If cheques are lost in transit or in the clearing process or at the paying bank's branch under physical instrument delivery clearing, the bank should immediately bring the same to the notice of the presenting customer (beneficiary)’s notice so that the customer can inform the drawer to record stop payment and can also take care that other cheques issued anticipating the credit arising out of the lost cheque are not dishonoured due to non-credit of the amount of the lost cheques / instruments.

It may however be noted that the probability of losing the physical instrument in the hands of paying bank is remote in the locations covered by CTS as clearing is undertaken on the basis of images. If the instrument is lost after lodging with the collecting bank but before truncating the same for sending through image-based clearing, the presenting bank should follow the procedure indicated above.

The customer is entitled to be reimbursed by banks for related expenses for obtaining duplicate instruments and interest for reasonable delays in obtaining the same.

Ans : IFC is a non-deposit accepting loan company which complies with the following :

1. A minimum of 75 per cent of the total assets of an IFC-NBFC should be deployed in infrastructure loans;

2. The company should have minimum net-worth of Rs 300 crore,

3. The CRAR of of the company should be at 15% with Tier I capital at 10% and

4. The minimum credit rating of the company should be at 'A' or equivalent of CRISIL, FITCH, CARE, ICRA, BRICKWORK or equivalent rating by any other accrediting rating agencies.

Their request must be supported by a certificate from their Statutory Auditors confirming the asset pattern of the company as on March 31, of the latest financial year

Ans : Infrastructure Debt Funds (IDFs), can be set up either as a Trust or as a Company. A trust based IDF would normally be a Mutual Fund (MF), regulated by SEBI, while a company based IDF would normally be a NBFC regulated by the Reserve Bank.

Ans. Any person who contravenes any provision of the FEMA, 1999 [except section 3(a)] or contravenes any rule, regulation, notification, direction or order issued in exercise of the powers under this Act or contravenes any condition subject to which an authorization is issued by the Reserve Bank, can apply for compounding to the Reserve Bank. Applications seeking compounding of contraventions under section 3(a) of FEMA, 1999 may be submitted to the Directorate of Enforcement.

Ans: NEFT offers the following advantages for funds transfer or receipt:

• Round the clock availability on all days of the year.

• Near-real-time funds transfer to the beneficiary account and settlement in a secure manner.

• Pan-India coverage through large network of branches of all types of banks.

• The beneficiary need not visit a bank branch for depositing the paper instruments. Remitter can initiate the remittances from his / her home / place of work using internet banking, if his / her bank offers such service.

• Positive confirmation to the remitter by SMS / e-mail on credit to beneficiary account.

• Penal interest provision for delay in credit or return of transactions.

• No levy of charges by RBI from banks.

• No charges to savings bank account customers for online NEFT transactions.

• The transaction charges have been capped by RBI.

• Besides funds transfer, NEFT system can be used for a variety of transactions including payment of credit card dues to the card issuing banks, payment of loan EMI, inward foreign exchange remittances, etc.

• The transaction has legal backing.

• Available for one-way funds transfers from India to Nepal.

ಉತ್ತರ. ಬ್ಯಾಂಕೇತರರು ಸ್ಥಾಪಿಸಿದ, ಒಡೆತನಹೊಂದಿದ ಹಾಗೂ ನಿರ್ವಹಿಸುವ ಎಟಿಎಮ್ಗಳನ್ನು ಡಬ್ಲ್ಯೂಎಲ್ಎಗಳು ಎಂದು ಕರೆಯಲಾಗುತ್ತದೆ. ಬ್ಯಾಂಕೇತರ ಎಟಿಎಮ್ ನಿರ್ವಾಹಕರುಗಳಿಗೆ ಪೇಮೆಂಟ್ &ಸೆಟ್ಲಮೆಂಟ್ ಸಿಸ್ಟಮ್ಸ್ ಆ್ಯಕ್ಟ್ ,2007ಅಡಿಯಲ್ಲಿ ರಿಸರ್ವ್ ಬ್ಯಾಂಕ್ ಆಫ್ ಇಂಡಿಯಾ[ ಆರ್ಬಿಐ] ಅಧಿಕಾರ ನೀಡಿದೆ. ಅಧಿಕೃತ ಡಬ್ಲ್ಯೂಎಲ್ಎನಿರ್ವಾಹಕರ ಪಟ್ಟಿಯು ಆರ್ಬಿಐ ವೆಬ್ಸೈಟ್ ನಲ್ಲಿ https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=12043ಲಿಂಕ್ನಲ್ಲಿ ಲಭ್ಯವಿರುತ್ತದೆ

ಉತ್ತರ. ರಿಸರ್ವ್ ಬ್ಯಾಂಕ್ ಆಫ್ ಇಂಡಿಯಾದ ಬುಕ್ಗಳಲ್ಲಿ ಹಣದ ಸಂದಾಯ ನಡೆಯುತ್ತದೆ ಎಂದು ಪರಿಗಣಿಸಿ, ಪಾವತಿಗಳು ಅಂತಿಮವಾಗಿರುತ್ತವೆ ಹಾಗೂ ಬದಲಾಯಿಸಲಾಗುವುದಿಲ್ಲ.

