Ans. The directions are applicable to loans sanctioned on or after April 1, 2022. Accordingly, pricing of the existing loans of NBFC-MFIs i.e., sanctioned prior to April 1, 2022 shall continue to be as per the guidelines applicable as on March 31, 2022. As other REs were already free to decide pricing of loans sanctioned, they are allowed to review and revise interest rates applicable to the existing loans also, subject to compliance with the relevant guidelines.

Answer: Yes

Ans. RTGS system enables participants to initiate and receive payments for inter-bank / non-bank / customer transactions. NEFT system allows members to send and receive transactions of retail nature electronically. Membership to NEFT is, however, relevant to non-bank PPI issuers only.

RTGS system also enables eligible members to post MNSB transactions, do Own Account Transfers (OAT) between current account and settlement account in RTGS. In the context of Q.7 above, MNSB transactions are relevant for Card Networks only.

Ans: Yes. ECS can be used to transfer funds to NRE and NRO accounts in the country. This, however, is subject to the adherence to the provisions of the Foreign Exchange Management Act, 2000 (FEMA) and Wire Transfer Guidelines.

Banks should exercise care while affixing stamps on the cheque forms, so that it does not interfere with the material portions such as date, payee’s name, amount, and signature. The use of rubber stamps, etc., should not overshadow the clear appearance of these basic features in image. It is necessary to ensure that all essential elements of a cheque are captured in an image during the scanning process and banks / customers have to exercise appropriate care in this regard.

Banks are also required to verify the security features additional to CTS-2010 standard that have been voluntarily implemented

Ans. For a funds transfer to go through RTGS, both the sending bank branch and the receiving bank branch need to be RTGS enabled. Presently, there are more than 1,60,000 RTGS enabled bank branches, the list of which is 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.

முடியாது. பிஎஸ்பிடி கணக்கும் வைத்திருக்கும் வாடிக்கையாளர் அதே வங்கியில் வேறு ஒரு சேமிப்புக் கணக்கை தொடங்க முடியாது. பேசிக் சேவிங்க்ஸ் பேங்க் டெபாசிட் கணக்கை எளிமையாக்கப்பட்ட கேஒய்சி நடைமுறையில் தொடங்கி இருந்தால், கூடுதலாக அந்த கணக்கு ஸ்மால் அக்கவுண்ட் என்று கருத்தப்படும். அது கேஒய்சி வழிமுறைகள்/ஏஎம்எல்தரங்கள்/ நிதி பயங்கரவாதம் (சிஎஃப்டி) / பிஎம்எல்ஏ 2002 வின் கீழ் வங்கியின் கடமைகள் போன்றவற்றிற்கான மாஸ்டர் சுற்றறிக்கை டிபிஓடி.ஏஎம்எல். பிசி. எண் 11/14.01.001/2012–13 தேதி ஜூலை 02,2012 ல் உள்ள பத்தி 2.7ல் குறிப்பிடப்பட்டுள்ள நிபந்தனைகளுக்கு உட்பட்டிருக்கும்.

Ans. No. The transactions processed under TReDS are “without recourse” to the MSMEs.

Ans. More information about this facility can be found in the following circulars issued by the RBI:

DPSS.CO.PD.No.147/02.14.003/2009-10 dated July 22, 2009, DPSS.CO.PD.No.563/02.14.003/2013-14 dated September 5, 2013, DPSS.CO.PD.No.449/02.14.003/2015-16 dated August 27, 2015, DPSS.CO.PD.No.501/02.14.003/2019-20 dated August 29, 2019, DPSS.CO.PD.No.1465/02.14.003/2019-20 dated January 31, 2020, DPSS.CO.PD.No.S-99/02.14.006/2021-22 dated May 19, 2021.

Response: Joint deposit of two or more eligible depositors is allowed under the scheme. The deposit will be credited to a joint deposit account opened in name of such depositors. The existing rules on joint operation of bank accounts including nomination will be applicable.

Response

No, the BSBDA customer cannot have any other savings bank account in the same bank. If 'Basic Savings Bank Deposit Account’ is opened on the basis of simplified KYC norms, the account would additionally be treated as a 'Small Account' and would be subject to 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 on 'Opening of Small Account.'

