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Clarifications to Queries on Guidelines for Licensing of New Banks in the Private Sector

Q.52. Could a non-corporate entity such as an LLP or Trust (public, private or charitable) be permitted as being a part of the Promoter/ Promoter Group for setting up the NOFHC? +

The shares of NOFHC can be held by individuals, corporate entities and companies belonging to the Promoter Group. An LLP and trust do not fall under any of these categories. Therefore, an LLP or trust cannot hold voting equity shares directly in the NOFHC but can hold indirectly through a company in the Promoter Group which holds voting equity shares of the NOFHC.

53. बैंकों द्वारा लगाये जाने वाले सेवा प्रभारों की कोई उच्चतम सीमा है ? +

भारतीय बैंक संघ ने बैंकों द्वारा दी जाने वाली विभिन्न सेवाओं के लिए सेवा प्रभार निर्धारित करने की प्रथा बंद कर दी है। सितंबर 1999 से भारतीय रिज़र्व बैंक ने बैंकों को यह स्वतंत्रता दी है कि वे अपने निदेशक मंडल के अनुमोदन से सेवा प्रभार निर्धारित कर सकते हैं।

53. अंतरपरिचालनीयता के तरीके क्या हैं? +

उत्तर. यदि पीपीआई को वॉलेट के रूप में जारी किया जाता है, तो सभी पीपीआई में अंतरपरिचालनीयता को यूपीआई के माध्यम से सक्षम किया जाएगा। यदि पीपीआई कार्ड के रूप में जारी किया जाता है, तो कार्ड अंतरपरिचालनीयता के लिए प्राधिकृत कार्ड नेटवर्क से संबद्ध होगा।

Q.53. Where shares of a NOFHC are held by public trusts, whose trustee are the promoters, whether the same could be considered under 2(C)(ii)(b) category for considering 51% holding in NOFHC? +

54. Whether loss-making banks can make donations? +

Yes, loss making banks can make donations totaling Rs.5 lakhs only in a financial year.

54. बैंकों द्वारा जारी किए गए पीपीआई से जुड़े अनधिकृत लेनदेनों के मामले में किस प्रकार का संरक्षण उपलब्ध है? +

उत्तर. बैंक पीपीआई जारीकर्ता ग्राहक संरक्षण - अनधिकृत इलेक्ट्रॉनिक बैंकिंग लेनदेन में ग्राहकों की सीमित देयता विषय पर आरबीआई के परिपत्र डीबीआर.सं.लेग.बीसी.78/09.07.005/2017-18 दिनांकित 6 जुलाई 2017 अथवा डीसीबीआर.बीपीडी.(पीसीबी/आरसीबी).परि.सं.06/12.05.001/2017-18 दिनांकित 14 दिसंबर 2017 द्वारा निर्देशित होंगे।

Q.54. If a Core Investment Company (CIC), being the promoter, is newly incorporated for holding the NOFHC, would the track record of the Promoter/ Promoter Group in the CIC be considered? +

A. The overall track record of the Promoters/Promoter Group for at least 10 years will be seen. If the Promoters/Promoter Group incorporates a new CIC for the purpose of holding shares in the NOFHC, the track record of the Promoters/Promoter Group setting up the CIC will be seen. [para 2 (B) (b) of the guidelines]

55. Whether overseas branches of the banks can make donations abroad? +

Yes, the overseas branches of the banks can make donations abroad, provided the banks do not exceed the prescribed ceiling of one per cent of their published profit of the previous year.

55. गैर-बैंकों द्वारा जारी किए गए पीपीआई से जुड़े अनधिकृत लेनदेन के मामले में किस प्रकार का संरक्षण उपलब्ध है? +

उत्तर. गैर-बैंक जारीकर्ताओं द्वारा जारी किए गए पीपीआई में अनधिकृत लेनदेन के खिलाफ ग्राहकों (पीपीआई धारकों) की देयता को सीमित करने की रूपरेखा एमडी-पीपीआई के पैरा 17 में दी गई है और यह 01 मार्च 2019 से प्रभावी है। नीचे दिए गए अक्सर पूछे जाने वाले प्रश्न गैर-बैंक पीपीआई जारीकर्ताओं द्वारा जारी पीपीआई से संबंधित हैं।

