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FAQs on the circular on Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans
Ans. A contravener may submit a compounding application form, physically or through PRAVAAH Portal of the Reserve Bank along with the documents/formats provided as Annexure I, Annexure II and Annexure III of the Directions – Compounding of contraventions under FEMA, 1999.
Ans. The Payments Regulatory Board Regulations, 2025 deals with the constitution of the Payments Regulatory Board (PRB). It also deals with the composition of the PRB, exercising of powers on behalf of PRB, meetings of the PRB and quorum, the constitution of Sub-Committees/ Advisory Committees by PRB, etc. The PRB exercises the powers on behalf of the Reserve Bank, for regulation and supervision of the payment and settlement systems under the PSS Act, 2007.
The Payment and Settlement Systems Regulations, 2008 covers matters like form of application for authorization for commencing/ carrying on a payment system and grant of authorization, payment instructions and determination of standards of payment systems, furnishing of returns/documents/other information, furnishing of accounts and balance sheets by system provider etc.
Ans. A resident of India, who has gone out of India on a temporary visit may bring into India at the time of his return from any place outside India (other than Nepal and Bhutan), currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000. A person (not being a citizen of Pakistan or Bangladesh) may bring into India from Nepal or Bhutan, currency notes of Government of India and Reserve Bank of India notes, in denomination not exceeding Rs.100; provided that an individual travelling to India from Nepal or Bhutan can carry notes of denominations of above ₹100, up to a total limit of ₹25,000. Any person resident outside India, not being a citizen of Pakistan and Bangladesh and also not a traveller coming from and going to Pakistan and Bangladesh, and visiting India may bring into India currency notes of Government of India and Reserve Bank of India notes up to an amount not exceeding Rs.25,000 while entering only through an airport.
Only CTS-2010 standards compliant instruments can be presented for clearing through CTS. CTS-2010 standards contain certain benchmarks towards achieving standardisation of cheques issued by banks across the country. These include provision of mandatory minimum-security features on cheque forms like quality of paper, watermark, bank’s logo in invisible ink, void pantograph, etc., and standardisation of field placements on cheques. The minimum-security features and standardisation help presenting banks while scrutinising / recognising cheques of drawee banks in an image-based processing scenario.
All loans meeting the eligibility criteria, unless covered by the specific exclusions listed in Paragraph 2 of the Annex to the Resolution Framework subject to the clarification at Sl. No. 2 above fall within the scope of resolution under the framework. These loans, if not falling under any of the categories mentioned in Paragraph 2 of the Annex to the Resolution Framework, is eligible for resolution under Part A of the Annex if they fall within the purview of “personal loans” as defined in the Circular DBR.No.BP.BC.99/08.13.100/2017-18 dated January 4, 2018 on “XBRL Returns – Harmonization of Banking Statistics”, even if they are not explicitly classified as so in any regulatory / supervisory reporting, or under Part B of the Annex otherwise.
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Index ratio (IR) will be calculated by dividing the reference WPI on the settlement date with the reference WPI on the issue date.
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The formula for the same is as under:
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Page Last Updated on: December 11, 2022
