‘मूलभूत बचत बँक ठेव खाते’ सादर करण्याचे लक्ष्य खचितपणे आरबीआयच्या वित्तीय समावेशनाच्या उद्दिष्टांचा एक भाग बनणे हा आहे.11 नोव्हेंबर 2005 रोजीच्या DBOD परिपत्रक DBOD.No.Leg.BC.44/09.07.005/2005-06 च्या अनुसार पूर्वी ‘ नो-फ्रिल्स’ खाती म्हणून उघडलेल्या सर्व खात्यांचे 10 ऑगस्ट 2012 रोजीचे आमचे परिपत्रक DBOD. No. Leg. BC. 35/09.07.005/2012-13 च्या परिच्छेद 2 मध्ये समाविष्ट सूचनांच्या अनुसार बीएसबीडीए म्हणून पुन्हा नामकरण करायला हवे आणि 10 ऑगस्ट 2012 रोजीचे आमचे परिपत्रक DBOD.No.Leg.BC.35 जारी केल्यापासून उघडण्यात आलेली सर्व खाती बँकांनी RPCD, CO ना दाखल करायच्या बँकांच्या वित्तीय समावेशन प्लॅन्सच्या मासिक अहवालामध्ये रिपोर्ट करायची आहेत.

Ans. The remitting customer has to furnish the following information to a bank for initiating an RTGS remittance:

1. Amount to be remitted

2. The account number to be debited

3. Name of the beneficiary bank and branch

4. The IFSC number of the receiving branch

5. Name of the beneficiary customer

6. Account number of the beneficiary customer

7. Sender to receiver information, if any

8. Sender and Beneficiary Legal Entity Identifier (for eligible transactions)

क्लोजड सिस्टम पीपीआयज: एखाद्या संस्थेद्वारा पीपीआयज जारी केले जातात आणि संस्थेकडून वस्तू व सेवांची खरेदी करण्यासाठीच फक्त त्याचा उपयोग करता येतो आणि रोख पैसे काढण्यासाठी परवानगी दिली जात नाही. ही तिसऱ्या पक्षाच्या सेवांचे पैसे देण्यासाठी किंवा त्यांचा मोबदला देण्यासाठी इन्स्ट्रुमेंटचा उपयोग करता येत नसल्यामुळे सदर इन्स्ट्रुमेंट जारी करणे आणि त्याचे कामकाज यांचे रिझर्व बँकेची मंजुरी/ अधिकार आवश्यक असलेली पेमेंट यंत्रणा असे वर्गीकरण केले जात नाही.

सेमी-क्लोजड सिस्टम पीपीआयज: पेमेंट इन्स्ट्रुमेंट म्हणून पीपीआयजचा स्वीकार करण्यासाठी ज्यांनी जारीकर्त्याबरोबर खास कंत्राट (किंवा पेमेंट ॲग्रीगेटर/ पेमेंट गेटवे द्वारा कंत्राट) केले आहे अशा स्पष्टपणे निश्चित करण्यात आलेल्या मर्चंट ठिकाणे/ आस्थापना येथे आर्थिक सेवा, पैसे देण्याची सुविधा, वगैरे सह वस्तू व सेवांची खरेदी करण्यासाठी हे पीपीआयज बँकांद्वारा (आरबीआयने मंजूर केलेल्या) आणि बँकाव्यतिरीक्त संस्थाद्वारा (आरबीआयने अधिकार दिलेल्या) जारी केली जातात. हे इंस्ट्रूमेंट बँकांद्वारा किंवा बँकांव्यतिरिक्त संस्थेने जारी केले असले तरी त्याद्वारे रोख पैसे काढण्याची परवानगी दिली जात नाही. ओपन सिस्टम पीपीआयज: ही पीपीआयज बँकांद्वारा (आरबीआयने मंजूर केलेल्या) जारी केली जातात आणि आर्थिक सेवा, पैसे देण्याची सुविधा, वगैरे सह वस्तू व सेवांची

खरेदी करण्यासाठी कोणताही मर्चंट्सच्या ठिकाणी त्यांचा उपयोग करता येतो. सदर पीपीआयजच्या सहाय्याने एटीएमस/ पॉईंटस ऑफ सेल (पीओएस) टर्मिनलस/ बिझनेस कॉरस्पॉन्डन्ट्स (बीसीज) येथे रोख पैसे काढण्याची देखील परवानगी आहे.

Ans. In TReDS, FU can be created either by the MSME seller or the buyer. If MSME seller creates it, the process is called factoring; if the same is created by corporates or other buyers, it is called as reverse factoring.