Q.55. Where the CIC is a listed entity (and meets the owned and controlled by residents test as per the extant DIPP guidelines), would the stated Promoter Group of the CIC for listing purposes be also treated as the Promoter Group for the new bank? +

A. Promoter Group for the purpose of these guidelines will be as per the definition given in Annex I to the guidelines.

56. What are the norms and procedure laid down by RBI for acquisition of accommodation on lease/rental basis by commercial banks for their use i.e. for office and residence of staff? +

i) Boards of Directors of the banks should lay down policy and formulate detailed operational guidelines separately in respect of metropolitan, urban, semi-urban and rural areas covering all areas in respect of acquiring premises on lease/rental basis for the bank's use including delegation of powers at various levels. The decision of surrender or shifting of premises other than at rural centres is taken at central office level by a committee of senior executives. ii) Banks' Boards should lay down a separate policy in respect of loans granted to landlords who provide to them premises on lease/rental basis. The rate of interest to be charged on such loans should be fixed as per the lending rate directives issued by RBI with minimum PLR for the loans above Rs. 2 lakhs. The rate of interest may be simple rate or compound rate as per the usual practice of the bank as applicable to other term loans. iii) Banks should evolve a suitable machinery for dealing with genuine grievances of the landlord for expeditious disposal. iv) In case of negotiated contracts in respect of advances to landlords and rental (including taxes etc. and deposits of Rs.25 lakhs and above) in respect of premises taken on lease/rental basis by public sector banks, the cases will be reported to Central Bureau of Investigation as per the extant Government instructions. This requirement is not applicable to banks in the private sector.

56. क्या यह ढांचा एमडी-पीपीआई के तहत जारी सभी प्रकार के पीपीआई को कवर करता है? +

उत्तर. एमडी-पीपीआई के पैरा 10.2 के अंतर्गत जारी पीपीआई-एमटीएस को छोड़कर, यह ढांचा प्राधिकृत गैर-बैंक पीपीआई जारीकर्ताओं द्वारा जारी सभी पीपीआई पर लागू होता है। पीपीआई-एमटीएस में भी, जारीकर्ता की ओर से अंशदायी धोखाधड़ी/लापरवाही/कमी के मामलों को कवर किया जाता है।

Q.56. Would any investor holding more than 10 per cent of the ‘free float’ in the listed CIC be also compulsorily viewed as being a Promoter by virtue of a more than 10 per cent ownership in the CIC even if such investor does not otherwise form part of the Promoter Group (the working assumption here being that the CIC will hold significant interests in non-financial services businesses as well as 100 per cent interest in an NOFHC). +

A. Merely holding 10 per cent of the free float in the listed CIC would not make the investor a Promoter. If the investor does not form a part of the Promoters/Promoter Group as per the definition given in Annex I to the guidelines, he would not be considered as a Promoter.

57. Are there any limit prescribed by the RBI on service charges to be levied by the banks? +

The banks have been given the freedom to determine the service charges to be levied from their customers and the RBI has not prescribed any ceilings in this regard.

57. इस ढांचे के तहत इलेक्ट्रॉनिक भुगतान लेनदेन का क्या अर्थ है?

उत्तर. इस एमडी के प्रयोजन के लिए, इलेक्ट्रॉनिक भुगतान लेनदेन निम्नलिखित हो सकते हैं-

ए. रिमोट/ऑनलाइन भुगतान लेनदेन: ऐसे लेनदेन जिनमें वास्तविक पीपीआई को लेनदेन के स्थान पर प्रस्तुत करने की आवश्यकता नहीं होती है, जैसे वॉलेट, कार्ड नॉट प्रेजेंट (सीएनपी) लेनदेन, आदि; तथा

बी. फेस-टू-फेस/निकटता भुगतान लेनदेन: ऐसे लेनदेन जिनमें लेनदेन के स्थान पर भौतिक पीपीआई की उपस्थिति की आवश्यकता होती है, जैसे एटीएम, पीओएस उपकरण आदि पर लेनदेन)।

Q.57. In respect of the capital structure of the NOFHC, having regard to the use of the word “and” are sub-clauses (a) and (b) of clause 2 (C)(ii), to be read as conditions to be fulfilled cumulatively? +

