The Reserve Bank of India receives requests for information under the Right to Information Act, 2005. Some information furnished by the Chief Public Information Officer in response requests, would be of interest to the members of the public. Such information is furnished in this Disclosure Log. Information pertaining to Currency Management | RIA No | Information Sought | Reply given/ Information provided | Date of Reply | | RIA 5831/2013-14/DCM | Please mention physical features of following denomination of notes/coins, approved by Reserve Bank of India /mint. Dimension of following denomination of notes/coins-
Rs. 1000, Rs. 500, Rs. 100, Rs. 50, Rs. 20, Rs. 10, Rs. 5, Rs. 2, Re. 1Coins Rs. 10, Rs.5, Rs. 2, Re. 1, Re. 1/50 Dimension means diameter/thickness or length and breadth, thickness, /height /depts. in cms. | Available information in the form it exists, about the size of contemporary banknotes in the denomination of Rs. 5, Rs.10, Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1000 in Mahatma Gandhi Series, may be accessed on the Bank's website www.rbi.org.in on the following link- For common person>Extra Curricular>Currency Museum>Contemporary Bank Notes>Bank Notes Information about Re 1 and Rs. 2 notes is not available with us. Available information, in the form it exists, on dimension of some of the coins may be accessed on the Bank's website www.rbi.org.in on the following link- For common person>Extra Curricular>Currency Museum>Coinage | | 3297/11-12 DCM | Arrangements for minting of coins and printing of notes and names and addresses of agencies [Mints / Note Presses] in India | (i) Arrangements for minting of coins is done through the following Mints of Government of India: | (a) India Government Mint Shahid Bhagat Singh Marg Fort, Mumbai 400023 | | (b) India Government Mint Alipore, Kolkata 600053 | | (c) India Government Mint D-2, Sector -1, P.O.Box No.78 Noida 201301 | | (d) India Government Mint IDA Phase, Cherapally (R.R.District) Hyderabad 500051 | Arrangements for printing of notes is done through the following Currency Presses: | (a) Currency Note Press Nashik Road - 422101 | | (b) Bank Note Press Dewas 455001 | | (c) Bharatiya Reserve Bank Note Mudran Pvt. Ltd. Note Mudran Nagar Mysore 570003 | | (d) Bharatiya Reserve Bank Note Mudran Pvt. Ltd. Salboni - 721132 | | February 7, 2012 | 2886/11-12 DCM | Procedure & Terms of supply of new currency in various chests of banks | (i) As regards the procedure, allocation of notes and coins to Reserve Bank of India offices is made on the basis of indent placed to presses and mints. Offices of Reserve Bank of India arrange remittances to currency chests under their jurisdiction as per the periodical indents placed by the currency chests and stocks available with them as well as with the currency chest. Currency chest branches in turn supply notes and coins received from Reserve Bank of India offices to other branches linked to them. There are no terms and conditions. | January 13, 2012 | RIA 2439/2007-08 | What are the different forms and value of Rupee accepted as per Indian law? When does an in-use rupee form become invalid or not acceptable? is there any Govt order that describes an invalid form of rupee? Is a torn/damaged rupee note valid? What damage will make rupee note invalid (eg complete torn apart note ,half torn note etc.?
What are various options available for one to follow to make an invalid rupee note valid. | Bank note/ coins are legal tender in payment or on account as indicated below: (i) Banknote of any denomination and coin of any denomination not lower than a rupee for any sum.
(ii) In case of a half rupee coin for any sum not exceeding 10 rupees.
(iii) In the case of any other coin for any sum not exceeding one rupee. The Central Government may, by notification in the gazette, declare that with effect from such date as may be specified, any series of bank notes of any denomination shall cease to be legal tender. Further, no person shall of right be entitled to recover from the Government or the Reserve Bank of India, the value of any lost, stolen, mutilated or imperfect currency note of Government of India or banknote. The value of imperfect / mutilated note may be refunded as a matter of grace subject to conditions and limitations. Soiled bank notes (i.e. notes which have become dirty and due to excessive use or double numbered banknote cut into two pieces but on which both the numbers are intact) can be exchanged for full value at Reserve Bank of India or any commercial bank branch.
