Ans. The directions are applicable to loans sanctioned on or after April 1, 2022. Accordingly, pricing of the existing loans of NBFC-MFIs i.e., sanctioned prior to April 1, 2022 shall continue to be as per the guidelines applicable as on March 31, 2022. As other REs were already free to decide pricing of loans sanctioned, they are allowed to review and revise interest rates applicable to the existing loans also, subject to compliance with the relevant guidelines.

Answer: Yes

In the case of banks, especially foreign banks, earlier specifically permitted to store the banking data abroad, they may continue to do so; however, in respect of domestic payment transactions, the data shall be stored only in India, whereas for cross border payment transactions, the data may also be stored abroad as indicated earlier.

Ans. RTGS system enables participants to initiate and receive payments for inter-bank / non-bank / customer transactions. NEFT system allows members to send and receive transactions of retail nature electronically. Membership to NEFT is, however, relevant to non-bank PPI issuers only.

RTGS system also enables eligible members to post MNSB transactions, do Own Account Transfers (OAT) between current account and settlement account in RTGS. In the context of Q.7 above, MNSB transactions are relevant for Card Networks only.

The requirement is that the companies in the Promoter Group in which the public hold not less than 51 per cent of the voting equity shares shall hold not less than 51 per cent of the total voting equity shares of the NOFHC.[ para 2 (C) (ii) (b) of the guidelines] A company in which public holds 51 per cent need not necessarily be listed. For the purpose of these guidelines, ‘public shareholding’ implies that no person along with his relatives (as defined in Section 6 of the Companies Act, 1956) and entities in which he and / or his relatives hold not less than 50 per cent of the voting equity shares, by virtue of his shareholding or otherwise, exercises ‘significant influence’ or ‘control’ (as defined in Accounting Standard 23) over the company.

To give time to the banks to make preparatory arrangements, members of the public are requested to approach the bank branches or ROs of RBI from May 23, 2023 for availing exchange facility.

Ans: Yes. ECS can be used to transfer funds to NRE and NRO accounts in the country. This, however, is subject to the adherence to the provisions of the Foreign Exchange Management Act, 2000 (FEMA) and Wire Transfer Guidelines.

Banks should exercise care while affixing stamps on the cheque forms, so that it does not interfere with the material portions such as date, payee’s name, amount, and signature. The use of rubber stamps, etc., should not overshadow the clear appearance of these basic features in image. It is necessary to ensure that all essential elements of a cheque are captured in an image during the scanning process and banks / customers have to exercise appropriate care in this regard.

Banks are also required to verify the security features additional to CTS-2010 standard that have been voluntarily implemented

Yes. The complainant can be filed by one s authorized representative (other than an advocate).

An investor can make only a single bid through any bank or PD under this scheme in each specified auction.

No. Children (including minor) are not eligible for additional interest admissible to bank's staff member/retired staff member.

A. Funding for overseas investment could be made by one or more of the following sources:the balances held in Exchange Earners Foreign Currency account of the Indian party maintained with an authorised dealer,proceeds of ADR/GDR issues,market purchases of foreign exchange,share swap (refers to the acquisition of the shares of an overseas entity by way of exchange of the shares of the Indian entity).Capitalisation of exports, royalties, etc.

For the purpose of studies abroad, exchange for maintenance expenses is released in the form of (i) currency notes up to US$ 2,000, (ii) the balance foreign exchange may be taken in form of traveller’s cheques or bank draft payable overseas.

Ans : The submission of returns to the Reserve Bank will be as specified presently in the case of registered NBFCs.

PM will not be able to place orders on behalf of the client in the web based system. However the PM can continue placing orders for the client in the existing system. But these orders will not be subject to the various risk validations that are available in the Web system.

No. The collecting banks credit the customer’s account only after expiry of the cooling period as such funds are subject to recall under US laws. Some banks may permit selective withdrawal of funds before the cooling period lapses depending on the customer’s credit worthiness, relationship with the bank, KYC compliance, value of the cheque, etc. It is a commercial decision of the bank. Banks have been advised to formulate their policy on instant credit for small value cheques as part of the USD Cheque Collection Policy.

No, there is no restriction on withdrawal in Rupees of funds held in an EEFC account. However, the amount withdrawn in Rupees shall not be eligible for conversion into foreign currency and for re-credit to the account.

જવાબ. પીપીઆઈ રોકડથી, બેન્ક અકાઉન્ટમાં ડેબિટથી, ક્રેડિટ / ડેબિટ કાર્ડથી અથવા અન્ય પીપીઆઈથી લોડ/ રિલોડ કરી શકાય છે. પીપીઆઈનું લોડિંગ / રિલોડિંગ ભારતમાં નિયમન સંસ્થાઓ દ્વારા જારી પેમેન્ટ સાધનો થકી રહેશે અને ભારતીય રૂપિયા (આઈએનઆર)માં જ રહેશે. બેન્કો અને નોન- બેન્કોને તેમનાં અધિકૃત આઉટલેટ્સ/ શાખાઓ / એટીએમ અથવા તેમના અધિકૃત / નિયુક્ત એજન્ટો થકી આવાં પેમેન્ટ સાધનો જારી અને રિલોડ કરવાની મંજૂરી છે.

જવાબ. કાર્ડ જારી કરતી બેન્કના એટીએમમાં હાથ ધરાતી લેણદેણને ઓન- અસ લેણદેણ કહેવાય છે, જ્યારે કાર્ડ જારી કરતી બેન્ક સિવાયની બેન્કના એટીએમમાં હાથ ધરાતી લેણદેણ અથવા ડબ્લ્યુએલએ ખાતે લેણદેણને ઓફફ-અસ લેણદેણ કહેવાય છે. દાખલા તરીકે, જો બેન્ક અ દ્વારા જારી કરવામાં આવેલું કાર્ડ બેન્ક અ ના એટીએમમાં ઉપયોગ કરાય તો તે ઓન- અસ લેણદેણ છે. જો બેન્ક અ દ્વારા જારી કરાયેલું કાર્ડ ડબ્લ્યુએલએ ખાતે અથવા બેન્ક બ ના એટીએમમાં ઉપયોગ કરવામાં આવે તો તે ઓફફ- અપ લેણદેણ છે.

Ans. For a funds transfer to go through RTGS, both the sending bank branch and the receiving bank branch need to be RTGS enabled. Presently, there are more than 1,60,000 RTGS enabled bank branches, the list of which is available on the RBI website at the link https://rbi.org.in/Scripts/Bs_viewRTGS.aspx?Category=5. The list is updated on a fortnightly basis.