ಇಲ್ಲ. 'ನೋ-ಫ್ರಿಲ್ಸ್' ಖಾತೆಗಳ ಮೇಲೆ ನವೆಂಬರ್ 11, 2005ರ ಸುತ್ತೋಲೆ ಸಂಖ್ಯೆ DBOD.No.Leg BC.44/09.07.005/2005-06ರಲ್ಲಿರುವ ಸೂಚನೆಗಳನ್ನು ರದ್ದುಗೊಳಿಸಿ, ಬ್ಯಾಂಕುಗಳು ತಮ್ಮ ಎಲ್ಲಾ ಗ್ರಾಹಕರಿಗೆ ’ ಬೇಸಿಕ್ ಸೇವಿಂಗ್ಸ್ ಬ್ಯಾಂಕ್ ಡಿಪೋಸಿಟ್ ಅಕೌಂಟ್ ’ನ್ನು ಅಲ್ಲಿ ನಮೂದಿಸಲಾದಕನಿಷ್ಠ ಸಾಮಾನ್ಯ ಸೌಲಭ್ಯಗಳೊಂದಿಗೆ ನೀಡಬೇಕೆಂದು ಆಗಸ್ಟ್ 10, 2012ರ DBOD.No.Leg.BC.35/09.07.005/20012-13 ಸುತ್ತೋಲೆಯಲ್ಲಿ ಆದೇಶಿಸಲಾಗಿದೆ. ಬ್ಯಾಂಕುಗಳು ಈಗಿರುವ ’ ನೋ-ಫ್ರಿಲ್ಸ್’ ಖಾತೆಗಳನ್ನು ’ ಬೇಸಿಕ್ ಸೇವಿಂಗ್ಸ್ ಬ್ಯಾಂಕ್ ಡಿಪೋಸಿಟ್ ಅಕೌಂಟ್ಸ್’’ಗಳಾಗಿ ಪರಿವರ್ತಿಸಬೇಕಾಗಿದೆ.

Response: Resident Indians [Individuals, HUFs, Proprietorship & Partnership firms, Trusts including Mutual Funds/Exchange Traded Funds registered under SBI (Mutual Fund) Regulations, Companies, charitable institutions, Central Government, State Government or any other entity owned by Central Government or State Government].

A. For Debit to SNRR A/c (for onward credit domestically)

In case of receipt of Export proceeds by an Indian party by debit to SNRR account of the overseas buyer:

• As in case of any inward remittance received for export payment, the AD bank handling the export documents shall ensure compliance with all export related rules/regulation/ guidelines prescribed under FEMA.

• The AD bank maintaining SNRR account shall be responsible for performing due diligence of the overseas client and related FEMA compliances. Further, it shall, while transferring the funds to the AD bank of the Indian exporter (beneficiary’s bank), provide complete KYC details of the account holder (Name, address, country etc.), purpose of remittance, currency and amount of remittance, name and account number of the beneficiary etc. so as to enable the latter to close the entries in EDPMS with the respective remittance.

B. For Credit to SNRR A/c (received from a domestic account)

In case of payment for Imports by an Indian party by credit to the SNRR account of the overseas seller:

• As in case of any outward remittance sent for import payment, the AD bank handling import documents and remitting funds (Importer’s Bank) shall ensure compliance with all related import rules/regulations/guidelines prescribed under FEMA.

• It shall also communicate all details related to the importer as required by the AD bank maintaining the SNRR account of the overseas client.

C. Similarly, in case of ECB, Trade credits, foreign investments, etc., the designated AD bank maintaining the resident customer’s A/c will be responsible for ensuring compliance with FEMA provisions, including issuance of FIRC, wherever applicable, on the same lines as it would have done in case of money received in freely convertible currency through an inward remittance. Further, the banks involved in the transaction shall be responsible for sharing of the details of the transactions on similar lines as above.

Ans. Yes. Under this facility, a cardholder can withdraw cash up to ₹2,000 per transaction within an overall monthly limit of ₹10,000.

Response

No. In supersession of instructions contained in circular RPCD.RF.BC.54/07.38.01/2005-06 dated December 13, 2005 and RPCD.CO.No.RRB.BC.58/03.05.33(F)/2005-06 dated December 27, 2005 on No Frill accounts, banks have now been advised to offer a 'Basic Savings Bank Deposit Account' to all their customers vide RPCD.CO.RRB.RCB.BC.No.24/07.38.01/2012-13 dated August 22, 2012 which will offer minimum common facilities as stated therein. Banks are required to convert the existing 'no-frills' accounts’ into 'Basic Savings Bank Deposit Accounts'.