A. It is essential that clause (b) of para 2(C)(ii) (i.e. not less than 51 per cent of the voting equity shares of the NOFHC to be held by companies in which the public hold not less than 51 per cent of the voting equity shares) is satisfied in all cases, whereas clause (a) of para 2(C) (ii) does not stipulate any minimum shareholding. Accordingly, it is not necessary that an individual, along with his relatives (as defined in Section 6 of the Companies Act, 1956) and along with entities in which he and/or his relatives hold not less than 50 per cent of the voting equity shares should hold shares in the NOFHC. [para 2 (C) (ii) of the guidelines]

58. क्या ग्राहक (पीपीआई धारक) को एसएमएस अलर्ट के लिए पंजीकरण करना अनिवार्य है?

उत्तर. इस ढांचे के तहत संरक्षण पाने के लिए, ग्राहक (पीपीआई धारक) के लिए एसएमएस अलर्ट के लिए पंजीकरण करना अनिवार्य है।

Q.58. Having regard to clause 2 (C)(ii)(a), can a single individual investor hold 10 per cent directly in the NOFHC and also have significant holdings in other Promoter group companies in which the public holds not less than 51 per cent of voting equity shares? +

A. Yes. It would be possible for an individual belonging to the Promoter Group, along with his relatives (as defined in Section 6 of the Companies Act, 1956) and along with entities in which he and/or his relatives hold not less than 50 per cent of voting equity shares, to have significant holdings in other Promoter Group companies in which the public holds not less than 51 per cent of voting equity shares.

59. क्या ग्राहक को अपने पीपीआई खाते में लेनदेन संबंधी अलर्ट मिलनी चाहिए? +

उत्तर. गैर-बैंक पीपीआई जारीकर्ताओं के लिए ग्राहक को उनके खाते में किसी भी भुगतान लेनदेन के लिए एक एसएमएस अलर्ट भेजना अनिवार्य है। इसके अलावा, जहां कहीं भी पंजीकृत है, एक ईमेल अलर्ट भी भेजा जा सकता है। लेनदेन अलर्ट में एक संपर्क नंबर और/अथवा ईमेल आईडी होना चाहिए, जिस पर ग्राहक अनधिकृत लेनदेन की रिपोर्ट कर सकता है अथवा आपत्ति की सूचना दे सकता है।

Q.59. Does 51 per cent holding by public in clause 2 (C)(ii)(b) mean a company has to be necessarily a listed entity or could be an entity where 51 per cent is held by other than Promoters? +

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.[para 2 (C) (ii) of the guidelines]

60. ग्राहक अपने पीपीआई खाते में अनधिकृत लेनदेन की रिपोर्ट कहां कर सकता है? +

उत्तर. गैर-बैंक पीपीआई जारीकर्ता ग्राहकों को अनधिकृत लेनदेन और/अथवा पीपीआई की क्षति अथवा चोरी की सूचना देने के लिए वेबसाइट/एसएमएस/ईमेल/समर्पित टोल-फ्री हेल्पलाइन के माध्यम से रात दिन सात दिन (24x7) पहुंच की सुविधा प्रदान करेंगे। इसके अलावा, अनधिकृत इलेक्ट्रॉनिक भुगतान लेनदेनों की सूचना देने के लिए विशिष्ट विकल्प के साथ शिकायत दर्ज करने के लिए एक सीधा लिंक गैर-बैंक पीपीआई जारीकर्ताओं द्वारा मोबाइल ऐप / उनकी वेबसाइट के होम पेज / किसी अन्य विकसित स्वीकृति मोड पर प्रदान किया जाएगा।

Q.60. In the context of at least 51% of the total voting equity of the NOFHC to be held by companies of the Promoter group having at least 51% of the voting equity held by the public, please clarify whether the concept of public includes “Non-Promoter” shareholders in an unlisted entity. Also, we presume that the definition of Public companies would be in consonance with SEBI Guidelines. Please confirm. +

61. क्या ग्राहक द्वारा जारीकर्ता को इस तरह के लेनदेन अथवा लिखत की क्षति के बारे में रिपोर्ट करने के बाद किसी भी अनधिकृत लेनदेन से सुरक्षित है? +