The public can get value of mutilated notes (i.e. notes which are torn,disfigured, burnt, washed, eaten by white ants etc.) as a matter of grace, as laid down in the RBI Note Refund Rules 1975 (as amended up to 1980) after adjudication. Currently, provisions exist for payment of full, half or no value as far as bank notes of Rs.10 and above are concerned. As regards Re.1/-, Rs.2/-, and Rs.5/- notes, the tenderer can get either full or no value depending upon the condition of the note. Mutilated notes can be tendered at Reserve Bank of India Offices/designated bank branches. The following types of banknotes are not eligible for payment under RBI Note Refund Rules, 1975 (as amended up to 1980) A banknote which is -
less than half the area of the full note. -
devoid of the major portion of the number on an undivided area i.e. the prefix and three digits or four digits of the number in banknotes up to and inclusive of Rs.5/- in respect of banknotes of Rs.10/- and above where this inadequacy is present at both the numbering panels. -
Cancelled by any office of Reserve Bank of India or against which the value has already been paid. -
found to be forged / counterfeit. -
Deliberately cut or tampered, carrying extrinsic words or visible representation intended to convey or capable of conveying any message of a political character
Notes can be exchanged / tendered for adjudication over the counters of Reserve Bank of India Offices/designated bank branches. Mutilated notes can be sent by post for adjudication to the nearest Issue Office of Reserve Bank of India. | July 25, 2008 | 2
RIA 135/
2007-08 DCM | Instructions given by RBI to banks regarding exchange of mutilated notes. | Information on instructions given to banks on exchange of mutilated notes is in our Master Circular- "Facility for exchange of Notes and Coins" available at http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=3671&Mode=0 on our website. | Aug 27, 2007 | 1
RIA 133/2007-08 DCM | Are 25 paise and 50 paise coins withdrawn from circulation? | The 25 paise and 50 paise coins are legal tender and are not withdrawn from circulation. They may be validly used/ accepted for all transactions. RBI has issued press release to that effect and has also issued instructions to banks to display at all branches, boards/notices for information of customers/ general public to the effect that all 25 and 50 paise coins continue to be valid/legal tender and may be used for transactions in the normal course. | Aug 22, 2007. | Information pertaining to Communication | RIA No | Information Sought | Reply given/ Information provided | Date of Reply | | 3462/11-12 DOC | Detailed policy of the Reserve Bank of India for release of advertisements in Media | The Department of Communication [DoC] prepares a panel of approved advertising agencies for use by all the Regional Offices and Central Office Departments of the Reserve Bank of India. The Advertising Agencies have to meet a detailed eligibility criteria prescribed by the RBI for being considered for empanelment. Whenever an advertisement has to be inserted in the print / electronic media, the work is assigned to an empanelled advertisement agency on rotation basis. The agencies are required to execute the work assigned to them as per the time schedules prescribed by the RBI. The work of releasing advertisements through the media is decentralized. Except for advertisements involving large budgets and creativity, which are coordinated by the DoC, the Central Office Departments of the RBI and the Regional Offices issue advertisements locally through one of the advertisement agencies on the approved panel. The Indian Newspaper Society (INS) publishes rules for advertising in its Handbook of Press Publicity. The DoC circulates these rules to all the Central Office Departments and Regional Offices of the RBI for their information and use. | February 17, 2012 | Information pertaining to Deposit Insurance and Credit Guarantee Corporation | RIA No | Sr No | Query | Our Reply | | RIA 4560/14-15 | 1. | If any Indian bank fails, what is the minimum and maximum amount to be paid to a savings bank account holder of the bank? | If any Indian Bank fails in terms of Section 16(1) of the DICGC Act, 1961 “ the liability of the Corporation in respect of an insured bank will be limited to the deposits as on the date of the cancellation of the registration”. Each depositor in a bank is insured up to a maximum of ₹1,00,000/-(Rupees One Lakh) for deposits either in savings account, current account or fixed deposits held by him in the same right and same capacity as on the date of liquidation/cancellation of bank’s licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force. If more than one deposit accounts (Savings, Current, and Recurring or Fixed deposit) are jointly held by individuals in one or more than one branch of a bank and if their names appear in the same order, then these joint accounts are considered as held in same capacity and same right. Accordingly, the balances held in all these accounts will be aggregated for the purpose of determining the insured amount within the limit of Rupees one lakh only and is paid after setting off any amount legally entitled to be recovered from the depositor by the bank. However, in terms of revised guidelines issued on