For the borrowers eligible for resolution under the circular dated August 6, 2020 on Resolution Framework for COVID-19-related Stress, the circular dated August 6, 2020 will be applicable if a resolution process under the circular is invoked. For all other borrowers, the extant instructions as otherwise applicable shall still be in force. However, if any entity is otherwise eligible to be resolved under the Resolution Framework, only Resolution Framework can be used for resolving the stress arising out of the pandemic.

उत्तर. एनईएफटी इलेक्ट्रॉनिक निधी हस्तांतरण यंत्रणा आहे ज्यात एका ठराविक वेळे पर्यंत मिळालेल्या व्यवहारांची टप्प्याटप्प्याने प्रक्रिया केली जाते. त्या उलट आरटीजीएसमध्ये व्यवहारांची, आरटीजीएसच्या संपूर्ण व्यवसायाच्या कामकाजाच्या वेळेत एकामागोमाग एक व्यवहार अशा पद्धतीने प्रक्रिया केली जाते.

उत्तर. पीपीआय जारीकर्ता यांचेकडून पीपीआय मिळविणारी/ खरेदी करणारी आणि आर्थिक सेवा, पैसे देण्याची सुविधा, वगैरे सह वस्तू व सेवांची खरेदी त्याचा उपयोग करणारी व्यक्ती/ संस्था ही धारक असते. परंतु गिफ्ट पीपीआयच्या बाबतीत नियोजित लाभधारक (खरेदीदार नसला तरीसुद्धा) हा धारक असू शकतो.

‘मूलभूत बचत बँक ठेव खाते’ धारक त्या बँकेमध्ये अन्य कोणतेही बचत खाते ठेवू शकतो/ शकते का ?

Persons resident in India as defined under Foreign Exchange Management Act, 1999 are eligible to invest in SGB. Eligible investors include individuals, HUFs, trusts, universities and charitable institutions. Individual investors with subsequent change in residential status from resident to non-resident may continue to hold SGB till early redemption/maturity.

The provisions relating to process of selection / removal / qualification, etc. would be fully applicable to foreign banks operating under the branch model (FBOBM). However, in respect of FBOBM, any reference to the Board in terms of para 2.5 of the aforesaid circular detailing the selection process would be treated as equivalent to the Regional or Head Office Compliance. Further, in terms of para 2.7 on detailing the reporting line, any reference to the Board/ACB would be treated as equivalent to Regional or Head Office Compliance in case of FBOBM.

As per Clause 8 of the Scheme, the Ombudsman for Digital Transactions shall receive and consider complaints on deficiency in services against System Participants defined in the Scheme on any of the following grounds:

4.(1) Prepaid Payment Instruments: Non-adherence to the instructions of Reserve Bank by System Participants about Prepaid Payment Instruments¹ on any of the following:

1. Failure in crediting merchant's account within reasonable time;

2. Failure to load funds within reasonable time in wallets / cards;

3. Unauthorized electronic fund transfer;

4. Non-Transfer / Refusal to transfer/ failure to transfer within reasonable time, the balance in the Prepaid Payment Instruments to the holder’s ‘own’ bank account or back to source at the time of closure, expiry of validity period etc., of the Prepaid Payment Instrument;

5. Failure to refund within reasonable time / refusal to refund in case of unsuccessful / returned / rejected / cancelled / transactions;

6. Non-credit / delay in crediting the account of the Prepaid Payment Instrument holder as per the terms and conditions of the promotions offer(s) from time to time, if any;

7. Non-adherence to any other instruction of the Reserve Bank on Prepaid Payment Instruments.

The existing SCAs/SAs of the Entity can continue (including as Joint Auditors) only if they fulfill the eligibility criteria and have not completed the stipulated tenure of three years as SCAs/SAs of the Entity. Till the appointment of SCAs/SAs for FY 2021-22, as per the requirements of the Circular and applicable statutory provisions, the SCAs/SAs for FY 2020-21 can continue for the Limited Review for Q1, Q2, etc.

1. The regulatory reporting under FETERS (R Return) will be undertaken by the Bank maintaining SNRR A/c.

2. Any credit / debit to / from an SNRR account from / to an offshore account of the non-resident entity holding the SNRR account will be reported under AD bank transfer.

3. Any credit / debit to / from an SNRR account from / to a domestic (Indian) party will be reported basis underlying transaction (import, export, Trade Credit, services, ECB, etc).

Please note that bank holding SNRR account shall follow the reporting procedure as applicable to other INR Vostro accounts held by it. Please also refer to A.P. (DIR Series) Circular No. 25 March 20, 2019 on Compilation of R-Returns: Reporting under FETERS.

It is not necessary that individual alongwith his related parties have shareholding in the NOFHC. However, if any individual belonging to the Promoter Group chooses to become a promoter of the NOFHC, he 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 can hold voting equity shares not exceeding 10 per cent of the total voting equity shares of the NOFHC. [para 2 ( C ) (ii) (a) of the guidelines]