उत्तर. अनधिकृत भुगतान लेनदेन अथवा लिखत की क्षति की सूचना मिलने पर, गैर-बैंक पीपीआई जारीकर्ता ग्राहक के पीपीआई खाते में और अधिक अनधिकृत भुगतान लेनदेन को रोकने के लिए तत्काल कार्रवाई करेंगे। इस तरह के एक लिखत के मामले में कोई और डेबिट लेनदेन की देयता जारीकर्ता की होगी।

Q.61. Subject to the Companies Act, 1956 / Companies Bill, 2012, could the NOFHC issue non-voting equity shares/ preference shares? +

Yes, to the extent permissible under the relevant laws. However, it will not be reckoned for the purpose of calculation of promoter shareholding in the NOFHC.

62. क्या ग्राहक गैर-बैंक पीपीआई जारीकर्ता की ओर से हुई अंशदायी धोखाधड़ी/लापरवाही/ कमी के प्रति सुरक्षित है? +

उत्तर. गैर-बैंक पीपीआई जारीकर्ता की ओर से हुई अंशदायी धोखाधड़ी/लापरवाही/कमी के मामलों में ग्राहक की देयता शून्य है। पीपीआई-एमटीएस जारीकर्ता भी ऐसे कृत्यों/घटनाओं के लिए कवर किए जाते हैं।

Q.62. The references in paragraph 2 (C) (ii) relate to holdings of voting equity capital. Would the NOFHC be permitted to issue non-voting equity capital or other classes of capital to persons other than promoter group entities ? +

Yes, to the extent permissible under the relevant laws. However, it will not be reckoned for the purpose of calculation of promoter shareholding in the NOFHC.

63. क्या गैर-बैंक पीपीआई जारीकर्ता की ओर से हुई अंशदायी धोखाधड़ी/लापरवाही/कमी होने पर ग्राहक को जारीकर्ता को सूचित करने की आवश्यकता है? +

उत्तर. ग्राहक के खाते में किसी भी अनधिकृत लेनदेन की सूचना देना हमेशा उचित होता है। तथापि, जारीकर्ता गैर-बैंक पीपीआई जारीकर्ता की ओर से हुई अंशदायी धोखाधड़ी/ लापरवाही/कमी के खिलाफ क्षतिपूर्ति से इस आधार पर इनकार नहीं कर सकता है कि ग्राहक ने अपने खाते में किसी भी अनधिकृत लेनदेन की सूचना नहीं दी है।

Q.63. Should the percentage holding in the NOFHC/ bank be computed with reference to the last audited balance sheet or as on the date of the proposed investment? +

A. The percentage holding of the NOFHC/bank will be computed with reference to the date of the investment.

64. तीसरे पक्ष के उल्लंघन के मामलों में ग्राहक की देयता कैसे तय की जाएगी जहां कमी न तो गैर-बैंक पीपीआई जारीकर्ता की है और न ही ग्राहक की है, बल्कि प्रणाली में कहीं और है, और ग्राहक अनधिकृत भुगतान लेनदेन के संबंध में गैर-बैंक पीपीआई जारीकर्ता को सूचित करता है? +

उत्तर. ऐसे मामलों में 'प्रति लेनदेन ग्राहक दायित्व' गैर-बैंक पीपीआई जारीकर्ता से ग्राहक द्वारा लेनदेन सूचना की प्राप्ति और गैर-बैंक पीपीआई जारीकर्ता को ग्राहक द्वारा अनधिकृत लेनदेन की रिपोर्टिंग के बीच व्यतीत दिनों की संख्या पर निर्भर करेगा। यदि जारीकर्ता को सूचना प्राप्त होने के तीन दिनों के भीतर सूचित किया जाता है, तो ग्राहक की देयता शून्य होगी। इसी तरह, सूचना प्राप्त होने के चार से सात दिनों के बीच रिपोर्ट किए गए ऐसे किसी भी लेनदेन के लिए, ग्राहक की देयता अधिकतम ₹10,000/ तक सीमित होगी। सात दिनों के बाद की गई रिपोर्टिंग वाले मामलों में गैर-बैंक पीपीआई जारीकर्ता की बोर्ड द्वारा अनुमोदित नीति के अनुसार कार्रवाई की जाएगी।