Response: The scheme envisages the following types of deposits –

In terms of the Specified Bank Notes (Deposit of Confiscated Notes) Rules 2017 notified by GoI on May 12, 2017, where specified bank notes have been confiscated or seized by a law enforcement agencies or produced before a court on or before the 30th day of December 2016, such specified bank notes may be tendered for deposit in a bank account or exchange of the value thereof with legal tender, subject to the following conditions, namely:—

(a) in case confiscated specified bank notes are returned by the court to a person who is a party in case pending before that court, then, the person shall be entitled, on production of the direction of the court, to deposit or exchange such specified bank notes, the serial numbers of which—

(i) have been noted by the law enforcement agency which confiscated or produced them before the court; and

(ii) are mentioned in the direction of the court;

(b) in case specified bank notes are forfeited in favour of the Central Government or the State Government by an order of the court, then, that Government shall be entitled, on production of the direction of the court, to deposit or exchange such specified bank notes; or

(c) in case specified bank notes are placed in custody of any other person by an order of the court on or before the 30th day of December, 2016, then, the person shall be entitled, on production of the direction of the court, to deposit or exchange such specified bank notes, the serial numbers of which—

(i) have been noted by the law enforcement agency which confiscated or produced them before the court; and

(ii) are mentioned in the direction of the court.

These rules do not apply to specified bank notes confiscated or seized after the 30th day of December, 2016.

The RBI Offices where the confiscated Specified Banknotes will be accepted in terms of the Specified Banknotes (Deposit of confiscated Notes) Rules 2017 are:

Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram

• WPI series is being revised after every 10 or more years (e.g. base year revision in WPI series took place in 1981-82, 1993-94 and 2004-05).

• Any revision in the base year would be tackled by splicing the base years so that a consistent WPI series with the same base year is available for indexation purpose since the issue date of the bond.

Cluster based approach to lending is intended to provide a full-service approach to cater to the diverse needs of the MSE sector which may be achieved through extending banking services to recognized MSE clusters. A cluster-based approach may be more beneficial (a) in dealing with well-defined and recognized groups (b) availability of appropriate information for risk assessment (c) monitoring by the lending institutions and (d) reduction in costs.

The banks have, therefore, been advised to treat it as a thrust area and increasingly adopt the same for SME financing. Banks have also been advised that they should open more MSE focussed branch offices at different MSE clusters which can also act as counselling centres for MSEs. Each lead bank of the district may adopt at least one cluster (Refer circular RPCD.SME & NFS.No.BC.90/06.02.31/2009-10 dated June 29, 2010).

Ans. No. All requisite approvals should be obtained and compliances should be completed before seeking compounding of contravention. Compounding can be done only after all the necessary administrative action is complete, by way of obtaining post-facto approvals or unwinding the transactions in cases where such transactions are not permissible under FEMA, 1999. Copies of approvals and other compliances should be enclosed along with the application.

Ans. The residents can hold foreign coins without any limit.

Ans. Detailed operational guidelines are available in A.P.(DIR Series) Circular No. 22 dated March 17, 2020 and Master Direction No.16/2015-16 dated January 1, 2016 on Export of Goods and Services, as amended from time to time.

Answer: Persons resident in Nepal and Bhutan can open Indian rupee accounts with an authorised dealer in India.

A.(8 to 13) The requirement is that the companies in the Promoter Group in which the public hold not less than 51 per cent of the voting equity shares shall hold not less than 51 per cent of the total voting equity shares of the NOFHC.[ para 2 (C) (ii) (b) of the guidelines]

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.

Ans. Details of types of membership in RTGS are available in chapter 4 of RTGS System Regulations. The type of membership in RTGS for non-banks PSPs will be decided by Reserve Bank based on the type of transactions they handle.

Ans. The cardholder can lodge grievance(s) with his / her card issuer. In case the card issuer does not respond within the stipulated time, or the reply so received is not satisfactory, the cardholder shall have recourse to the Reserve Bank - Integrated Ombudsman Scheme, 2021 (as amended from time to time) for redressal.

Response

The aim of introducing 'Basic Savings Bank Deposit Account' is very much part of the efforts of RBI for furthering Financial Inclusion objectives. All the accounts opened earlier as 'no-frills' account vide RPCD Circular dated 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 should be renamed as BSBDA as per the instructions contained in paragraph 2 of our Circular RPCD.CO.RRB.RCB.BC.No.24/07.38.01/2012-13 dated August 22, 2012 and all the new accounts opened since the issue of our circular RPCD.CO.RRB.RCB.BC.No.24 dated August 22, 2012 should be reported under the monthly report of the progress of Financial Inclusion plans submitted by banks to RPCD, CO.

