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Core Investment Companies

Core Investment Companies (CICs)

10. Is there an enabling provision for use of statutory accounts based on some date other than 31st March, such as December 31st? +

Ans: While such accounts could be taken into account in view of the fact that developments after balance sheet date are also taken into account, all NBFCs including CICs-ND-SI would mandatorily have to finalise their accounts as on March 31 of the year, and submit annual auditors certificate based on this figure.

Domestic Deposits

I. Domestic Deposits

10. Whether banks can pay additional interest admissible to bank’s staff on the deposit placed in the name of minor child/ children of the deceased member of staff? +

No. Children (including minor) are not eligible for additional interest admissible to bank’s staff member/ retired staff member.

Coordinated Portfolio Investment Survey – India

What to report under CPIS?

Q10. Should we report data for a particular branch of the reporting entity or the consolidated data of the entity? +

Ans: A consolidated data at the entity level, covering all the branches/offices in India, should be furnished.

FAQs on Master Directions on Priority Sector Lending Guidelines

J. PSLCs

Query 28: How can banks register for PSLC trading ? +

Clarification: The banks are required to submit a request to FIDD, CO (fiddplan@rbi.org.in) to obtain registration for PSLC trading by submitting a) DEA Fund Code b) Customer identification number and c) RBI Current account number.

Query 37: What happens if the RBI inspection team, at a later date, de-classifies a particular PSLC (which has been already traded by the bank as PSLC) ineligible ? +

Clarification: The misclassifications, if any, will have to be reduced from the achievement of PSLC seller bank only. There will be no counterparty risk for the PSLC buyer, even if, the underlying asset of the traded PSLC gets misclassified.

Query 38: The buyer would pay a fee to the seller of the PSLC which will be market determined. Is there any standard/ minimum fee prescribed by the RBI, for purchase of any PSLC ? +

Clarification: The premium will be completely market determined. No floor/ ceiling has been prescribed by RBI in this regard.

Query 39: How the charges/commission shall be paid through E-Kuber portal or separate RTGS is required to be made ? +

Clarification: There will be real time settlement of the matched premium and accordingly respective current accounts of the participating banks with RBI will be debited/ credited to the extent of matched premium

Query 40: Will there be automatic matching of trades or can the buyer/seller select the counterparty? Will partial matching also happen? +

Clarification: The order matching will be done on anonymous basis through the portal and the buyer/ seller cannot select the counterparty. Partial matching will happen depending on the matching of premium and availability of category wise PSLC lots for sale and purchase.

Query 41: What are the timings of PSLC market in eKuber portal ? +

Clarification: The normal trading hours shall be from 10 AM to 4:30 PM. The PSLC market operates on all days except Saturdays, Sundays, holidays declared under The Negotiable Instruments Act, 1881 by the Government of Maharashtra. and such holidays as RBI may declare from time to time.

Query 42: Can a bank know the counterparty details in PSLC trades or settle deals on bilateral basis and report the same on e-kuber portal subsequently ? +

Clarification: The nature of PSLC trading has been kept anonymous to maintain most efficient price discovery. There is no provision for settling deals on bilateral basis and reporting on the portal subsequently. RBI has the discretion to cancel any deals which is settled at substantially higher/ lower premiums as compared to the prevailing rates on the portal.