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National Electronic Funds Transfer (NEFT) System

21. What happens if I write wrong account number of beneficiary? +

Ans: The credit is given to the account number written / given by remitter in his / her application / instruction. Credit to beneficiary account is released solely based on account number. It is the responsibility of remitting customer to write correct account number. The originator / sender should exercise due care in providing the correct account number of the beneficiary, in the NEFT remittance instruction / application.

21. Can a Government securities holder nominate an individual other than blood relation as a nominee? +

Yes. A Government securities holder may nominate any one as a nominee provided that the nominee, as an individual or institution, should be eligible to invest in the particular loan as per the specific Government Loan Notification.

21. Are the BLAs tradable? +

No, the Bond Ledger Accounts are not tradable.

21. What will I get on redemption? +

On maturity, the Gold Bonds shall be redeemed in Indian Rupees and the redemption price shall be based on simple average of closing price of gold of 999 purity of previous 3 business days from the date of repayment, published by the India Bullion and Jewelers Association Limited.

21. While going abroad how much foreign exchange can a person carry?

Residents are free to carry the foreign exchange purchased from an authorised dealer or money changer in accordance with the Rules. In addition, they can also carry up to US$ 2,000, if already held by them (see item13 above) in accordance with the Regulations.

21. Whether pre-funding is required? +

The Web based facility is only a front end platform for placing GAH’s buy and sell orders. PM continues to be responsible for all actions undertaken by their respective GAHs including the settlement of their securities and funds obligations. In other words, the settlement of the successful orders of GAHs will continue to happen as usual as at present. Though the PM needs to set the funding limits as part of his risk control measure in the system, no separate pre-funding requirements are set. The Funding Limit is a functionality that enables the PM to put a cap on the total value (net consideration) of orders that a GAH may place on the basis of the terms and conditions mentioned in their mutual agreements.

21. While going abroad how much foreign exchange, in cash, can a person carry? +

Residents are free to carry the foreign exchange purchased from an authorised dealer or money changer in accordance with the Rules. They are, however, allowed to carry foreign exchange in the form of currency notes/coins upto USD 2,000 or its equivalent only. Balance amount can be carried in the form of traveller’s cheque or banker/s draft. (In this connection please see item No.9).

21. How does the ECS Debit Scheme benefit user institutions? +

User institutions enjoy many benefits from the ECS Debit Scheme like, Savings on administrative machinery and costs of collecting the cheques from customers, presenting in clearing, monitoring their realisation and reconciliation. Better cash management because of realisation / recovery of dues on due dates promptly and efficiently. Avoids chances of loss / theft of instruments in transit, likelihood of fraudulent access to the paper instruments and encashment thereof. Realisation of payments on a uniform date instead of fragmented receipts spread over many days. Cost effective.

21. What will be the frequency of issuance of IIBs? +

As indicated in the press release issued by Reserve Bank of India on May 15, 2013, IIBs would be launched on June 4, 2013 and the same would be issued on the last Tuesday of each month during 2013-14. This would also include the last Tuesday of June 2013.

Q.21. From a business transfer perspective, is it required that the businesses be transferred by the NBFC to the proposed bank immediately on obtaining an in principle approval or can this be done in stages as the bank is able to raise liabilities? +

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.

21. What are the tax implications? +

Existing taxation applicable to Government of India securities issued as part of the market borrowing will be applicable to these securities.

Q.21. Whether LC can be opened for BO in India for export/import of goods & in case of PO, local LC can be open for purchase of goods locally in India (local purchase of goods to execute a project)? +

Ans. Yes

Q 21: Which bank will be responsible for reporting for cross border transaction either AD bank in India or correspondent bank?

Answer: The AD bank in India shall be responsible for the reporting of transactions taking place in the Special Rupee Vostro Account of the correspondent bank of the trading partner country.

21. Query Whether Passbooks are also to be offered free to BSBDA holders? +

Response

Yes. BSBDA holders should be offered passbook facility free of charge in line with our instructions contained in circulars RPCD.CO.RF.BC.28/07.40.06/2006-07 dated October 11, 2006 and RPCD.CO.RRB.BC.No.29/03.05.28-A/2006-07 dated October 13, 2006.