• A non-competitive scheme has been devised for participation of such investors in the auction. Under this scheme, investors are required to indicate the amount of their bids and not the price at which they want to subscribe. Allocation to such investors is made at the weighted average price emerged in the competitive bidding.

• Presently in auction, up to 5 per cent of the notified amount is reserved for non-competitive bidding, while up to 20 per cent of the notified amount will be earmarked for such bidding in case of IIBs to encourage retail participation.

• The retail investors will be able to participate in non-competitive bidding through primary dealers (PD) and banks. They can open a gilt account with PDs and banks or demat account for such participation.

In terms of our circular RPCD.SME&NFS.BC.No.79/06.02.31/2009-10 dated May 6, 2010, banks are mandated not to accept collateral security in the case of loans upto ₹ 10 lakh extended to units in the MSE sector.

Ans. It is not mandatory to attend/opt for the personal hearing. In case a person opts not to attend the personal hearing he//she may indicate his/her preference in writing. The application would be disposed of on the basis of documents submitted to the Compounding Authority. It may be noted that appearing for, or opting out of the personal hearing does not have any bearing, whatsoever, on the amount imposed in the compounding order, as the amount imposed is calculated based on the Guidance note on computation matrix as contained in the Master Direction on compounding of contraventions under FEMA.

Answer: Yes, such acceptance of deposit and refunds, if required, will be covered under current account transactions and can be made freely without any restriction from FEMA perspective.

Ans: The NEFT system is available round the clock throughout the year on all days, i.e., on 24x7x365 basis. NEFT presently operates in batches on half-hourly intervals throughout the day. In case of non-availability of NEFT for any reason, appropriate message will be broadcasted by RBI to all system participants.

An authorisation granted under Section 10(1) of FEMA 1999 may be revoked by the Reserve Bank at any time if the Reserve Bank is satisfied that -

1. it is in public interest so to do; or

2. the authorised person has failed to comply with the condition subject to which the authorisation was granted or has contravened any of the provisions of the Act or any rule, regulation, notification, direction or order made thereunder

Reserve Bank also reserves the right to revoke the authorisation of any of the offices of the authorised person for infringement of any statutory or regulatory provision. The Reserve Bank may at any time vary or revoke any of the existing conditions of an authorisation/licence or impose new conditions.

Ans. The Foreign Contribution Regulation Act, 1976 is administered and monitored by the Ministry of Home Affairs whose address is given below:

Ministry of Home Affairs, FCRA Wing, 1st Floor, Major Dhyan Chand National Stadium, Near Pragati Maidan, New Delhi-110001

No specific approval from the Reserve Bank is required in this regard

Ans. The following payments are not eligible to be settled through ACU:-

1. Payments between Nepal and India and Bhutan and India, exception being made in the case of goods imported from India by an importer resident in Nepal who has been permitted by the Nepal Rastra Bank to make payments in foreign exchange. Such payments may be settled outside ACU mechanism; and

2. Payments that are not on account of export / import transactions between ACU members countries except to the extent mutually agreed upon between the Reserve Bank and the other participants; and

3. All eligible current account transactions including trade transactions with Iran should be settled in any permitted currency outside the ACU mechanism until further notice.

Ans : The following are the entry point norms for IDF-NBFC :

• Minimum Net Owned Funds (NOF) of Rs. 300 crore;

• Capital to Risk Weighted Assets (CRAR) of 15%;

• Net NPAs less than 3% of net advances;

• It should have been in existence for at least 5 years before application:

• It should have been profitable in the last three years;

• its performance should be satisfactory and free from supervisory concerns;

• It shall have at the minimum, a credit rating grade of 'A' of CRISIL or equivalent rating issued by other accredited rating agencies such as FITCH, CARE, BRICKWORK and ICRA.

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

• Investor does not need to open a BLA with any bank for making investment.

• After receiving the money and registration of the investor on RBI’s CBS (E-Kuber), the RBI will open a BLA for each investor and issue a “Certificate of Holding” indicating number of units of IINSS-C held by the investor.