Trade transactions with ACU countries are governed by Regulation 3(1)(A) and Regulation 5(1)(A) of Notification FEMA 14 (R), as amended from time to time and are to be settled under ACU mechanism or as defined therein. Therefore, transactions between ACU countries shall be kept distinct and separate and settled as per extant instructions outside the SNRR arrangement.

One may lodge his/ her complaint with the office of the NBFC Ombudsman under whose jurisdiction, the alleged NBFC branch is situated. (Click here for address and area of operation of the NBFC Ombudsman).

For complaints relating to types of services with centralized operations, complaints may be filed before the NBFC Ombudsman within whose territorial jurisdiction the billing address of the customer is located.

Banks are required to provide both the cheque drop box facility and the acknowledgement facility at their collection counters. No bank branch can refuse to give an acknowledgement to the customer if the latter asks for the same while tendering cheque for collection at the bank branch’s counter.

Ans. Yes, however, BO’s transactions should be restricted to its designated INR account and it should not put any transactions through the agent’s foreign currency account.

A newly licensed FFMC should commence operations within a period of six months from the date of issuance of licence. A copy of the registration under Shops & Establishment Act or any other documentary evidence such as rent receipt, copy of lease agreement, etc. should be submitted to the Reserve Bank before commencement of business.

Ans: Yes, a person who does not have a bank account can remit funds through NEFT to a beneficiary having a bank account, with another NEFT member bank. It can be done by depositing cash at the nearest NEFT enabled branch of any bank, by furnishing additional details such as complete address, telephone number, etc. Such cash remittances will, however, be restricted to a maximum of ₹50,000 per transaction.

Ans. The insurance charges included in the factsheet are only for credit linked insurance product as these charges are linked to the microfinance loan. A borrower would not have incurred these charges if he had not taken the loan. The factsheet should contain information related to only pricing of microfinance loans to keep it uncluttered. Disclosures related to other non-credit products should be provided separately from the factsheet as mentioned under para 7.1.5¹ of the directions. All non-credit products (both financial products such as investment products, insurance products etc. as well as non-financial products such as solar lanterns, sewing machines etc.) should be provided only with the explicit consent of the borrower and REs should ensure that there is no direct or indirect linkage between the loan provided to the borrower and other non-credit products. No non-credit product shall be sold as a pre-condition for the loan product. REs should prominently display² that purchase of any non-credit product by the microfinance borrowers is purely on a voluntary basis. Board-approved Fair Practices Code of the REs, as mentioned under para 7.1.1³ of the directions, should also cover this aspect.

• Investors can invest through the authorised banks and Stock Holding Corporation of India (SHCIL).

• They will fill an application form and submit the same along with other documents and payment to the bank.

• On receipt of money, the bank will register the investor on the RBI’s web-based platform (E-Kuber) and on validation, generate the Certificate of Holding.

Ans : Yes, However, the exposure of sponsor NBFCs / IFCs and non-sponsor NBFCs / IFCs to the equity and debt of the IDFs would be governed by the extant credit concentration norms as given in para 18 of the Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.

Answer: No

Ans: For transactions up to ₹50,000, the charges are as follows:

1. Originating bank – Maximum ₹5/- per transaction.

2. State Bank of India – ₹20/- per transaction. SBI would share this ₹20/- with NSBL at ₹10 each. NSBL would not charge any additional amount for crediting the beneficiary. if he maintains an account with it.

3. In case the beneficiary does not maintain an account with NSBL then, an additional amount would be charged- ₹50/- for remittances up to ₹5,000/- and ₹75/- for remittance above ₹5,000/-.

4. For transactions above ₹50,000/-, charges prescribed by SBI shall apply.

Positive Pay System (PPS) for CTS is an additional indicator provided by NPCI to all banks to facilitate the clearing process and pre-empt cheque-related frauds and shall form part of prudent practices followed by banks for payment processing. It has been introduced to augment customer safety in cheque payments and reduce instances of fraud occurring on account of tampering of cheque leaves.

Banks have been advised to enable PPS facility for all account holders issuing cheques for amount of ₹ 50,000 and above. While availing of this facility is at the discretion of the account holder, banks may consider making it mandatory in case of cheques for amounts of ₹ 5,00,000 and above.

One may lodge his/ her complaint at the office of the Banking Ombudsman under whose jurisdiction, the bank branch complained against is situated.