Q.21. Is there a guideline for facilitating timely and adequate credit flow during ‘Life Cycle’ of MSEs ? +

Yes, guidelines on ‘Streamlining flow of credit to Micro and Small Enterprises (MSEs) for facilitating timely and adequate credit flow during their ‘Life Cycle’ were issued to Scheduled Commercial Banks (SCBs) vide our circular FIDD.MSME & NFS.BC.No.60/06.02.31/2015-16 dated August 27, 2015.

Q.22. What are the advantages of ECS Debit Scheme to the banking system?

Ans : The banking system has many benefits from ECS Debit such as –

Freedom from paper handling and the resultant disadvantages of handling, receiving and monitoring paper instruments presented in clearing.
Ease of processing and return for the destination bank branches. Destination bank branches can debit the customers’ accounts after matching the account number of the customer in their database and due verification of existence of valid mandate and its particulars. With core banking systems in place and straight-through-processing, this process can be completed with minimal manual intervention.
Smooth process of reconciliation for the sponsor banks.
Cost effective.

22. What is the position of Papua New Guinea Paper Banknotes? +

As per the Public Notice (https://www.bankpng.gov.pg/wp-content/uploads/2014/08/Full-page_-potrait_Paper-Bank-Notes2.pdf) issued by Bank of Papua New Guinea on their website www.bankpng.gov.pg Papua New Guinea paper banknotes ceased to be legal tender on June 30, 2012 and only polymer banknotes are legal tender in Papua New Guinea. Further, Bank of Papua New Guinea has also shared the following range of serial numbers of banknotes which were never issued (and were sold to a recycler in Europe) and are therefore, not legal tender in Papua New Guinea:

Denomination	Prefix	Serial Number
Denomination	Prefix	Low	High
K2	ABJ - AJS	000001	003000
K10	AC - AY	030000	031000
K10	NBP- NES	160000	173000
K20	BPNG	0000001	3000000
K50	HTT - HUU	080000	090000
K100	BPNG	0000001	6000000

(Published on receipt of request from Bank of Papua New Guinea)

22. What will be position in respect of price based auctions ? +

The non competitive bidders will pay the weighted average price which will emerge in the auction.For example, on December 5, 2001 RBI held a price based auction of an existing security 10.71% GOI 2016 maturing on 19 April, 2016. The cut off price emerged in the auction was Rs. 121.92. The weighted average price was Rs. 121.99. Thus the non competitive bidders will pay the weighted average price of Rs. 121.99. In addition, they have to pay accrued interest as indicated below.

22. ಗ್ರಾಹಕರು ಒಂದು ವೇಳೆ ಬಿಎಸ್ಬಿಡಿಎ ಖಾತೆ ತೆರೆದು 30 ದಿನಗಳೊಳಗೆ ಈಗಿರುವ ಸೇವಿಂಗ್ಸ್ ಬ್ಯಾಂಕ್ ಖಾತೆಯನ್ನು ಬಂದ್ ಮಾಡದಿದ್ದರೆ ಅಂತಹ ಸೇವಿಂಗ್ಸ್ ಖಾತೆಗಳನ್ನು ಬಂದ್ ಮಾಡಲು ಬ್ಯಾಂಕ್ ಸ್ವತಂತ್ರರೆ? +

ಬಿಎಸ್ಬಿಡಿಎ ಖಾತೆಗಳನ್ನು ತೆರೆಯುವಾಗ, ತಮ್ಮ ಈಗಿರುವ ನಾನ್- ಬಿಎಸ್ಬಿಡಿಎ ಸೇವಿಂಗ್ಸ್ ಬ್ಯಾಂಕ್ ಖಾತೆಯನ್ನು ಬಿಎಸ್ಬಿಡಿಎ ಖಾತೆ ತೆರೆದ 30 ದಿನಗಳ ನಂತರ ಬಂದ್ ಮಾಡಲಾಗುವುದು ಎಂದು ಗ್ರಾಹಕರಿಂದ ಲಿಖಿತ ಸಮ್ಮತಿ ಪಡೆಯಬೇಕು.