Ans: In case of complaints relating to non-credit or delay in credit to the beneficiary account or for complaints of any other nature, the NEFT Customer Facilitation Centre (CFC) of the respective bank (the originating bank and / or SBI) can be contacted. Details of NEFT CFCs of banks are available on the websites of the respective banks. The details are also available on the website of RBI at http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2070.

If the issue is not resolved satisfactorily, the NEFT Help Desk / Contact point of the RBI can be approached at nefthelpdeskncc@rbi.org.in.

Ans. This clause is applicable only for recovery from borrowers having overdue loans. For other borrowers, REs can continue with the existing timing/ process for business like group meetings, collection in regular accounts, etc. as per borrowers’ convenience.

Answer: No. AD bank in India can open multiple Special Rupee Vostro Accounts for different banks from the same country.

Ans : It is the responsibility of the user institution to communicate to the beneficiary the details of credit that is being afforded to his / her account, indicating the proposed date of credit, amount and related particulars of the payment. Destination banks have been advised to ensure that the pass books / statements given to the beneficiary account holders reflect particulars of the transaction / credit provided by the ECS user institutions. The beneficiaries can match the entries in the passbook / account statement with the advice received by them from the User Institutions. Many banks also give mobile alerts / messages to customers after credit of such funds to accounts.

Ans : IDF-NBFCs will raise resources through issue of either Rupee or Dollar denominated bonds of minimum 5 year maturity. IDF-MFs will raise resources through issue of units of MFs.

பதில். இருக்கிறது. நவம்பர் 01, 2014 முதல் சேமிப்பு கணக்குதாரர்களுக்கு வங்கி குறைந்தபட்ச எண்ணிக்கையில் பின் வரும் படி இலவச பரிவர்த்தனைகளை வழங்கவேண்டும்.

• எந்த ஒரு இடத்திலும் இருக்கும் வங்கியின் சொந்த ஏடிஎம்களில் (ஆன்–அஸ் பரிவர்த்தனைகள்): வங்கிகள் அவர்கள் ஏடிஎம்கள் எங்கிருந்தாலும் தமது சேமிப்புக் கணக்குதாரர்களுக்கு ஒரு மாதத்திற்கு குறைந்தபட்சம் ஐந்து பரிவர்த்தனைகளை ( பணம் மற்றும் பணம் சாரா பரிவதர்தனைகள் உட்பட) இலவசமாக வழங்க வேண்டும்.
• மெட்ரோ நகரங்களில் வேறு ஒரு வங்கியின் ஏடிஎம்களில் பரிவர்த்தனைகள் (ஆஃப்–அஸ் பரிவர்த்தனை): ஆறு மெட்ரோ நகரங்களில் அதாவது மும்பை, புது தில்லி, சென்னை, கொல்கத்தா, பெங்களூரூ, ஐதராபாத் நகரங்களில் உள்ள ஏடிஎம்களில் வங்கி தனது சேமிப்பு கணக்குதாரர்களுக்கு ஒரு மாதத்திற்கு குறைந்தபட்சம் மூன்று இலவச பரிவர்த்தனைகளை( பணம் மற்றும் பணம் சாரா பரிவதர்தனைகள் உட்பட) இலவசமாக வழங்க வேண்டும்.
• மெட்ரோ அல்லாத நகரங்களில் வேறு ஒரு வங்கியின் ஏடிஎம்களில் பரிவர்த்தனைகள் (ஆஃப்–அஸ் பரிவர்த்தனை): மேலே சொல்லப்பட்ட ஆறு மெட்ரோ நகரங்களைத் தவிர இதர இடங்களில் உள்ள வேறு வங்கிகளின் ஏடிஎம்களில் வங்கி தனது சேமிப்பு கணக்குதாரர்களுக்கு ஒரு மாதத்திற்கு குறைந்தபட்சம் ஐந்து இலவச பரிவர்த்தனைகளை( பணம் மற்றும் பணம் சாரா பரிவர்த்தனைகள் உட்பட) இலவசமாக வழங்க வேண்டும்.

இந்திய அரசு டிசம்பர் 16,2010 தேதியில் வெளியிட்டுள்ள அறிக்கையின்படி பிஎஸ்பிடிஏ–ஸ்மால் அக்கவுண்ட்டுகளுக்கு பின் வரும் நிபந்தனைகள் உண்டு.

