New FAQ Page 2 - RBI - Reserve Bank of India
errorSearch
Content Type:
Application Tracking System (ATS)
The application is automatically inwarded in the receiving office/ department and marked to the administrator of that department.
Ans : Yes, however, such NBFC-Factors will need to obtain the necessary authorization from the Foreign Exchange Department of the Bank under FEMA 1999 as amended and adhere to all the FEMA regulations in this regard.
While RBI will facilitate the trading platform for buying and selling of G-Secs, RBI shall not have any relationship, direct or otherwise, with any of the GAH granted access to NDS-OM Web. Further, the RBI has no role in any possible disputes between GAH and PM.
Ans : Yes NBFCs and NBFC-IFCs need to take prior approval from the Reserve Bank for sponsoring IDFs.
Reserve Bank of India (RBI) has authorised various types of payment systems to enable transfer of funds. You may refer to the following link on RBI website to get overview of various payment systems available in India:
‘Direct from the source system without any manual intervention’ implies that whatever data and information is available in CBS and other IT systems of the banks would be submitted to the regulator without any manual aggregation, conversion or filling of data. Activities like collecting or collating of data from diverse source systems and compiling them into RBI prescribed formats manually would fall within the meaning of manual intervention.
Ans The receiving branch acknowledges every transaction it receives after crediting the beneficiary’s account. The acknowledgment particulars reach the remitting branch as an inward message on Day 3 of the EFT processing cycle. The remitting branch will, therefore, have precise information as to when the beneficiary’s account was credited.
Permanent Account Number (PAN) is the KYC document for individuals depositing in the scheme. If a declarant does not hold PAN, he shall apply for PAN and provide the details of such PAN application along with acknowledgement number to the bank while making the application. On receipt of PAN, the details may be updated with the bank from which application was made.
All funds held in the same type of ownership at the same bank are added together before deposit insurance is determined. If the funds are in different types of ownership or are deposited into separate banks they would then be separately insured.
Ans. Yes, this is permissible. With effect from July 01, 2016, all eligible current account transactions including trade transactions in “Euro” are permitted to be settled outside the ACU mechanism until further notice.
Install the RBI mobile application and get quick access to the latest news!
Page Last Updated on: December 11, 2022
Was this page helpful?