22. ನಿಗದಿತ ಸಮಯದೊಳಗಡೆ ಅವನ/ಅವಳ ಬ್ಯಾಂಕ್ನಿಂದ ದೂರನ್ನು ಪರಿಹರಿಸದಿದ್ದರೆ ಅಥವಾ ಅವನ/ಅವಳ ಪರಿಹಾರವನ್ನು ಗಮನಿಸದಿದ್ದಲ್ಲಿ ಗ್ರಾಹಕರಿಗಾಗಿ ಕ್ರಮವೇನು? +

ಉತ್ತರ. ಬ್ಯಾಂಕಿನಿಂದ ಉತ್ತರವನ್ನು ಸ್ವೀಕರಿಸಿದ 30 ದಿನಗಳ ಒಳಗೆ ಅಥವಾ ದೂರು ಸಲ್ಲಿಸಿದ 30 ದಿನಗಳ ಒಳಗಡೆ ಬ್ಯಾಂಕ್ನಿಂದ ಉತ್ತರವನ್ನು ಸ್ವೀಕರಿಸದಿದ್ದ ಸಂದರ್ಭದಲ್ಲಿ ಗ್ರಾಹಕರು ಬ್ಯಾಂಕಿಂಗ್ ಲೋಕಪಾಲರ ಸಹಾಯವನ್ನು ಪಡೆಯಬಹುದು. ಬ್ಯಾಂಕಿಂಗ್ ಲೋಕಪಾಲರ ಕಚೇರಿಯ ವಿವರಗಳು ಈ ಕೆಳಗಿನ ಲಿಂಕ್ನಲ್ಲಿ ಲಭ್ಯವಿರುತ್ತದೆ : https://rbi.org.in/Scripts/AboutUsDisplay.aspx?pg=BankingOmbudsmen.htm

22. What are the cash withdrawal limits in case of PPIs issued by banks ? +

Ans. In case of bank issued PPIs, cash withdrawal is permitted at ATMs, PoS devices, BCs, etc. However, cash withdrawal at PoS devices is subject to a limit of ₹ 2,000/- per transaction within an overall monthly limit of ₹ 10,000/- across all locations (Tier 1 to 6 centres).

22. Whom should I approach for raising dispute/complaint related to RTGS transaction? +

Ans. You may approach grievance redressal cell of your bank with details of the disputed transaction. In case your grievance is not resolved within 30 days, you may make a complaint under “The Reserve Bank-Integrated Ombudsman Scheme (RB-IOS 2021)”. The RB-IOS 2021 provides a single reference point for customers to file complaints against the RBI regulated entities specified therein. The RB-IOS, 2021 is available at the following path on the RBI website: https://rbidocs.rbi.org.in/rdocs/content/pdfs/RBIOS2021_121121.pdf.

Q 22: How this new mechanism will benefit the Indian traders?

Answer: As the transactions will be settled in INR, it will reduce the exchange rate risk for the Indian exporters and importers.

22. Whom should I approach for raising dispute/complaint related to NEFT transaction?

Ans: You may approach grievance redressal cell of your bank with details of the disputed transaction. In case your grievance is not resolved within 30 days, you may make a complaint under “The Reserve Bank-Integrated Ombudsman Scheme (RB-IOS 2021)”. The RB-IOS 2021 provides a single reference point for customers to file complaints against the RBI regulated entities specified therein. The RB-IOS, 2021 is available at the following path on the RBI website: /documents/87730/39016390/RBIOS2021_121121.pdf.

22. Post-implementation of the resolution plan, will the required provisioning change with the change in the outstanding balance of residual debt, which may arise in case of any non-fund based facility getting devolved subsequently into fund-based facility?