Q.64. We understand that the NOFHC does not need to wholly own the ‘other regulated financial services entities’ and that direct participation in such entities by non-Promoter group individuals/ companies is permitted. Additionally, we understand that FDI in such entities as per the extant DIPP guidelines is permitted. +

A. As per Para 2 C (vii) of the guidelines, only the regulated financial sector entities in which a Promoter Group has ‘significant influence’ or ‘control’ (as defined in Accounting Standard 23) will be held under the NOFHC. Thus, the NOFHC does not need to wholly own the regulated financial services entities and direct participation in such entities by non-Promoter Group individuals/ companies is permitted. The pattern of shareholding and the capital requirements in the regulated financial services entities held by the NOFHC shall be as prescribed by the respective sectoral regulators. The FDI limits in such entities would be as per extant FDI policy of the Government of India/ Notifications issued under FEMA. As regards the bank, the foreign shareholding would be as per para 2 (F) of the guidelines.

65. ऊपर बताए गए दिनों की गिनती कब से होगी?

उत्तर. ऊपर उल्लिखित दिनों की संख्या की गिनती गैर-बैंक पीपीआई जारीकर्ता से सूचना प्राप्त करने की तारीख को छोड़कर की जाएगी।

Q.65. It is currently unclear as to whether any unregulated financial services business e.g. investment advisory services (not covered within the scope of the extant SEBI guidelines) are permitted to be undertaken and whether they need to fall within the NOFHC umbrella or outside the same and directly held by the Promoter Group entities, or would the Promoter Group mandatorily be required to divest its holdings? +

A. The bank as well as the other financial services entities in which the Promoter Group has ‘significant influence’ or ‘control’ (as defined in Accounting Standard 23) and that are regulated by RBI or other financial sector regulators will have to be necessarily held under the NOFHC. If any financial service is not regulated by RBI or any of the other financial sector regulators, any entity in the Promoter Group providing such service, cannot come under the NOFHC. The Promoter Group will not be required to divest its holdings in such entities. [para 2 (C) (iii) of the guidelines]

66. ऐसे मामलों में जहां ग्राहक द्वारा लापरवाही के कारण नुकसान हुआ है, जैसे कि उसने भुगतान क्रेडेंशियल कहीं साझा किया है, नुकसान कौन और किस हद तक वहन करेगा? +

उत्तर. ऐसे मामलों में जहां नुकसान ग्राहक की लापरवाही के कारण होता है, जैसे कि उसने भुगतान संबंधी जानकारी साझा किया है, ग्राहक पूरे नुकसान को तब तक वहन करेगा जब तक कि वह गैर-बैंक पीपीआई जारीकर्ता को अनधिकृत लेनदेन की रिपोर्ट नहीं करता।

Q.66. Where a financial services company (Company A) under its current corporate structure has subsidiaries/ associates whose sole business is to undertake outsource activities which are wholly consumed by Company A (for example, a company carrying on back office/ sales operations for a insurance company or a mutual fund), then whether such outsource company would be regarded as a financial services company and be permitted to be held under the NOFHC? Will the answer change if the outsource company also undertakes some activities for other Group entities including non-financial services entities? +

A. If a Promoter Group entity rendering outsourced services is regulated by any of the financial sector regulators, it would come under the NOFHC. If the said entity is not regulated by any of the financial sector regulators, it cannot come under the NOFHC. The position remains the same irrespective of whether the outsourced services are provided to the regulated financial services entities of the group or to other group entities, including non financial services entities or to non-group entities. [para 2 (C) (vii) of the guidelines]

67. जारीकर्ता को इसकी सूचना देने के बाद किए गए अनधिकृत लेनदेन के मामले में नुकसान कौन वहन करेगा? +

उत्तर. अनधिकृत लेनदेन की रिपोर्ट करने के बाद होने वाली किसी भी हानि को गैर-बैंक पीपीआई जारीकर्ता द्वारा वहन किया जाएगा।

