• As customers will be owned by the banks, KYC will also be done by the banks.

Yes, an investor in IIB or SGB scheme may retain the same Investor ID to deposit in PMGKDS provided the Personal Identification Document (PID) linked to the Investor ID is the Permanent Account Number.

At the time of making applications, the Promoters/Promoter Group will have to furnish a road map and methodologies they would adopt to comply with all the requirements of the corporate structure indicated in para 2 (C)(ii) and (iii) of the guidelines and realign the business between the entities to be held under the NOFHC [para 2(C)(iv) of the guidelines] within a period of 18 months. After the ‘in-principle approval’ is accorded by RBI for setting up of the bank, the actual setting up of NOFHC and the bank, re-organization of the Promoter Group entities to bring the regulated financial services entities under the NOFHC as well as realignment of business among the entities under the NOFHC have to be completed within a period of 18 months from the date of in-principle approval or before commencement of banking business, whichever is earlier.

Ans : Yes. It is left to the choice of the individual customer and the ECS user to decide these aspects. The mandate can contain a ceiling on the maximum amount of debit, specify the purpose of debit and validity period of the mandate.

Persons resident in India are permitted to maintain foreign currency accounts in India under following two Schemes:

1. EEFC Accounts –

To avoid exchange loss on conversion of foreign exchange into Indian Rupee & Rupee into foreign exchange, residents can retain upto 50% of foreign currency remittances received from abroad in a foreign currency account, viz., EEFC account, with an authorised dealer in India . Funds held in EEFC account can be utilised for current account transactions and also for approved capital account transactions as specified by the extant Rules/Regulations/Notifications/Directives issued by the Government/RBI from time to time.

2. RFC Accounts :-

Returning Indians, i.e., those Indians, who were non-residents earlier, and are returning now for permanent stay, are permitted to open, hold and maintain with an authorised dealer in India a Resident Foreign Currency (RFC) Account to keep their foreign currency assets. Assets held outside India at the time of return can be credited to such accounts. The funds in RFC account are free from all restrictions regarding utilisation of foreign currency balances including any restriction on investment outside India. The facility is also available to residents provided foreign exchange to be credited to such account is received out of certain specified type of funds/accounts.

The transfer of securities to the clients should be completed within five working days from the date of the auction.Delivery and Form of Holding

No. A deposit has to run for a minimum stipulated period, which is at present one year for FCNR(B) and six months for NRE deposits, to be eligible to earn interest.

No, once the report of remittance in form ODR is received by the Reserve Bank through the designated Authorised Dealer, an identification number for that particular investment is issued for the purpose of future reference. Subsequent investment in the same project will be permitted to be made only after allotment of the identification number.

Ans: The webpage of RBI “RBI Kehta Hai” at /en/web/rbi/rbi-kehta-hai for information regarding ways to ensure safe and secure digital payments can be referred to. Further, RBI has also launched a magazine named BE(A)WARE for users of digital transactions which can be accessed at /documents/87730/39016390/BEAWARE07032022.pdf.

25 জানুয়ারি 2012 –র সার্কুলার ডিবিওডি.ডিআইআর.বিসি 75/13.03.00/2011-12 অনুযায়ী সাধারণ সেভিং অ্যাকাউন্টের সুদের হারের ওপর নিয়ন্ত্রণহীনতাই ‘বেসিক সেভিং ব্যাঙ্ক অ্যাকাউন্টের’ ক্ষেত্রে প্রযোজ্য।