1. அந்த கணக்குகளில் மொத்த கிரெடிட் தொகை ஒரு ஆண்டிற்கு ஒரு லட்சம் ரூபாய்க்கு அதிகமாக இருத்தல் கூடாது.
2. எந்த ஒரு நேரத்திலும் அதன் அதிகபட்ச இருப்புத் தொகை ஐம்பதாயிரம் ரூபாய்க்கு அதிகமாக இருத்தல்கூடாது.
3. ரொக்கமாக பணம் எடுத்தல் மற்றும் பரிவர்த்தனைகள் ஒரு மாததிற்கு பத்தாயிரம் ரூபாய்க்கு அதிகமாக இருத்தல் கூடாது.
4. வழக்கமான கேஓய்சி நடைமுறைகளை முடிக்காமல் வெளிநாட்டிலிருந்து பணம் கணக்கில் போடப்படக்கூடாது.
5. ஸ்மால் அக்க்வுண்ட் 12 மாதங்களுக்கு செல்லுபடியாகும். கணக்குதாரர் அதிகாரபூர்வமான ஆவணத்திற்கு விண்ணப்பித்திருந்தால், இந்த காலம் மேலும் 12 மாதங்களுக்கு நீட்டிக்கப்படலாம்.
6. சிபிஎஸ் லிங்க் உள்ள கிளைகளிலோ அல்லது நிபந்தனைகள் நிறைவேற்றப்படுவதை நேரடியாக கண்காணிக்கக்கூடிய கிளைகளிலோ மட்டுமே ஸ்மால் அக்கவுண்ட்டுகளை துவக்க முடியும்.

Ans. The following should be ensured while putting through a funds transfer transaction using RTGS –

• Originating and destination bank branches are part of the RTGS network.

• Beneficiary details such as beneficiary name, account number and account type, name and IFSC of the beneficiary bank branch should be available with the remitter.

• Extreme care should be exercised in providing the account number of the beneficiary, as, during processing RTGS transactions, the credit will be given to the customer’s account solely based on the account number provided in the RTGS remittance instruction / message.

Yes, each family member can buy the bonds in his/her own name if they satisfy the eligibility criteria as defined at Q No.4.

Further information is available on our website (www.rbi.org.in) and the website of the Government of India (www.finmin.nic.in)

Also see:

All You wanted to know from RBI about: Withdrawal of Legal Tender Status of ₹ 500 and ₹ 1000 Notes

• IIBs would be Government securities (G-Sec) and the different classes of investors eligible to invest in G-Secs would also be eligible to invest in IIBs.

• FIIs would be eligible to invest in the forthcoming IIBs but subject to the overall cap for their investment in G-Secs (currently USD 25 billion).

The Ministry of MSME, Government of India and SIDBI set up the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) with a view to facilitate flow of credit to the MSE sector without the need for collaterals / third party guarantees. The main objective of the scheme is that the lender should give importance to project viability and secure the credit facility purely on the primary security of the assets financed. The Credit Guarantee scheme (CGS) seeks to reassure the lender that, in the event of a MSE unit, which availed collateral - free credit facilities, failing to discharge its liabilities to the lender, the Guarantee Trust would make good the loss incurred by the lender, as per the scheme.

The CGTMSE would provide cover for credit facility up to ₹200 lakh which have been extended by lending institutions without any collateral security and /or third-party guarantees. A guarantee and annual service fee is charged by the CGTMSE to avail of the guarantee cover. For more details you may visit www.cgtmse.in.

Ans. Yes, another person may be authorised by the applicant to attend the personal hearing on his behalf but only with proper written authority. It has to be ensured that the person appearing on behalf of the applicant is conversant with the nature of contravention applied for. However, the Reserve Bank encourages the applicant to appear directly for the personal hearing rather than being represented/ accompanied by legal experts/consultants, etc. as the compounding is only for admitted contraventions.

