generation, modification of transaction control, Interactive Voice Response, recorded call to the customer care centre and SMS may be considered as activation. However, if the card is not activated by the cardholder for more than 30 days from the date of issuance, card-issuers shall seek One Time Password (OTP) based consent in line with para 6(a)(vi) of the MD.
ANS: The banks are required to transfer the credit balance in the accounts referred in Q No 2 above, to the DEA Fund on the last working day of the month subsequent to the month of completing 10 years of its continuous inoperative or unclaimed status.
For example, the deposits becoming due to be transferred to DEA Fund (i.e., unclaimed for 10 years), in the month of April shall be transferred to the DEA Fund on the last working day in the month of May.
ANS: All unclaimed deposits/accounts that are part of Depositor Education and Awareness (DEA) Fund of RBI can be searched in UDGAM portal. [Please refer to FAQs on DEA Fund scheme, 2014].
Ans: The SARFAESI Act, 2002 does not classify possession as symbolic or physical, and these are conventions that have evolved. Accordingly, the REs shall display information on secured assets possessed under Section 13 (4) of the SARFAESI Act, 2002. This includes the display of both symbolically and physically possessed assets on the website of REs.
Ans.:MF companies in India are required to participate in this survey.
Banks in India presently enabled for sending remittances through the UPI-PayNow linkage are:
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ICICI Bank
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Indian Bank
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Indian Overseas Bank
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State Bank of India
Page Last Updated on: December 11, 2022