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Non-competitive Bidding Facility for Dated Securities and Treasury Bills of the Government of India

10. Will the aggregator or facilitator charge for this service? +

The aggregator or facilitator can recover up to six paise per Rs.100 as commission for rendering this service to their clients. They can build this cost into the sale price or it can be recovered separately from the clients. The aggregator or facilitator is not permitted to build any other cost, such as funding cost, into the price.

10. Whether investor needs to open a BLA account with a bank for making an investing? +

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.

10. Who can be contacted for redressal of grievances under the Scheme? +

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.

Q 10. Is the practice of calling a borrower before 9.00 am and after 6.00 pm being considered as harsh practice only for recovery of overdue loans or also for normal conduct of business? +

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.

Q 10: Can an AD bank in India open only one Special Rupee Vostro Account from a foreign country?

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

10. Is it necessary to be a customer of the bank to exchange ₹2000 banknotes from its branches? +

No. A non-account holder also can exchange ₹2000 banknotes up to a limit of ₹20,000/- at a time at any bank branch.

Q.11. Will beneficiaries be intimated of credits afforded to their account under the ECS Credit Scheme?

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.

11. How will the non-competitive bidder know the modalities of payment? +

Modalities for obtaining payment from clients towards the cost of securities, accrued interest, wherever applicable and commission will have to be worked out by the aggregator or facilitator and clearly stated in the contract made for the purpose with the client

11. Are bi-lateral arrangements between bank / non-banks in India and those in Nepal covered under INRF Scheme? +

Ans: No. The bilateral arrangements between banks / non-banks to handle cross-border transactions between India and Nepal are not covered under guidelines of the INRF Scheme. The INRF Scheme exclusively uses NEFT ecosystem for such remittance to Nepal and as such all NEFT enabled bank-branches are already covered under Scheme.

11. Is there any cost involved in filing complaints with Banking Ombudsman ? +

No. The Banking Ombudsman does not charge any fee for filing and resolving customers’ complaints.

11. Whether additional interest admissible to bank's staff can be paid on the compensation awarded by the court to minor child and deposited in the joint name of minor child and parent ? +

No. As the money belongs to the minor child and not the bank's staff, additional interest cannot be paid.

Q 11 Can a company capitalize the proceeds of the exports of plant & machinery to its overseas JV/WOS ? +

Yes, capitalization of export proceeds is permitted subject to compliance of certain guidelines. i.e. the exports have not remained outstanding beyond the stipulated period of realisation etc.

11. How much in advance one can buy foreign exchange for travel abroad?

The foreign exchange acquired for any purpose has to be used within 60 days of purchase. In case it is not possible to use the foreign exchange within the period of 60 days it should be surrendered to an authorised dealer.

Q11. How will IDF- NBFCs and IDF-MFs raise resources? +

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.

11. Who is deemed to be the holder of the Government securities in CSGL account? +

A CSGL account holder shall be deemed to be the holder of the securities held in the respective account with RBI, however, the constituents i.e. GAHs, as the beneficial owners of the Government security held therein, shall be entitled to claim from the CSGL account holder all the benefits and be subjected to all the liabilities in respect of the Government securities held in the CSGL account.

11. What are the charges for this application? +

The system is owned by RBI. There are no charges for use of this application by clients. However, since all trades are to be guaranteed and settled by CCIL, PMs will have to pay settlement charges and also continue to deposit adequate margin on behalf of their clients to CCIL.

11. Whether the EEFC balances can be covered against exchange risk? +

Yes, the EEFC account balances can be hedged. The balances in the account sold forward by the account holders have to remain earmarked for delivery. However, the contracts can be rolled over.