Answer: Yes, a Foreign Portfolio Investor or a Foreign Venture Capital Investor, both registered with the Securities and Exchange Board of India (SEBI) under the relevant SEBI regulations can open and maintain a non-interest bearing foreign currency account for the purpose of making investment in accordance with Foreign Exchange Management (Non-Debt Instrument) Rules, 2019.

Ans: The essential elements of beneficiary's identification are:

Beneficiary's Name
Beneficiary's Branch Name
Beneficiary's Bank Name
Beneficiary's Account Type
Beneficiary's Account No.
Beneficiary's Branch IFSC
Sender and Beneficiary Legal Entity Identifier (for eligible transactions)

Ans. Banks authorised to deal in foreign exchange are permitted to issue International Debit Cards (IDCs) which can be used by a resident individual for drawing cash or making payment to a merchant establishment overseas during his visit abroad. IDCs can be used only for permissible current account transactions and the usage of IDCs shall be within the LRS limit.

AD banks can also issue Store Value Card/Charge Card/Smart Card to residents traveling on private/business visit abroad which can be used for making payments at overseas merchant establishments and also for drawing cash from ATM terminals. No prior permission from Reserve Bank is required for issue of such cards. However, the use of such cards is limited to permissible current account transactions and subject to the LRS limit.

Resident individuals maintaining a foreign currency account with an Authorised Dealer in India or a bank abroad, as permissible under extant Foreign Exchange Regulations, are free to obtain International Credit Cards (ICCs) issued by overseas banks and other reputed agencies. The charges incurred against the card either in India or abroad, can be met out of funds held in such foreign currency account/s of the card holder or through remittances, if any, from India only through a bank where the card-holder has a current or savings account. The remittance for this purpose, should also be made directly to the card-issuing agency abroad, and not to a third party. It is also clarified that the applicable credit limit will be the limit fixed by the card issuing banks. There is no monetary ceiling fixed by the RBI for remittances, if any, under this facility. The LRS limit shall not apply to the use of ICC for making payment by a person towards meeting expenses while such person is on a visit outside India.

Use of ICCs/ IDCs can be made for travel abroad in connection with various purposes and for making personal payments like subscription to foreign journals, internet subscription, etc. However, use of ICCs/IDCs is NOT permitted for prohibited transactions indicated in Schedule 1 of FEM (CAT) Amendment Rules 2015 such as purchase of lottery tickets, banned magazines etc.

Use of these instruments for payment in foreign exchange in Nepal and Bhutan is not permitted.

• The authorised banks are SBI & Associates, Nationalised Banks, HDFC Bank, ICICI Bank, and Axis Bank.

Response

As notified in terms of Govt. of India notification dated December 16, 2010, BSBDA-Small Accounts would be subject to the following conditions:

i. Total credits in such accounts should not exceed one lakh rupees in a year.

ii. Maximum balance in the account should not exceed fifty thousand rupees at any time

iii. The total of debits by way of cash withdrawals and transfers will not exceed ten thousand rupees in a month

iv. Foreign remittances cannot be credited to Small Accounts without completing normal KYC formalities

v. Small accounts are valid for a period of 12 months initially which may be extended by another 12 months if the person provides proof of having applied for an Officially Valid Document.

vi. Small Accounts can only be opened at CBS linked branches of banks or at such branches where it is possible to manually monitor the fulfillments of the conditions

Ans. Yes. It shall be in order for such non-bank PSPs to effect funds transfer from their current account with RBI to current accounts maintained with commercial banks for taking care of their routine payments. The current account of RBI shall not be used therefor.

Further, extant instructions for non-bank PPI issuers on maintenance of escrow account/s with scheduled commercial bank(s) shall continue to apply. Card networks shall not be allowed to use the RBI current account for their settlement guarantee and related activities.

Response: In case of STBD, the corresponding provisions will be as determined by designated banks. In case of MTGD or LTGD deposits, premature closure before the minimum lock-in period is available in case of death of depositor or default of loan taken against MLTGD certificate. The applicable interest rates are detailed in para 2.2.2. (f) and 2.2.2. (g) of the Master Directions – Gold Monetization Scheme, 2015.

Ans. Yes, authorisation is required to be obtained from RBI under the Payment and Settlement Systems (PSS) Act, 2007.

Ans. Yes