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.

Ans. Yes, under intimation to Reserve Bank, FED, CO Cell, Sansad Marg, New Delhi 110 001.

Response

Banks should offer the ATM Debit Cards free of charge and no Annual fee should be levied on such Cards.

Yes, the Scheme provides the appellate mechanism for the complainant as well as the NBFC.

Any person aggrieved by an Award issued under Clause 12 or by the decision of the NBFC Ombudsman rejecting the complaint for the reasons specified in sub-clause (c) to (f) of Clause 13 of the Scheme, can approach the Appellate Authority.

The Appellate Authority is vested with a Deputy Governor-in-Charge of the department of the RBI implementing the Scheme. The address of the Appellate Authority is :

The Appellate Authority
Ombudsman Scheme for Non-Banking Financial Companies
Consumer Education and Protection Department
Reserve Bank of India
First Floor, Amar Building
Fort, Mumbai 400 001.

The complainant also has the option to explore other recourse and/or remedies available as per the law.

Franchisers are expected to impart training to the franchisees as regards operations and maintenance of records.

In case the aggregate amount bid is more than the reserved amount through non-competitive bidding, allotment would be made on a pro rata basis.

Example:

Suppose, the amount reserved for allotment in non competitive basis is 10 crore. The total amount bid at the auction for Non competitive segment is 12 crore. The partial allotment percentage is =10/12=83.33%.

The actual allocation in the auction will be as follows:

Bidder	Bid Amount	Allotment
Bank1	2 crore	1,66,70,000/-
Bank2	3 crore	2,50,00,000/-
PD1	1 crore	83,30,000/-
PD2	1 crore	83,30,000/-
Bank3	5 crore	4,16,70,000/-

It may be noted that the actual allotment may vary slightly at times from the partial allotment ratio due to rounding off with a view to ensuring that the allotted amounts are in multiples of 10,000/-.

Answer: Investment in Government Treasury Bills, Government securities is permitted in terms of extant guidelines and prescribed limits. Other than these, avenues of investments can be mutually agreed between the countries subject to compliance with applicable regulatory and statutory guidelines.

Ans : ECS Debit transaction can be initiated by any institution (called ECS Debit User) which has to receive / collect amounts towards telephone / electricity / water dues, cess / tax collections, loan installment repayments, periodic investments in mutual funds, insurance premium etc. It is a Scheme under which an account holder with a bank branch can authorise an ECS User to recover an amount at a prescribed frequency by raising a debit to his / her bank account.

The User institution has to first register with an ECS Centre. The User institution has to also obtain the authorization (mandate) from its customers for debiting their account along with their bank account particulars prior to participation in the ECS Debit scheme. The mandate has to be duly verified by the beneficiary’s bank. A copy of the mandate should be available on record with the destination bank where the customer has a bank account.

The franchisers, i.e. ADs Category–I Banks / ADs Category–II / FFMCs are expected to put in place adequate arrangements for reporting of transactions by the franchisees to the franchisers on a regular basis (at least monthly). Regular spot audits of all locations of franchisees, at least once in six months, should be conducted by the franchiser. Such audits should involve a dedicated team and incognito visits should also be used to test the compliance level of the franchisees. A system of annual inspection of the books of the franchisees should also be put in place. The purpose of such inspection is to ensure that the money changing business is being carried out by the franchisees in conformity with the terms of the agreement and prevailing Reserve Bank guidelines and that necessary records are being maintained by the franchisees.

Any person aggrieved by an Award issued under Clause 12 or the decision of the Banking Ombudsman rejecting the complaint for the reasons specified in sub-clause (d) to (g) of Clause 13 of the Banking Ombudsman Scheme 2006 (As amended up to July 1, 2017) can approach the Appellate Authority. The Appellate Authority is vested with a Deputy Governor of the RBI.Other recourse and/or remedies available to him/her as per the law can also be explored. The bank also has the option to file an appeal before the Appellate Authority under the Scheme.

In case the aggregate amount bid is less than the reserved amount all the applicants will be allotted in full and the shortfall amount will be taken to the competitive portion.

No. Loan and guarantee could be extended to an overseas entity only if there is already an equity participation by the Indian party in such entity.

A person coming in to India from abroad can bring in with him Indian currency notes within the limits given below: a. upto Rs. 5,000 from any country other than Nepal or Bhutan, and b. any amount in denomination not exceeding Rs.100 from Nepal or Bhutan.

Before a GAH User can start dealing on the NDS-OM Web Module, the PM has to set certain operational risk controls as well as limits for each GAH/GAH User, since PM will continue to be responsible for the settlement of trades done by such GAHs. Accordingly PMs have the facility to set operational risk controls in respect of their GAHs who would be given access to NDS-OM Web so as to mitigate risk arising out of their GAH trades. Every order inputted by GAH on NDS-OM Web would be subject to validations against each risk control set by PM before being passed on to the common order book of NDS-OM. Risk Management involves PM’s setting risk limits for GAHs before the GAHs can start trading.

Ans. The compounding process is completed within 180 days from the date of receipt of the application complete in all aspects, by the Reserve Bank.

ବିଏସବିଡିଏ ଖୋଲିବା ସମୟରେ, ଏଟିଏମ ଡେବିଟ କାର୍ଡ ରଖିବାର ପ୍ରସ୍ତାବ ଦିଆଯାଇପାରେ ଏବଂ ଯଦି ଗ୍ରାହକ ଲିଖିତ ଭାବରେ ସେଥିପାଇଁ ଅନୁରୋଧ କରନ୍ତି ତେବେ ଏଟିଏମ ଡେବିଟ କାର୍ଡ ପ୍ରଦାନ କରାଯିବା ଉଚିତ । ବ୍ୟାଙ୍କଗୁଡିକ ଏଭଳି ଗ୍ରାହକଙ୍କୁ ଏଟିଏମ୍ ଡେବିଟ କାର୍ଡ ନେବାକୁ ବାଧ୍ୟ କରିବା ଉଚିତ ନୁହେଁ ।

ଉତ୍ତର. ନିଜସ୍ୱ ବ୍ୟାଙ୍କର ଏଟିଏମ / ଅନ୍ୟ ବ୍ୟାଙ୍କ ଏଟିଏମ / ଡବ୍ଲୁଏଲଏରେ କାର୍ଡ ବ୍ୟବହାର ନିର୍ବିଶେଷରେ ଗ୍ରାହକ ଶୀଘ୍ର କାର୍ଡ ଜାରିକର୍ତ୍ତା ବ୍ୟାଙ୍କରେ ଅଭିଯୋଗ କରିବା ଉଚିତ ।

Ans. In case of any delay in returning the failed payment, the originating customer is eligible to receive compensation at current repo rate plus 2%.