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Device based Tokenisation – Card Transactions

18. Whom shall the customer contact in case of any issues with his / her tokenised card? Where and how can he / she report loss of device? +

Ans. All complaints should be made to the card issuers. Card issuers shall ensure easy access to customers for reporting loss of “identified device” or any other such event which may expose tokens to unauthorised usage.

18. What happens if one of the joint nominees to a Government security dies? +

In such cases where a nomination in respect of a Government security has been made in favour of two or more persons and either or any of the nominees is dead, the surviving nominee or nominees will be entitled to the Government security and payment thereon.

Q 18. Can an Offshore Banking Unit (OBU) in India be treated on par with a branch of the bank outside India for the purpose of opening of foreign currency accounts by residents under the Scheme? +

Ans. No.

Q 18: If APR is disclosed in KFS, is there a need to also disclose annualised rate of interest to the borrowers as required under Fair Practices Code applicable to NBFCs? +

Ans: Yes.

18. Which type of expenses should be covered under “total amount spent on office expenses etc. abroad (excluding amount paid to employees abroad) by the Indian company” in Q-7 (iii) of Part-B?

Ans.: Office expenses includes all the expenses incurred in running of the office in abroad during the year like internet payment, stationary, etc. If the office has been setup outside India in the reference period (say 2024-25) then that will also be included (in this point).

18. Can the complainant track the status of his complaint lodged under RB-IOS, 2021? +

After a complaint gets successfully registered, it is assigned a complaint number. An acknowledgement indicating this complaint number is sent to the complainant through SMS on the mobile number and through e-mail at the email id provided at the time of filing the complaint. The status of the complaint can be checked by using the mobile number and the complaint number (received on the mobile) through the following link: https://cms.rbi.org.in.

The status of the complaint can also be ascertained by the complainant from the Contact Centre at CRPC, Chandigarh by contacting the toll-free number 14448.

18. What steps should a customer take in case of a failed ATM transaction when his / her account is debited?

Ans. Though banks are supposed to reverse such transactions on their own, it is always a good practice to lodge a complaint with the card issuing bank or ATM owner bank at the earliest.

Q 16: Whether INR balance in SRVA can be hedged?

Answer: Yes, INR exposure can be hedged in terms of applicable guidelines depending upon underlying transactions.

Q 18. It is easy to use KYC Identifier for opening an account. Whether any measure has been taken to improve its use by the REs?

Ans. For the purpose of opening an account, RE is required to seek the KYC Identifier from the customer or retrieve the same, if available, from the CKYCR and obtain KYC records by using such KYC Identifier. In such cases, the customer is not required to submit the same KYC records/ information/ any other additional identification documents, unless–

there is a change in the information of the customer as existing in the records of CKYCR; or
the KYC record or information retrieved is incomplete or is not as per the current applicable KYC norms; or
the validity period of downloaded documents has lapsed; or
the RE considers it necessary in order to verify the identity or address (including current address) of the customer, or to perform enhanced due diligence or to build an appropriate risk profile of the customer.

18. Query: Can a bank make repayment of the partial amount of gold (less than one gram) in INR in cases where the redemption is in gold?

Response: Suppose the principal amount is, say 302.86 grams of gold, and the customer has to be paid in gold, a bank can repay 302 grams in gold and 0.86 grams in equivalent amount of INR. It may be noted that the interest on deposit shall be calculated in INR on the value of gold at the time of deposit.