For complaints relating to credit cards and other types of services with centralized operations, complaints may be filed before the Banking Ombudsman within whose territorial jurisdiction the billing address of the customer is located. (Click here for address and area of operation of the Banking Ombudsman)

Tripartite Agreement is an agreement between three parties, namely, the Concessionaire (such as the project which is developing the infrastructure), the Project Authority (such as NHAII or a statutory body set up to develop infrastructure) and IDF-NBFC which binds all the parties collectively and provide, for the following :

1. Take-over of a portion of the debt of the Concessionaire availed from Senior Lenders;

2. a default by the Concessionaire, shall trigger the process for termination of the agreement between Project Authority and Concessionaire;

3. the Project Authority shall redeem the bonds issued by the Concessionaire which have been purchased by IDF-NBFC, from out of the termination payment as per the Tripartite Agreement and other Agreements referred to therein (compulsory buyout),

4. the fee payable by IDF-NBFC to the Project Authority as mutually agreed upon between the two.

Yes. ATS is also available for all applications / letters, etc. submitted physically at the counters of RBI or received through post/courier, provided a valid email id is given in the document. Receipt of all such applications as also its disposal will be advised to the applicant through email.

Additionally, the status of such applications can also be tracked through the ATS number and the password sent to the valid email id of the applicant.

GAH accesses the trading platform through URL, ‘https://www.ndsind.com’. This is common URL for web based NDS-OM as well as for web based Auction. Users of GAH need to select NDS-OM in the option after logging on to the URL. PM will need to arrange for login/password from the CCIL and Digital Certificates from any Government Recognized Certifying Authority designated by RBI, on behalf of GAH. For added security, the digital certificates need to be installed in an e-token as per specifications approved. Without the digital certificate, e-token and the password, the GAH cannot log in to the NDS OM web based module. The Primary member will be responsible for obtaining/renewal and intimating revocation to RBI/CCIL of the Digital Certificate for such GAH users.

Ans. i) Payment outside India towards a permissible current account transaction [in accordance with the provisions of the Foreign Exchange Management (Current Account Transactions) Rules, 2000] and permissible capital account transaction [in accordance with the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000].

ii) Payment in foreign exchange towards cost of goods purchased from a 100 percent Export Oriented Unit or a Unit in (a) Export Processing Zone or (b) Software Technology Park or (c) Electronic Hardware Technology Park

iii) Payment of customs duty in accordance with the provisions of the Foreign Trade Policy of the Central Government for the time being in force.

iv) Trade related loans/advances, extended by an exporter holding such account to his importer customer outside India, subject to compliance with the Foreign Exchange Management (Borrowing and Lending in Foreign Exchange) Regulations, 2000.

v) Payment in foreign exchange to a person resident in India for supply of goods/services including payments for airfare and hotel expenditure.

Ans. Small PPIs can be of two types:

1. PPIs upto ₹10,000/- (with cash loading facility). These PPIs shall be converted into full-KYC PPIs within 24 months.

2. PPIs upto ₹10,000/- (with no cash loading facility).

‘मूलभूत बचत बँक ठेव खाते’ पीएमएल अधिनियम आणि नियमावलीच्या तरतुदींच्या सापेक्ष असेल आणि बँक खाते उघडण्यासाठी त्यांच्यावर ‘ तुमच्या ग्राहकाला ओळखा ’ ( केवायसी) / अँटी मनी लाँडरिंग ( एएमएल) बाबतीत रिझर्व बँकेद्वारा वेळोवेळी जारी केलेल्या सूचना लागू होतील. बीएसबीडीए सरलीकृत केवायसी मानदंडांसह देखील उघडता येतील. तथापि , बीएसबीडीए सरलीकृत केवायसी मानदंडांच्या आधारे उघडलेला असेल तर हे खाते अतिरिक्त रूपाने ‘‘बीएसबीडीए – छोटे खाते ’’ मानले जाईल. आणि त्यांच्यावर 2 जुलै 2012 रोजीच्या मास्टर परिपत्रक DBOD.AML.BC.No. 11/14.01.001/2012-13 च्या परिच्छेद 2.7 मध्ये निर्दिष्ट अटी लागू होतील.

Ans. The IFSC number can be obtained by the remitter (customer) from his / her bank branch. Alternatively, it is available on the cheque leaf of the beneficiary. This code number / bank branch information can be communicated by the beneficiary to the remitting customer. The list of IFSCs is also available on the RBI website at the link https://rbi.org.in/Scripts/Bs_viewRTGS.aspx?Category=5. The list is updated on a fortnightly basis.

Ans : Yes. In case the information / account particulars contained in the mandate undergo any change, the beneficiary has to notify the changes to the User Institution so that the correct information can be incorporated in its records. This will ensure that transactions do not get rejected at the beneficiary’s bank branch due to inconsistencies/ mismatch in the data sent by the user institution.

