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Payment and Settlement Systems Act, 2007

Ans. “Payment obligation” is defined as what is owed by one participant in a payment system to another such participant which results from clearing or settlement or payment instructions relating to funds, securities or foreign exchange or derivatives or other transactions.
No, additional risk weight on incremental exposure merely on account of borrower being classified as specified borrower, should not normally result in change in credit rating.

The deposits under this Scheme shall be made in one or more occasions (with effect from February 07, 2017 as per amendment to Pradhan Mantri Garib Kalyan Deposit Scheme, Notification No S.O. 4061 E) in any of the Authorised Banks during normal banking hours on working days [excluding Sundays even if the banking services are offered in select branches on Sundays], till the 31st day of March, 2017.

Response

No. The 'Basic Savings Bank Deposit Account' should be considered as a normal banking service available to all customers, through branches.

No, the facility is not available to people who are not Indian citizens.
Banks can grant fixed rate loans to long term projects wherein the interest rate are fixed till the loan is due for refinancing. The loan, at the time of refinancing, will be treated as a fresh fixed rate loan with a maturity period equal to the period upto the next date of refinancing. Such fixed rate loans will fall under the directions contained in Section 13(d)(v) of Reserve Bank of India (Interest Rate on Advances) Directions, 2016.
One's complaint will not be considered under the following circumstances :If the NBFC against whom the complaint is registered, is not covered under the Scheme.If one has not approached the NBFC concerned in the first instance for redressal of the grievance.If the subject matter of the complaint is not pertaining to the grounds of complaint specified under Clause 8 of the Scheme.If one has not made the complaint within one year from the date of receipt of reply from the NBFC; or if no reply is received, and the complaint to NBFC Ombudsman is made after the lapse of more than one year and one month from the date of complaint to the NBFC.If the subject matter of the complaint is pending for disposal/ has already been dealt with at any other forum like court of law, consumer court etc.If the complaint is for the same subject matter that was settled through the office of the NBFC Ombudsman in any previous proceedings.If the complaint is frivolous or vexatious.

Ans. Non-banks increasingly and actively offer financial services and direct access to CPS can enable them to leverage technology and offer more choices to their consumers.

Apart from managing settlement risk in payments landscape, expanding access and participation of non-banks is a progressive move and leads to diversity and resiliency of the payments ecosystem.

As indicated above, the payment data sent abroad for processing should be deleted abroad within the prescribed time line and stored only in India. The data stored in India can be accessed / fetched for handling customer disputes whenever required.
Yes, upon buy back of the assets under the PCG scheme, the originating NBFC/ HFC will be required to maintain capital for the re-purchased assets as per the capital requirements prescribed for NBFCs/HFCs by the Bank.

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Page Last Updated on: December 11, 2022

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