The lending institutions shall make provisions on the residual debt at the time of implementation of the Resolution Plan, as stipulated in the relevant Resolution Framework. If any non-fund based facility gets devolved subsequently, the devolved amount shall be reckoned as residual debt⁴ and shall attract provisions as per Paragraph 40⁵ and 41⁶ of RF 1.0, and consequently, the assessment of monitoring period should be updated accordingly. The entire provisions (including the provisions on the devolved amount) shall be held, until the same is reversed in terms of the provisions contained in the relevant Resolution Framework.

22. Can a Government securities holder choose to nominate and donate the proceeds of investment to institutions, trusts, etc.? +

Yes. One can donate the proceeds of his/her investments in Government securities to institution/trust by naming such institution/trust as their nominee subject to the condition that such institution/trust shall be eligible to invest in the particular loan as per the specific Government Loan Notification.

22. How do I contact RBI to address my queries on PMGKDS? +

Queries about the scheme shall be forwarded to e-mail.

22. Query If a customer opens a BSBDA but does not close his existing Savings Bank Account within 30 days, are banks then free to close such savings bank accounts? +

Response

While opening the BSBDA customers’ consent in writing be obtained that his existing non-BSBDA Savings Banks accounts will be closed after 30 days of opening BSBDA and banks are free to close such accounts after 30 days.

22. Is one required to follow complete export procedure when a gift parcel is sent outside India?

A person resident in India is free to send (export) any gift article of value not exceeding Rs. 1,00,000 provided export of that item is not prohibited under the extant EXIM Policy.

22. What are the securities that can be traded on NDS-OM Web Module? +

All central government securities, state government securities and treasury bills are tradable on the NDS-OM Web Module. The complete list of securities is available on the NDS-OM Web Module.

22. Auction of IIBs would be yield based or price based? +

As is the case with fixed rate conventional bonds, IIBs would be issued through yield based auction and subsequent reissues will be through price based auction.
Investors would be required to bid for real yield in case of IIBs as against nominal yield in case of fixed rate G-Sec.

Q.22. What are the salient features of the guidelines on ‘Streamlining flow of credit to Micro and Small Enterprises (MSEs) for facilitating timely and adequate credit flow during their ‘Life Cycle’ ? +

In terms of the captioned guidelines, banks have been advised to review and tune their existing lending policies to the MSE sector by incorporating therein the following provisions so as to facilitate timely and adequate availability of credit to viable MSE borrowers especially during the need of funds in unforeseen circumstances:

(i) To extend standby credit facility in case of term loans

(ii) Additional working capital to meet with emergent needs of MSE units

(iii) Mid-term review of the regular working capital limits, where banks are convinced that changes in the demand pattern of MSE borrowers require increasing the existing credit limits of the MSEs, every year based on the actual sales of the previous year.

(iv) Timelines for Credit Decisions.

22. While coming into India how much foreign exchange can be brought in? +

A person coming into India from abroad can bring with him foreign exchange without any limit. However, if the aggregate value of the foreign exchange in the form of currency notes, bank notes or travellers cheques brought in exceeds USD 10,000/- or its equivalent and/or the value of foreign currency exceeds USD 5,000/- or its equivalent, it should be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India.

22. What are the advantages of ECS Debit Scheme to the banking system? +

The banking system has many benefits from ECS Debit such as – Freedom from paper handling and the resultant disadvantages of handling, receiving and monitoring paper instruments presented in clearing. Ease of processing and return for the destination bank branches. Destination bank branches can debit the customers’ accounts after matching the account number of the customer in their database and due verification of existence of valid mandate and its particulars. With core banking systems in place and straight-through-processing, this process can be completed with minimal manual intervention. Smooth process of reconciliation for the sponsor banks. Cost effective.

Q.22 What is the concept of net worth ? +

Net worth means paid-up capital and free-reserves of the Indian company.