11. నగదు లేదా ఎలక్ట్రానిక్ మాధ్యమం ద్వారా పిపిఐల లోడింగ్ పై ఏదైనా పరిమితి ఉందా? +

సమాధానం. ఉంది. పిపిఐల నగదు లోడింగ్ పిపిఐల యొక్క సమగ్ర పరిమితికి లోబడి, ప్రతి నెల రూ. 50,000/-కి పరిమితం చేయబడింది. ఎలక్ట్రానిక్/ఆన్ లైన్ ద్వారా పిపిఐల లోడింగ్ పరిమితి, పిపిఐ యొక్క సమగ్ర పరిమితికి లోబడి ఉంటుంది.

11. ఎటిఎంల్లో ఉచిత లావాదేవీలు పొందేందుకు కస్టమర్లకు హక్కు ఉంటుందా?

సమాధానం. ఉంటుంది. నవంబరు 01, 2014 నుంచి, సేవింగ్స్ బ్యాంక్ ఖాతాదారులకు ఈ కింది సూచించిన విధంగా ఎటిఎంల్లో కనీస సంఖ్యలో ఉచిత లావాదేవీలు చేసుకునే అవకాశం బ్యాంకులు కల్పించాలి.

ఏ ప్రదేశంలోనైనా బ్యాంకు యొక్క సొంత ఎంటిఎంల్లో లావాదేవీలు (‘ఆన్-అజ్’ లావాదేవీలు): బ్యాంకులు ఎంటిఎంల ప్రదేశంతో నిమిత్తం లేకుండా, తమ సేవింగ్స్ బ్యాంక్ హోల్డర్లకు, నెలలో కనీసం అయిదు ఉచిత లావాదేవీలు (ఆర్థిక మరియు ఆర్థికేతర వాటితో సహా) అందించాలి.
మెట్రో లొకేషన్లలోగల ఇతర బ్యాంకుల ఎటిఎంల్లో లావాదేవీలు (‘ఆఫ్- అజ్’ లావాదేవీలు): ముంబయి, న్యూఢిల్లీ, చెన్నై, కోల్ కతా, బెంగళూరు మరియు హైదరాబాద్ లలోగల ఏ టి ఎమ్ లలో , బ్యాంకులు తమ సేవింగ్స్ బ్యాంక్ ఖాతాదారులకు నెలలో కనీసం మూడు ఉచిత లావాదేవీలు (ఆర్థిక మరియు ఆర్థికేతర లావాదేవీలతో సహా) అందించాలి.
నాన్ -మెట్రో లొకేషన్లలోగల ఇతర బ్యాంక్ ఎటిఎంల్లో లావాదేవీలు (‘ఆఫ్-అజ్’ లావాదేవీలు): పైన తెలిపిన ఆరు మెట్రో లొకేషన్లు కాకుండా, ఇతర ప్రదేశాలలోగల ఇతర బ్యాంక్ ఎటిఎంల్లో, బ్యాంకులు తమ సేవింగ్స్ బ్యాంక్ ఖాతాదారులకు, నెలకు కనీసం అయిదు ఉచిత లావాదేవీలు (ఆర్థిక మరియు ఆర్థికేతర లావాదేవీలతో సహా) అందించాలి.

11. బి.ఎస్.బి.డి.ఎ- స్మాల్ అకౌంట్’’గా పరిగణించవలసిన అకౌంట్లకు విధించిన షరతులు ఏమిటి?

డిసెంబరు 16, 2010 తేదీన జారీచేసిన భారత ప్రభుత్వ నోటిఫికేషన్ లోని నిబంధనల్లో తెలియజేసినట్లుగా, బి.ఎస్.బి.డి.ఎ- స్మాల్ అకౌంట్లు ఈ కింది షరతులకు లోబడి ఉంటాయి:

ఇలాంటి అకౌంట్లలో, మొత్తం క్రెడిట్ లు సంవత్సరంలో లక్ష రూపాయలకు మించకూడదు.
అకౌంటులో గరిష్ట బ్యాలెన్స్, ఏ సమయంలోనూ యాభై వేల రూపాయలకు మించకూడదు.
నగదు ఉపసంహరణలు మరియు బదిలీల రూపంలో మొత్తం డెబిట్లు నెలలో పది వేల రూపాయలకు మించకూడదు
మామూలు కెవైసి నిబంధనలను పూర్తిచేయకుండా స్మాల్ అకౌంట్లలో విదేశీ రెమిటెన్సులు క్రెడిట్ చేయబడవు.
స్మాల్ అకౌంట్లు, మొదట్లో 12 నెలల పాటు మాత్రమే చెల్లుతాయి, అకౌంట్ హోల్డర్ అధికారికంగా చెల్లుబాటయ్యే డాక్యుమెంటు కోసం దరఖాస్తు చేసినట్లుగా ధ్రువీకరణ సమర్పిస్తే, మరొక 12 నెలల పాటు వీటిని పొడిగించవచ్చు.
బ్యాంకుల యొక్క సిబిఎస్ లింక్డ్ బ్రాంచిల్లో లేదా షరతులు నెరవేర్చినట్లుగా మానవ పర్యవేక్షణ సాధ్యమయ్యే బ్రాంచిల్లో మాత్రమే స్మాల్ అకౌంట్లను తెరవవచ్చు.

11. What care should be taken while originating an RTGS transaction? +

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.

11. Can lending institutions implement resolution plans involving deferment of date of commencement of commercial operations (DCCO) in respect of projects under implementation under the Resolution Framework? +

Restructuring in respect of projects under implementation involving deferment of DCCO are excluded from the scope of the Resolution Framework. The extant regulations contained in Paragraph 4.2.15 of DBR.No.BP.BC.2/21.04.048/2015-16 dated July 1, 2015, DOR.No.BP.BC.33/21.04.048/2019-20 dated February 7, 2020 and the other relevant instructions as applicable to specific category of lending institutions, already permit revisions of the DCCO and consequential shift in repayment schedule without being treated as restructuring subject to a maximum of four years in the case of infrastructure projects and a maximum of two years in the case of non-infrastructure projects (including commercial real estate exposures). In addition to the above, DCCO of projects may be extended by a further two years in case of change in ownership subject to the conditions specified in the above instructions.

11. Is there any limit on the amount of compensation as specified in an Award ? +

The compensation amount, if any, which can be awarded by the NBFC Ombudsman, for any loss suffered by the complainant, is limited to the amount arising directly out of the act or omission of the NBFC or rupees one million, whichever is lower.

11. Can each member of my family buy 4Kg in their own name? +

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.

11. Is there any limit on the amount of compensation that the Ombudsman can sanction ? +

The compensation amount, if any, which can be awarded by the Ombudsman, for any loss suffered by the complainant, is limited to the amount arising directly out of the act or omission or commission of the System Participant, or two million rupees whichever is lower. The compensation shall be over and above the disputed amount.

These FAQs are issued by the Reserve Bank of India (hereinafter referred to as “Bank”) for information and general guidance purposes only. The Bank will not be held responsible for actions taken and / or decisions made on the basis of the same. For clarifications or interpretations, if any, one may be guided by the relevant circulars, guidelines and notifications issued from time to time by the Bank.

11. WHETHER ANY TIMELINES HAVE BEEN RECOMMENDED FOR ADF? +

The total time for complete implementation of ADF would depend on the cluster in which the bank places itself after making an assessment of Process and Technology maturity as per the methodology given in the Approach Paper. However, it is expected that the banks with advanced IT systems and experience of working in computerised environment would take the lead and implement ADF in shortest possible time, say, even 2-3 months. In general, banks should strive to meet the objectives within shortest possible timelines.

11. Can the deposit be made partly by cash and partly by cheque or other means? +

Yes, deposit may be made in combination of more than one means of payment, at a single time. However, the effective date of deposit would be the date of realization of the total amount of deposit at the bank’s end

11. Where can I get more information on this scheme/ Act ? +

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

11. Whether foreign institutional investors (FIIs) will be allowed to invest in IIBs? +

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).