Ans: The outbound remittances through NEFT system are permitted only to Nepal under Indo-Nepal Remittance Facility (INRF) Scheme. Under this Scheme, the remitter can transfer funds from any of the NEFT-enabled bank branches in India to Nepal, irrespective of whether the beneficiary in Nepal maintains an account with a bank branch in Nepal or not. The beneficiary would receive funds in Nepalese Rupees. The details of the INRF Scheme are available on the website of RBI at /en/web/rbi/faq-page-2?ddm__keyword__26256231__FaqDetailPage2Title_en_US=Indo-Nepal Remittance Facility scheme.

Ans. No. The acquirer banks (other than local area banks) may, based on the approval of their Board, provide cash withdrawal facility at PoS terminals. The local area banks shall require the approval of RBI for providing this facility.

If any customer has a complaint against a bank due to non-payment or inordinate delay in the payment or collection of cheques, complaint can be lodged with the bank concerned. If the bank fails to respond within 30 days, you may make a complaint under “The Reserve Bank-Integrated Ombudsman Scheme (RB-IOS 2021)”. 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 - /documents/87730/39016390/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.

Response: It is determined by the Central Government and advised to banks by RBI.

Response

The 'Basic Savings Bank Deposit Account' would be subject to provisions of PML Act and Rules and RBI instructions on Know Your Customer (KYC) / Anti-Money Laundering (AML) for opening of bank accounts issued from time to time. BSBDA can also be opened with simplified KYC norms. However, if BSBDA is opened on the basis of Simplified KYC, the accounts would additionally be treated as “BSBDA-Small account” and would be subject to the conditions stipulated for such accounts as indicated in our circulars RPCD.CO.RCB.AML.BC.No.63/07.40.00/2010-11 dated April 26, 2011 and RPCD.CO.RRB.AML.BC.No.15/03.05.33(E)/2011-12 dated August 8, 2011.

• Extant tax provisions will be applicable on interest payment and capital gains on IIBs.

• There will be no special tax treatment for these bonds.

As part of the financial sector liberalisation, all credit related matters of banks including charging of interest have been deregulated by RBI and are governed by the banks' own lending policies.

With a view to improve monetary policy transmission, banks have been advised to link loans to Micro and Small Enterprises to an external benchmark from October 01, 2019. (Refer circular DBR.DIR.BC.No.14/13.03.00/2019-20 dated September 04, 2019). To further improve the transmission of monetary policy rates, it has been decided that with effect from April 01, 2020, loans to Medium Enterprises shall be linked to external benchmark. (Refer circular DOR.DIR.BC.No.39/13.03.00/2019-20 dated February 26, 2020).

Ans. Cases involving serious contravention suspected of money laundering, terror financing or affecting sovereignty and integrity of the nation are categorized as sensitive contraventions.

Answer: Any multilateral organization, of which India is a member nation, or its subsidiary/ affiliate bodies and officials in India can open deposits with an authorised dealer in India.

An application from an FFMC/non-bank AD Category-II for renewal of licence shall be made two months before expiry of the licence or such other period as the Reserve Bank may prescribe. Where an application for licence renewal is submitted as above, the licence shall continue in force until the date on which the licence is renewed or the application is rejected, as the case may be. No application from an FFMC/non-bank AD Category-II for renewal of licence shall be made after expiry of the licence.

Ans. Dance troupes, artistes, etc., who wish to undertake cultural tours abroad, should obtain prior approval from the Ministry of Human Resources Development (Department of Education and Culture), Government of India, New Delhi.

The re-pricing of the swap would be done as given in the illustration at the end of the FAQ.

Ans. Yes. The TReDS could deal with both receivables factoring as well as reverse factoring.

Ans. Yes, please refer to the Master Directions on Reporting (/en/web/rbi/-/notifications/master-direction-reporting-under-foreign-exchange-management-act-1999-updated-as-on-may-12-2023-lt-span-gt-10202). The registration is required to be done once the AD bank’s approval for the establishment of office is issued.

• These securities will be issued in the form of Bonds Ledger Account (BLA).

• The securities in the form of BLA will be issued and held with RBI and thus, RBI will act as central depository.

• A certificate of holding will be issued to the holder of securities in BLA.

Ans. The following payments are eligible to be settled through ACU:-

1. for export / import transaction between ACU member countries on deferred payment terms; and

2. not declared ineligible as mentioned under Q.10

Note:- Trade transaction with Myanmar may be settled in any freely convertible currency, in addition to the ACU mechanism.