Q.22. Paragraph 2 (C) (iv) provides that the general principle is that no financial services entity held by the NOFHC would be allowed to engage in any activity that a bank is permitted to undertake departmentally. In the event a Promoter Group has more than one legal entity that undertakes business activities that can be departmentally undertaken by the bank, we request a clarification in relation to what is the quantum of time that will be afforded to fold these activities into the bank post commencement of business by the bank? +

22. Whether TDS will be applicable? +

Existing taxation applicable to Government of India securities will be applicable to these securities.
Sub-section (iv) of the Section 193 of the Income Tax Act, 1961 stipulates that no tax shall be deducted from any interest payable on any security of the Central Government or a State Government, provided that nothing contained in this clause shall apply to the interest exceeding rupees ten thousand payable on 8% Savings (Taxable) Bonds, 2003 during the financial year.
As per the above Section, TDS shall not be deducted from any interest payable on IINSS-C, until and unless notified by the Government of India otherwise.

22. How will I get the redemption amount? +

Both interest and redemption proceeds will be credited to the bank account furnished by the customer at the time of buying the bond.

22. Whether interest rate stipulations applicable to loans in rupees under FCNR(B) scheme are applicable to loans denominated in foreign currency ? +

No. Interest rate stipulations applicable to loans in rupees under FCNR(B) scheme are not applicable to loans denominated in foreign currency which are governed by the instructions issued by Exchange Control Department.

Q.22. Whether a branch office (BO) or project office (PO) can send outward remittances, permissible under FEMA, through any AD Category I bank or it has to be through the designated AD Category I bank only? +

Ans. Wherever the BO or PO is required to remit funds outside India, within the applicable guidelines under FEMA, they may do so not necessarily through the designated AD Category I bank but through any AD Category I bank of its choice subject to obtaining no objection certificate (NOC) from the designated AD Category I bank. The remittances have to be for transactions settling on Cash / Tom / Spot basis only. The remittance has to be through banking channel in either of the two methods:

(1) The designated AD category I bank will transfer equivalent INR amount to the transaction handling bank. The transaction handling bank can remit the amount to the overseas parent office of BO / PO through SWIFT. However, the transaction handling bank will have to ensure KYC compliance and the necessary documentation. It will also be required to share the SWIFT message along with the details like UIN No, beneficiary and remittance details with the designated AD category I bank.

(2) The designated AD category I bank will transfer equivalent INR amount to the transaction handling bank. The transaction handling bank will then credit the NOSTRO account of the designated AD Category I bank which in turn will remit the amount to the final beneficiary.

Q.23. Can the mandate once given by a customer be withdrawn or stopped?

Ans : Yes. In case of any need to withdraw or stop a mandate the customer can do so by approaching the user institution to withdraw the mandate. The account holder / customer can also withdraw the mandate / debit instruction directly from his / her banker without involvement of the User institution. The withdrawal instructions of a customer in such cases would be treated equivalent to a ‘stop payment’ instruction in cheque clearing system. However, as a matter of best practice, the customer may also provide prior notice or intimation of mandate withdrawal to the ECS user institution well in time, so as to ensure that the input files submitted by the user institution does not include the ECS Debit details in respect of the withdrawn / stopped mandates, leading to avoidable returns/rejections etc.

23. What is the position of old generation ‘1000 shillings (Ksh)’ banknotes in Kenya? +

With the issuance and launch of the New Generation banknotes, Central Bank of Kenya has advised that in terms of Gazette Notice No. 4849 dated May 31, 2019 from Central Bank of Kenya available at: (http://kenyalaw.org/kenya_gazette/gazette/volume/MTk2Mg--/Vol.CXXI-No.69), and the Press Release dated June 6, 2019 available at: (https://www.centralbank.go.ke/uploads/press_releases/696932423_Press%20Release%20-%20New%20Generation%20Banknotes.pdf), all the currency notes of denomination ‘1000 shillings (Ksh)’ shall cease to be legal tender, and shall no longer be exchanged, with effect from October 1, 2019.