Ans: Electronic Platforms that assist only banks, NBFCs and other regulated AIFIs to identify borrowers are not to be treated as P2P platforms. However, in cases where, apart from banks or NBFCs or AIFIs, other retail lenders use the platform for lending, the platform will have to register separately as an NBFC-P2P.

As on date, four NBFC Ombudsman have been appointed with their offices located at Chennai, Kolkata, New Delhi and Mumbai. The addresses, contact details and territorial jurisdiction of the Ombudsman is provided in the Annex I of the Scheme.

• Inflation component on principal will not be paid with interest but the same would be adjusted in the principal by multiplying principal with index ratio (IR). At the time of redemption, adjusted principal or the face, whichever is higher, would be paid.

• Interest rate will be provided protection against inflation by paying fixed coupon rate on the principal adjusted against inflation.

• An example of cash flows on IIBs is furnished below.

Bank’s lending to the Micro, Small and Medium enterprises as under is eligible to be reckoned for priority sector advances:

(i) The definition of MSMEs will be as per Government of India, Gazette Notification S.O. 2119 (E) dated June 26, 2020 read with circulars FIDD.MSME & NFS.BC.No.3/06.02.31/2020-21 dated July 2, 2020, FIDD.MSME & NFS. BC. No.4/06.02.31/2020-21 dated August 21, 2020, FIDD.MSME & NFS.BC.No.13/06.02.31/2021-22 dated July 07, 2021 and updated from time to time.

(ii) Further, such MSMEs should be engaged in the manufacture or production of goods, in any manner, pertaining to any industry specified in the First Schedule to the Industries (Development and Regulation) Act, 1951 or engaged in providing or rendering of any service or services. All bank loans to MSMEs conforming to the above guidelines qualify for classification under priority sector lending.

Detailed guidelines on lending to the Micro, Small and Medium enterprises are available in our Master Direction FIDD.MSME & NFS.12/06.02.31/2017-18 dated July 24, 2017. The instructions issued by RBI, to banks, on various matters are available on our website www.rbi.org.in.

Answer: A Foreign Currency Account is an account held or maintained in currency other than the currency of India or Nepal or Bhutan.

Ans. Foreign exchange can be purchased from any authorised person, such as an AD Category-I bank and AD Category II. Full-Fledged Money Changers (FFMCs) are also permitted to release exchange for business and private visits.

RBI carries out the general banking business of the governments through its own offices and commercial banks, both public and private, appointed as its agents. Section 45 of the Reserve Bank of India Act, 1934, provides for appointment of scheduled commercial banks as agents at all places or at any place in India, for purposes that it may specify, “having regard to public interest, convenience of banking, banking development and such other factors which in its opinion are relevant in this regard”.

Reserve Bank of India maintains the Principal Accounts of Central as well as State Governments at its Central Accounts Section, Nagpur. It has put in place a well-structured arrangement for revenue collection as well as payments on behalf of Government across the country. A network comprising the Government Banking Divisions of RBI and branches of agency banks appointed under Section 45 of the RBI Act carry out the government transactions. At present all the public sector banks and select private sector banks act as RBI's agents. Only designated branches of agency banks can conduct government banking business.

• The DICGC insures all deposits such as savings, fixed, current, recurring, etc. deposits except the following types of deposits

• Deposits of foreign Governments;

• Deposits of Central/State Governments;

• Inter-bank deposits;

• Deposits of the State Land Development Banks with the State co-operative bank;

• Any amount due on account of and deposit received outside India

• Any amount, which has been specifically exempted by the corporation with the previous approval of Reserve Bank of India

Answer: A ‘Person of Indian Origin (PIO)’ is a person resident outside India who is a citizen of any country other than Bangladesh or Pakistan or such other country as may be specified by the Central Government, satisfying the following conditions:

1. Who was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or

2. Who belonged to a territory that became part of India after the 15th day of August, 1947; or

3. Who is a child or a grandchild or a great grandchild of a citizen of India or of a person referred to in clause (a) or (b); or

4. Who is a spouse of foreign origin of a citizen of India or spouse of foreign origin of a person referred to in clause (a) or (b) or (c)

A PIO will include an ‘Overseas Citizen of India’ cardholder within the meaning of Section 7(A) of the Citizenship Act, 1955. Such an OCI Card holder should also be a person resident outside India.

Answer:

Ans. No, if an LO/BO wants to open more than one account it has to obtain prior permission of the Reserve Bank through its AD Category I bank justifying the reason for additional account.