Q.67. Companies within the Promoter Group that are registered with RBI as an NBFCs- Investment Companies are sought to be brought under the NOFHC pursuant to the requirement in the Guidelines to bring all regulated financial entities of the Promoter/ Promoter Group under the NOFHC. Since the activities undertaken by the aforementioned NBFC-Investment Companies are not permitted to be done departmentally by a bank, and no entity under the NOFHC can have equity/ debt exposure to a Promoter Group Company, they will need to liquidate entire investment holding (equity and / or debt) in the Promoter Group Companies. Post Liquidation of the investment holdings, these entities will retain cash or become a non–operative shell company which obviates the very need to bring such companies under the NOFHC in the first place. We would therefore suggest that listed/ unlisted investment companies and /or unlisted investment companies owned by listed companies of the Promoter / Promoter Group (insofar as they are not engaged in the financial services), where a significant portion of the assets are deployed in promoter group entities, be kept outside of the purview of consolidation under the NOFHC as these entities are already regulated by and under the direct supervision of RBI. +

Para 2(C)(iii) of the guidelines provide that only non-financial services companies/entities and non-operative financial holding company in the Group and individuals belonging to Promoter Group will be allowed to hold shares in the NOFHC. Accordingly, a non-operative financial holding company though regulated by RBI will remain outside NOFHC. NBFC (Investment Companies) which hold/deal in equity shares of Promoter Group Companies cannot be under the NOFHC because, in terms of para 2 (I) (IV) (a) of the Guidelines, the financial entities held by NOFHC shall not have any credit and investment (including investments in the equity/debt capital instruments) exposure to the Promoters/Promoter Group entities or individuals associated with the Promoter Group or the NOFHC. Therefore, NBFC (Investment Companies), which would include CICs and other non-operative holding companies, would remain outside NOFHC. However, if there are investments in voting equity shares of regulated financial sector entities in which the Group has significant influence or control, such entities will have to be brought under the NOFHC. ‘Investment Company’ as defined under para 2(I)(vi) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Direction, 1998, means any company which is a financial institution carrying on, as its principal business, the acquisition of securities.

68. कितने दिनों के बाद ग्राहक के खाते में पात्र राशि जमा की जाएगी? +

उत्तर. गैर-बैंक पीपीआई जारीकर्ता ग्राहक द्वारा इस तरह की सूचना की तारीख से 10 दिनों के भीतर ग्राहक के पीपीआई में अनधिकृत इलेक्ट्रॉनिक भुगतान लेनदेन में शामिल राशि (नोशनल रिवर्सल / शैडो रिवर्सल) क्रेडिट करेगा। संबंधित प्रकार/श्रेणी के पीपीआई पर लागू अधिकतम अनुमत सीमा का उल्लंघन होने पर भी ऐसा रिवर्सल प्रभावी किया जाएगा। क्रेडिट अनधिकृत लेनदेन की तिथि के अनुसार मूल्य-दिनांकित होगा।

Q.68. There could be instances where a particular Group has non-operative NBFC/CICs (in addition to the NOFHC), which act solely as a holding companies for companies carrying on non-financial services businesses of the Group. In such situations, would it be correct to read the regulations in a manner that such NBFCs/ CICs would not be considered as companies engaged in financial services business? If yes, then would such NBFCs/CICs be permitted to be held outside of the purview of the NOFHC (since they hold non-financial services businesses of the Group)? +

69. इस प्रकार प्राप्त नोशनल क्रेडिट का उपयोग कब किया जा सकता है? +

उत्तर. इस प्रकार प्राप्त नोशनल क्रेडिट का उपयोग गैर-बैंक पीपीआई जारीकर्ता द्वारा शिकायत के समाधान और ग्राहक की देयता स्थापित करने पर किया जा सकता है। तथापि, किसी भी परिस्थिति में, यह अवधि शिकायत प्राप्त होने की तारीख से 90 दिनों से अधिक नहीं हो सकती है।

Q.69. Where it is not contemplated that the NOFHC be held by the non-financial services operating companies/ entities, does the NOFHC necessarily need to be held by a non-operating financial holding company i.e. a company that undertakes no other activity other than holding the shares in the NOFHC? We understand that the NOFHC may be held by a CIC that also undertakes certain non-financial business. +

It is not necessary that a NOFHC should be held only by non-financial services companies/ entities. It can be held by a CIC or a non-operating holding company. The regulated financial business / entities of the holding company, if any, cannot remain with the holding company. It has to come under the NOFHC. [para 2 (C) (iii) & (vii) of the guidelines]

70. यह साबित करने जिम्मेदारी किसकी है कि लेनदेन एक अनधिकृत लेनदेन नहीं है?