(Published on receipt of request from Central Bank of Kenya)

23. So, how much will be non-competitive bidder pay to buy the securities worth Rs.10,000 above ? +

Price payable for every Rs.100 (face value) is Rs.121.99. Therefore, for securities worth Rs.10,000, he will have to pay (Price x Face value/100) = 121.99 x 10,000/100=Rs.12,199/-Since the coupon on dated GOI securities are payable half yearly, the coupon payment dates for the security are 19 April/ 19 October.Now if the security was paid for (settled) on December 6, 2001, the accrued interest from the last coupon date to the date of settlement viz. from 19 October, 2001 to December 6, 2001, i.e. for 47 days will be 10.71/100 x 47/360x10000=Rs 139.83Hence, the amount payable by the investor will be price plus accrued interest, i.e. Rs12199 +139.83=12,338.83/- (if not rounded off).If the payment is not made on December 6, 2001 but, say, on December 9, 2001, the accrued interest component will be for 50 days instead of 47 days (i.e.3 days more) and it will work out to 10.71/100x50/360 x10,000=Rs.148.75 .The total amount payable by the investor will then be 12,199+148.75=12,347.75/- (if not rounded off)

23. Under what circumstances additional interest over and above the declared rate of interest can be paid in case of FCNR(B) deposits ? +

In respect of deposit accepted in the name of –member or a retired member of the bank’s staff, either singly or jointly with any other member or members of his/her family, orthe spouse of a deceased member or a deceased retired member of the bank’s staff,the bank may, in its discretion, allow additional interest at a rate not exceeding one per cent per annum over and above the rate of interest stipulated.Provided that –the depositor or all the depositors of a joint account is/are non-resident/s of Indian nationality or origin, andthe bank shall obtain a declaration from the depositor concerned that the moneys so deposited or which may, from time to time, be deposited, shall be moneys belonging to the depositor as stated in clause (a) and (b) above.Explanation: The word "family" shall mean and include the spouse of the member/retired member of the bank’s staff, his/her children, parents, brothers and sisters who are dependent on such a member/retired member but shall not include a legally separated spouse.

Q.23 What is the procedure to be followed by a company intending to make investment in a JV/WOS under the automatic route ? +

The company intending to make investment under automatic route is required to fill in the form ODA supported by documents listed therein, i.e., Board Resolution, Statutory Auditor’s certificate, Valuation report (in case of acquisition of an existing company) and approach an Authorised Dealer for making the investment.

23. ಎನ್ಆರ್ಇಜಿಎದಂತಹ ಕೆಲವೊಂದು ಖಾತೆಗಳಲ್ಲಿ ವಾರಕ್ಕೊಮ್ಮೆ ಬಟವಾಡೆ ಮಾಡುವುದರಿಂದ ಹಾಗೂ ಕೆಲವೊಮ್ಮೆ ತಿಂಗಳಲ್ಲಿ ಐದು ವಾರಗಳಿದ್ದರೆ ಆಗ 4ಕ್ಕಿಂತ ಹೆಚ್ಚು ವಿಥ್ಡ್ರಾವಲ್ಸ್ ಉಂಟಾಗಬಹುದು. ಅಂತಹ ಸಂದಂರ್ಭಗಳಲ್ಲಿ ಬ್ಯಾಂಕು ಐದು ವಿಥ್ಡ್ರಾವಲ್ಸ್ಗೆ ಅನುಮತಿ ನೀಡುವುದೇ? +

ಬಿಎಸ್ಬಿಡಿಎನಲ್ಲಿ ಬ್ಯಾಂಕುಗಳು ಎಟಿಎಮ್ ಮತ್ತು ಇತರ ಮಾಧ್ಯಮಗಳ ಮೂಲಕ ಕನಿಷ್ಠ 4 ವಿಥ್ಡ್ರಾವಲ್ಸ್ಗಳನ್ನು ಉಚಿತವಾಗಿ ನೀಡಬೇಕು. ನಾಲ್ಕಕ್ಕಿಂತ ಹೆಚ್ಚು ವಿಥ್ಡ್ರಾವಲ್ಸ್ ಉಂಟಾದರೆ ಅದನ್ನು ಉಚಿತವಾಗಿಸುವುದು ಅಥವಾ ಅದಕ್ಕೆ ಶುಲ್ಕ ವಿಧಿಸುವುದು ಬ್ಯಾಂಕುಗಳ ಇಚ್ಛೆಯ ಮೇರೆಗೆ ಇದೆ. ಆದರೆ ಶುಲ್ಕಪಟ್ಟಿಯು ಸಮಂಜಸವಾಗಿ, ತಾರತಮ್ಯರಹಿತವಾಗಿ ಹಾಗೂ ಪಾರದರ್ಶಕತೆಯಿಂದ ಕೂಡಿರಬೇಕು.

