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Access for Non-banks to Centralised Payment Systems (CPS)

7. Which non-bank PSPs (other than central counterparty and retail payment system organisation) are eligible for direct access? +

Ans. Direct access to CPS for non-banks will be enabled in a phased manner. In the first phase, the following authorised non-bank PSPs will be provided access –

i. Prepaid Payment Instrument (PPI) Issuers,

ii. Card Networks and

iii. White Label ATM Operators.

7. Is it necessary to pass on the benefit arising out of the swap to the depositor ? +

Banks would be free to price the deposit within the overall ceiling as per the extant guidelines issued by RBI (c.f. RBI Circular DBOD.Dir.BC. 38/13.03.00/2013-14 dated August 14, 2013).

¹As per the Footnote 13 of Annex 1 of the Circular.

²As defined in RBI Circular Ref. DBR.No.BP.BC.43/21.01.003/2018-19 dated June 03, 2019 on ‘Large Exposures Framework’

7. Is the facility available to resident Indians ? +

The facility is no longer available to Resident Indians as the grace period has expired on March 31, 2017 except for the confiscated specified banknotes as per the Specified Bank Notes (Deposit of Confiscated Notes) Rules 2017 notified by GoI on May 12, 2017.

7. Are all the above forms of Government securities issued by RBI as well as Agency banks? +

Government securities in the form of GPN, bearer bond, stock and BLA are issued by RBI, while the Agency Banks are presently eligible to issue Relief/Savings Bonds in the form of BLA only.

7. Whether SNRR account holder can receive proceeds or make payments from/to the offshore accounts of the other offshore entities (i.e. other than the non-resident SNRR account holder)? +

No. Only eligible receipts/payments to offshore accounts of the non-resident entity holding the SNRR account are allowed.

Q.7. Once the PO has been set up in India for executing a specific project in India under general permission, at times, the overseas entity is awarded another project by the same or a different project awarding entity. In view of the same, can maintaining of bank account at entity level, filing of AACs, complying with submission of closure documentations on completion of the project and maintaining of books of accounts at entity level be complied with at PO entity level instead of at specific project level? +

Ans. No

7. An example of cash flows/ compounding of principal for illustration purpose is as under: +

Fixed rate 1.5% per annum
Issue/ Coupon/ maturity date	Fixed rate	CPI	Inflation rate *	Interest rate (Compounding rate)	Principal
Issue/ Coupon/ maturity date	Fixed rate	CPI	Inflation rate *	Interest rate (Compounding rate)	Principal
I	II	III	IV	V=II+IV	VI=VI*V
25-Dec-13		150			5000
25-Jun-14	0.75	160	6.67	7.4	5371
25-Dec-14	0.75	166	3.75	4.5	5613
25-Jun-15	0.75	175	5.42	6.2	5959
25-Dec-15	0.75	185	5.71	6.5	6344
25-Jun-16	0.75	190	2.70	3.5	6563
25-Dec-16	0.75	200	5.26	6.0	6958
25-Jun-17	0.75	210	5.00	5.8	7358
25-Dec-17	0.75	218	3.81	4.6	7693
25-Jun-18	0.75	228	4.59	5.3	8104
25-Dec-18	0.75	235	3.07	3.8	8414
25-Jun-19	0.75	246	4.68	5.4	8870
25-Dec-19	0.75	255	3.66	4.4	9262
25-Jun-20	0.75	265	3.92	4.7	9694
25-Dec-20	0.75	280	5.66	6.4	10316
25-Jun-21	0.75	290	3.57	4.3	10761
25-Dec-21	0.75	305	5.17	5.9	11399
25-Jun-22	0.75	316	3.61	4.4	11895
25-Dec-22	0.75	330	4.43	5.2	12512
25-Jun-23	0.75	340	3.03	3.8	12985
25-Dec-23	0.75	355	4.41	5.2	13655
*Inflation rates are calculated on half yearly basis.

Q 7: Is the Indian branch of foreign bank eligible to open Special Rupee Vostro Account of headquarter branch/any other branch situated in any foreign country?

Answer: Yes, provided Indian branch of foreign bank is an AD bank. This is subject to approval of Reserve Bank as in the case of other such accounts.

7. Can the payment system data be shared with overseas regulators? +

The data may be shared with the overseas regulator, if so required, depending upon the nature / origin of transaction with due approval of RBI.