Q.11. What is the Credit Guarantee Fund Trust Scheme for MSEs ? +

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.

11. Funds are credited to the customers’ accounts after the cooling period though funds are resting in the Nostro accounts of collecting banks during the period. Is there any compensation for customers? +

Yes. Banks have been advised to pay interest on the amount of cheque on a value-date concept from the date of sighting of credit in their Nostro accounts till such time the credit is actually afforded to customers’ accounts. Interest shall be paid minimum at the Savings Bank rate calculated on the amount of proceeds credited to the customers’ accounts.

Q.11. Can the applicant authorise another person to attend the personal hearing? +

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.

Q11. Can a Foreign Portfolio Investor or a Foreign Venture Capital Investor open a foreign currency account in India ? +

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.

11. What are the essential details required for remitting funds through NEFT system? +

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)

11. What are the money changing facilities presently available in India? +

At present, the conversion of foreign currency or travellers' cheques designated in foreign currency into Indian Rupees and vice versa is possible through AD Category-I banks, ADs Category-II and Full Fledged Money Changers (FFMCs). Further, AD Category-I banks, ADs Category-II and FFMCs may appoint franchisees (also known as agents) to undertake purchase of foreign currency.

Q 11. Who is permitted to hold International Credit Card (ICC) and International Debit Card (IDC) for undertaking foreign exchange 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.

.11. Will beneficiaries be intimated of credits afforded to their account under the ECS Credit Scheme? +

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.

11. Can the bank deduct the amount of dues payable by the depositor ? +

Yes. Banks have the right to set off their dues from the amount of deposits as on cut off date. The deposit insurance is available after netting of such dues.

Q.11 Are all eligible transactions between member countries required to be settled through the ACU? +

Ans. Yes. Except the transactions mentioned at Q.10 above. However, trade transactions with Myanmar may be settled in any freely convertible currency, in addition to the ACU mechanism. Further, with effect from July 1, 2016, all eligible current account transactions including trade transactions in “Euro” are permitted to be settled outside the ACU mechanism till further notice.

11. How much foreign exchange can be purchased in foreign currency notes while buying exchange for travel abroad? +

Travellers are allowed to purchase foreign currency notes/coins only up to USD 2000. Balance amount can be taken in the form of traveller’s cheque or banker’s draft. Exceptions to this are (a) travellers proceeding to Iraq and Libya can draw foreign exchange in the form of foreign currency notes and coins not exceeding US$ 5000 or its equivalent; (b) travellers proceeding to the Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States can draw entire foreign exchange released in form of foreign currency notes or coins.

11. If a customer desires to see the physical cheque issued by him for any reason, what are the options available? +

Under CTS the physical cheques are retained at the presenting bank and do not move to the paying banks. In case a customer desires, banks can provide images of cheques duly certified/authenticated. In case, however, a customer desires to see / get the physical cheque, it would need to be sourced from the presenting bank, for which a request has to be made to his / her bank. An element of cost / charge may also be involved for the purpose. To meet legal requirements, the presenting banks which truncates the cheques need to preserve the physical instruments for a period of 10 years.

11. Which are the authorised banks? +

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

11. Query What are the conditions stipulated for accounts which are additionally to be treated as ‘BSBDA-Small Account’? +

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

Q.11. Is it mandatory to have a public company as a part of the Promoter Group? +

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]

11. Can the authorised non-bank PSPs continue to maintain accounts with bank/s even after becoming member of CPS? How do authorised non-bank PSPs safeguard customer funds? +

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.

11. Query: Can a depositor close the deposit before the minimum lock-in period? +

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.

11. How would this be ensured ? +

The bank or PD through whom the investor bids will obtain and keep on record an undertaking to the effect that the investor is making only a single bid.Auction Process

11. Whether any authorisation is required to set up and operate a TReDS platform ? +

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

Q.11. Whether for closure of additional office, the same procedures as mentioned in ‘Closure of BO/LO/PO’ need to be adhered to? +

Ans. Yes