23. ಎಟಿಎಮ್ ಕಾರ್ಡ್ನ ಸಿಂಧುತ್ವದ ಅವಧಿ ಮುಗಿದಾಗ ಅಥವಾ ಅಂತರ್ನಿಹಿತ ಖಾತೆಯನ್ನು ಮುಕ್ತಾಯಗೊಳಿಸಿದಾಗ ಏನು ಮಾಡಬೇಕು? +

ಉತ್ತರ. ಒಂದು ಕಾರ್ಡ್ನ ಸಿಂಧುತ್ವದ ಅವಧಿ ಮುಗಿದ ನಂತರ ಅಥವಾ ಅಂತರ್ನಿಹಿತ ಖಾತೆಯನ್ನು ಮುಕ್ತಾಯಗೊಳಿಸಿದ ನಂತರ, ಅದನ್ನು ವಿಲೇವಾರಿ ಮಾಡುವ ಮೊದಲು ಮ್ಯಾಗ್ನೆಟಿಕ್ ಸ್ಟ್ರಿಪ್ /ಚಿಪ್ ಮೂಲಕ ನಾಲ್ಕು ತುಂಡುಗಳಾಗಿ ಕತ್ತರಿಸಬೇಕು.

23. What are the cash withdrawal limits in case of PPIs issued by non-banks ? +

Ans. In case of non-bank issued PPIs, cash withdrawal is permitted upto a limit of ₹ 2,000/- per transaction within an overall monthly limit of ₹ 10,000/- per PPI across all channels (agents, ATMs, PoS devices, etc.).

23. How can I file complaint under the RB-IOS 2021? +

Ans. Complaints can be filed online on https://cms.rbi.org.in, or through the dedicated e-mail or sent in physical mode to the ‘Centralised Receipt and Processing Centre’ set up at RBI, 4th Floor, Sector 17, Chandigarh – 160 017 in the format given at the following path - https://rbidocs.rbi.org.in/rdocs/content/pdfs/RBIOS2021_121121_A.pdf. A toll-free number – 14448 (9:30 am to 5:15 pm) – is also available for customers to seek assistance in filing complaints and information on grievance redressal, with multi-lingual support.

¹ Para 19. Lenders to the borrower which are other than the lending institutions as per this circular may also sign the ICA, if they so desire. If such lenders sign the ICA, they shall be fully bound by the stipulations of the ICA

² As defined in the Prudential Framework dated June 07, 2019.

³ Para 45. In case of resolution of other exposures, the provisions maintained by the ICA signatories may be reversed as prescribed in Para 44. However, in respect of the non-ICA signatories while half of the provisions may be reversed upon repayment of 20 percent of the carrying debt, the other half may be reversed upon repayment of another 10 per cent of the carrying debt, subject to the required IRAC provisions being maintained.

⁴ As at the time of implementation of the Resolution Plan

⁵ In other cases where a resolution plan is implemented under this facility, the lending institutions, which had signed the ICA within 30 days of invocation, shall keep provisions from the date of implementation, which are higher of the provisions held as per the extant IRAC norms immediately before implementation, or 10 percent of the total debt, including the debt securities issued in terms of para 30, held by the ICA signatories post-implementation of the plan (residual debt).

⁶ However, lending institutions which did not sign the ICA within 30 days of invocation shall, immediately upon the expiry of 30 days, keep provisions of 20 per cent of the debt on their books as on this date (carrying debt), or the provisions required as per extant IRAC norms, whichever is higher. Even in cases where the invocation lapses on account of the thresholds for ICA signing not being met, in terms of para 18, such lending institutions which had earlier agreed for invocation but did not sign the ICA shall also be required to hold 20 percent provisions on their carrying debt.