उत्तर. अनधिकृत इलेक्ट्रॉनिक भुगतान लेनदेन के मामले में ग्राहक के दायित्व को साबित करने का भार गैर-बैंक पीपीआई जारीकर्ता पर होता है।

Q.70. Promoters/Promoter Group will be permitted to set up a bank only through a wholly-owned NOFHC. Whether a Core Investment Company with an asset size of more than `100 crore (which would be registered and regulated by RBI can wholly own the NOFHC as per 2(c)(iii) of the guidelines states that non financial companies and non operative financial holding company belonging to the promoter group will be allowed to hold shares in the NOFHC but at the same time stipulates that the NOFHC shall hold the bank as well as all the other financial services entities of the Group regulated by RBI or other financial sector regulators. +

ये अक्सर पूछे जाने वाले प्रश्न भारतीय रिज़र्व बैंक द्वारा केवल सूचना और सामान्य मार्गदर्शन उद्देश्यों के लिए जारी किए जाते हैं। इनके आधार पर की गई कार्रवाइयों और/अथवा लिए गए निर्णयों के लिए बैंक को जिम्मेदार नहीं ठहराया जाएगा। स्पष्टीकरण अथवा व्याख्या के लिए, यदि कोई हो, किसी व्यक्ति को बैंक द्वारा समय-समय पर जारी प्रासंगिक परिपत्रों और अधिसूचनाओं द्वारा निर्देशित हो सकते है।

Q.71. (a) If a NBFC is desirous of setting up a bank/converting itself into a bank, the guidelines require setting up a NOFHC which will hold the bank (paragraph 2L). However, paragraph 2(C)(iii) does not allow financial services companies (e.g. NBFCs) to have a stake in NOFHC. Hence, by implication, NBFCs are prevented from directly setting up NOFHC and setting up the bank. RBI may clarify if there would be any relaxation for shareholding in NOFHC (promoted by NBFC) with regard to paragraph 2(C) (iii)? What about the applicants who are predominantly into the financial services, and whose parent company itself is finance company, and that too listed. b) As per our interpretation, a widely held and publically listed NBFC can go for banking license by adopting the following structure: a. Listed NBFC forms a NOFHC b. NOFHC forms a bank For a) above, the condition of paragraph 2(C)(ii)(b) would be met as more than 51 percent (in fact 100 percent) shares of NOFHC would be held by the listed NBFC (where public holds > 51 percent). Thereafter, listed NBFC will transfer all assets/ loan portfolio to a new company, thereby listed NBFC would become non-operative financial holding company. This will help meet the condition of paragraph 2(C) (iii). The NOFHC can then form a bank as per b) above. Can you please confirm that above ms with the condition of paragraph 2(C) (iii)? +

A. a (i) There would be no relaxation for the pattern of shareholding in the NOFHC with regard to the provisions at the para 2 (C) (iii) of the guidelines

(ii) For the purpose of these guidelines, NBFC (Investment Companies) (which would include CIC and a non-operative holding company) would be held outside the purview of the NOFHC. [para 2 (C) (iii) of the guidelines]. The regulated financial business/entities of the holding company, if any, cannot remain with the holding company. It has to come under the NOFHC. [para 2 (C) (iii) & (vii) of the guidelines]

(iii) In the case of other NBFCs in which public holds more than 51 percent of voting equity shares, wishes to set up a bank or convert itself into a bank, it must transfer all its regulated financial services business to a separate company/companies and transfer the shareholding in such companies to the NOFHC. After it has transferred the regulated financial services business, it can set up a NOFHC, provided it meets the requirements of para 2 (C) (ii) and (iii) of the guidelines.

(b) As stated above, before the listed NBFC holds shares in the NOFHC, it must transfer all regulated financial services business to a new company and shares in that new company must be held by the NOFHC. Conversion of the listed NBFC into a listed non operating holding company would enable meeting the requirement of para 2(C) (iii) of the guidelines provided the listed non operating holding company meets the requirement of para 2(C)(ii)(b) of the guidelines i.e. the public hold not less than 51 percent voting equity shares in the company.

Q.72. Whether an existing Non-operating listed Holding company, with more than 51 percent public shareholding, will be eligible to promote a Non-Operative Financial Holding Company (NOFHC)? +

A. Yes. An existing non-operating listed holding company, with more than 51 percent public shareholding, will be eligible to promote a Non-Operative Financial Holding Company (NOFHC). [para 2 (C) (ii) (b) and 2 (C) (iii) of the guidelines]

Q.73. Will a Non-operating holding company, being a promoter of NOFHC and holding investments in unregulated financial sector entities and non-financial sector entities, would be required to be registered as a Core Investment Company with the RBI? +

A. A non operating holding company being a promoter of NOFHC and holding investments in unregulated financial sector entities and non financial sector entities will be required to be registered as a CIC with RBI if it meets the criteria laid down in para 2 and 3 (h) of Notification No DNBS.PD. 219/CGM(US)-2011 dated January 05, 2011 regarding Regulatory Framework for Core Investment Companies.

Q.74. Can the NOFHC hold physical assets belonging to the Group and charge for them on an arm’s length basis? Similarly, since unregulated activities cannot be held by the NOFHC, we assume that the holding company above the NOFHC can, through a subsidiary, hold related businesses such as technology services or banking correspondent services or distribution services. Is this correct? +

A. NOFHC, being a non-operative financial holding company, cannot hold physical assets belonging to the Group and charge for them on an arm’s length basis. A holding company of the Promoter Group, which holds the NOFHC can undertake related businesses such as technology services or banking correspondent services or distribution services on its own, or through a subsidiary. If the non-operative holding company is a CIC or NBFC, the relevant regulations will be applicable.

Q.75. Can an existing non-operating listed holding company, in which the public shareholding exceeds 51 percent and which is proposed to be registered as a CIC, be allowed to operate as the NOFHC? +

A. No. An existing non-operating listed holding company, with more than 51 per cent public shareholding cannot operate as the NOFHC as the NOFHC has to be wholly-owned by the Promoter / Promoter Group. The above cited example does not meet this criteria as the non-operating listed holding company has equity shareholding from non-promoters/promoter group entities. However, this existing non-operative listed holding company in which public shareholding exceeds 51 per cent can promote a NOFHC.

A non operating holding company being a promoter of NOFHC will be required to be registered as a CIC with RBI if it meets the stipulated criteria.

If the non operating holding company does not meet the criteria for being defined as a Core Investment Company but is an NBFC (Investment Company) it will be required to be registered with RBI as NBFC(Investment Company).

Q.76. In many Industrial Groups, the Group investments in non financial Group companies are held through an investment company (SPV/CIC). Since NOFHC is not permitted to hold / invest in non financial entities belonging to the Group, we presume that the requirement of bringing such SPV/CIC below NOFHC would not be applicable. The presumption is made also because it is impractical / economically inefficient / strategically imprudent, for the Industrial Group to house all these Group investments in an Operating Company. +

A. For the purpose of these guidelines, the investment company (SPV/CIC) that holds shares only in non-financial companies of the Promoter Group would not be considered as a financial services company and would be held outside the purview of the NOFHC. [para 2 (C) (iii) of the guidelines]

Q.77. Paragraph 2(C)(iii) also states that only non-financial services companies / entities and non-operative financial holding company in the Group and individuals belonging to the Promoter Group will be allowed to hold shares in the NOFHC. Could you clarify how and the circumstances in which a non-operative financial holding company could be a shareholder of a NOFHC? +

A. A non-operative financial holding company is a company which has no operational activities and holds the non-financial sector companies of the Promoter Group and which has no subsidiaries, joint venture or associate or other controlled entities in the financial sector except investments in the NOFHC. Such company can hold voting equity shares in the NOFHC in accordance with Paragraph 2 (C) (ii) and (iii) of the guidelines. The said holding company can hold upto 100 per cent of the voting equity of the NOFHC, if it has public shareholding of not less than 51 per cent. [para 2 (C)(ii)(b) of the guidelines].