April 26, 2007, if individuals open more than one joint accounts in which their names are not in the same order or group of persons are different ,then the deposits held in these joint accounts are considered as held in different capacity and different right. Accordingly insurance cover will be available separately up to Rupees one lakh only to every such account where the names are appearing in different order or names are different. This has been explained in detail in the illustration. (Annex) Insurance is extended only to the cash deposits held by the depositors of insured banks. | 2. | If any Indian bank fails, what is the minimum and maximum amount to be paid to a Current holder of that bank? | 3. | If any Indian bank fails, what is the minimum and maximum amount to be paid to a fixed deposit account holder of that bank? | 4. | In case of dacoits or fire incident in the bank , what will be the amount of compensation to be paid to a locker holder in lieu of his belongings (gold silver jewellery) kept in the locker of that bank? |
Annex Deposits held in joint accounts (revised w.e.f. April 26, 2007) If more than one deposit accounts (Savings, Current, Recurring or Fixed deposit) are jointly held by individuals in one or more branch of a bank say three individuals A, B & C hold more than one joint deposit accounts in which their names appear in the same order then all these accounts are considered as held in the same capacity and in the same right. Accordingly, balances held in all these accounts will be aggregated for the purpose of determining the insured amount within the limit of ₹1 lakh. However, if individuals open more than one joint accounts in which their names are not in the same order for example, A, B and C; C, B and A; C, A and B; A, C and B; or group of persons are different say A, B and C and A, B and D etc. then, the deposits held in these joint accounts are considered as held in the different capacity and different right. Accordingly, insurance cover will be available separately upto rupees one lakh to every such joint account where the names appearing in different order or names are different. Illustrations Account (i)
(Savings or Current A/C) | First a/c holder- "A"
Second a/c holder - "B" | Maximum insured amount upto ₹1 lakh | | Account (ii) | First a/c holder - "A"
Second a/c holder - "C" | Maximum insured amount upto ₹1 lakh | | Account (iii) | First a/c holder - "B"
Second a/c holder - "A" | Maximum insured amount upto ₹1 lakh | | Account (iv) at Branch ‘X’ of the bank | First a/c holder - "A"
Second a/c holder - "B"
Third a/c holder - "C" | Maximum insured amount upto ₹1 lakh | | Account (v) | First a/c holder - "B"
Second a/c holder - "C"
Third a/c holder - "A" | Maximum insured amount upto ₹1 lakh | Account
(vi)( (Recurring or Fixed Deposit) | First a/c holder - "A"
Second a/c holder - "B" | The account will be clubbed with the a/c at (i) | Account (vii)
At Branch ‘Y’ of the bank | First a/c holder - "A"
Second a/c holder - "B"
Third a/c holder - "C" | The account will be clubbed with the a/c at (iv) | | Account (viii) | First a/c holder - "A"
Second a/c holder - "B"
Third a/c holder - "D" | Maximum insured amount upto ₹1 lakh |
Information pertaining to Economic and Policy Research | RIA No | Information Sought | Reply given/ Information provided | Date of Reply | | 2203/ 2013-14 DEPR | What happen if excess currency were printed? | As detailed in the “Frequently Asked Questions” link on the Reserve Bank of India website (http://www.rbi.org.in/scripts/ FAQView.aspx?Id=39), the Reserve Bank decides the volume and value of banknotes to be printed each year. The quantum of banknotes that needs to be printed, broadly depends on the requirement for meeting the demand for banknotes due to GDP growth, replacement of soiled banknotes, inflation and reserve stock requirements. This estimation is done with the help of statistical models/techniques. The Government of India decides the quantity of coins to be minted on the basis of indents received from the Reserve Bank. Although coins of all denominations are issued by the government, they are put into circulation through the Reserve Bank. The Reserve Bank is the sole authority for issuing banknotes in India under Section 22 of the Reserve Bank of India Act, 1934. It also derives the role of currency management from the above act. The currency operations are carried out through its 18 issue offices, one sub-office at Lucknow, a currency chest at Kochi and a wide net work of currency chests. These offices receive fresh banknotes from the banknote printing presses. The issue offices of the Reserve Bank send fresh banknote remittances to the designated branches of commercial banks. Once the bank notes are released into the banking system, they form a part of the currency in circulation, which is the liability of the Issue Department of the Reserve Bank. Section 34 (l) of the RBI Act requires that all bank notes issued by the Reserve Bank since April 1, 1935 and the currency notes issued by the Government of India before the commencement of operations of the Reserve Bank, be part of the liabilities of the Issue Department which stood at ₹12,016.24 billion as on June 30, 2013, including notes in circulation of ₹12,016.16 billion (Table 1). | Table 1: Reserve Bank of Indi: Issue Department Balance Sheet as at 30th June 2013 | | (₹ thousands) | | 2011-12 | LIABILITIES | 2012-13 | 2011-12 | ASSETS | 2012-13 | | 89,169 | Notes held in the Banking Department | 80,169 | 760,096,797 | Gold Coin and Bullion: | | | (a) Held in India | 674,316,432 | | 11,034,645,327 | Notes in Circulation | 12,016,157,427 | – | (b) Held outside India | – | | | | | 10,261,966,851 | Foreign Securities | 11,329,100,584 | | 11,034,734,496 | Total Notes Issued | 12,016,237,596 | 11,022,063,648 | Total | 12,003,417,016 | | | | | 2,206,548 | Rupee Coin | 2,356,280 | | | | | 10,464,300 | Government of India Rupee Securities | 10,464,300 | | | | | – | Internal Bills of Exchange and other Commercial Paper | – | | 11,034,734,496 | Total Liabilities | 12,016,237,596 | 11,034,734,496 | Total Assets | 12,016,237,596 | | Source: Reserve Bank of India, Annual Report 2012-13 | The eligible assets of the Issue Department for backing its currency liabilities consist of gold (coin and bullion), foreign securities, rupee coin, Government of India securities, internal bills of exchange and other commercial papers. Though printing of money per-se is not inflationary, the injection of the same in to the banking system could lead to rise in prices. It may be mentioned in this context, presently the Reserve Bank does not directly monetise fiscal deficit by participating in government securities auctions (primary bond market). The Reserve Bank however, could influence money supply by changing short-term interest rates (which impact currency demand) or by open market operations (by impacting funds available to the banking sector). | | 3117/11-12 DEPR | From where can I procure the History of Reserve Bank of India publication and what is its cost? Please mention full address and phone number of the person whom I can contact to procure the above said publication? | The Reserve Bank of India History 1935 – 1981 (3 volumes) is available at leading book stores in India. It can also be purchased by sending cheques / draft drawn in favour of Reserve Bank of India payable at Mumbai and sent to Director
Division of Reports and Knowledge Disemination
Department of Economic and Policy Research
Reserve Bank of India, Amar Building
Sixth floor, P.M.Road, Fort, Mumbai 400 001.
Phone: 022-22603000 Extn: 4609
Click here to send email The price of the three volume set is Rs. 3700/- (including postal charge). | January 3, 2012 | | 4575/11-12 DEPR | Please send the list of publications published by the Bank and also inform how to subscribe to the publications. | The list of major publications published by Department of Economic Policy Research is given below: 1. RBI Bulletin 2. Weekly Statistical Supplement (WSS) 3. Annual Report 4. Report on Trend and Progress of Banking In India 5. State Finances: A Study of Budgets 6. Report on Currency and Finance 7. Working Papers (published on RBI website only) 8. Occasional Papers 9. DRG Studies Subscription process for the monthly RBI Bulletin and the Weekly Statistical Supplement is as follows: | Single Issue | One year | Three Years | | Monthly Bulletin in India | | | | | (a) Inclusive of Postage | Rs.300* | Rs.2750 | Rs.8000 | | (b) Concessional @Abroad | Rs.240* | Rs. 2400 | Rs.7200 | | Inclusive of Courier Charges | US$14 | US$150 | US$450 | | Weekly Statistical Supplement in India (inclusive of Postage) | Rs.11 | Rs.475 | Rs.1425 | | Abroad (Inclusive of Postage | - | US$30 | US$90 | *The price of a single copy without postage for regular subscription is Rs. 260 and for concessional subscription is Rs. 200.
@ Available for research students, full time teachers, academic institutions and public libraries in India. The Reserve Bank of India Bulletin is also available on Internet at http://www.bulletin.rbi.org.in
Payments should be made by Demand Draft / Crossed Cheque / pay Order drawn in favour of Reserve Bank of India and payable at Mumbai only. The forwarding letter enclosing DD / Crossed Cheque / Pay Order should be addressed to:
The Director, Division of Reports and Knowledge Dissemination, Department of Economic and Policy Research, Reserve Bank of India, Amar Building, 6th Floor, P.M.Road, Fort, Mumbai 400 001. Ph: 022 22603000 Extn. 4609 Fax: 022 22632110 Click here to send email | March 26, 2012 | RIA No 4650/ 2013-14 | 1. When we say that the current account deficit of India is for say x Billion, what exactly is the period that we are referring to. | India’s current account deficit is compiled on quarterly basis capturing all the current account transactions of balance of payments which take place between resident and non-resident entities during a particular quarter. Period coverage is clearly indicated in the Press Release and Statements on the balance of payments (i.e., Annual, half yearly or quarterly). | March 04, 2014 | | 2. Is it updated on daily basis or on monthly basis. | As mentioned under 1, CAD is compiled on a quarterly basis | | RIA 78/2014-15 | Which factors influencing price of gold in India How it affected Indian Economy & Dollar price | Since India imports gold from international market, its domestic prices (in India) are largely influenced by international gold prices. In addition to international price of gold, importer has also to pay customs duty of 10 per cent on value of imported gold which gets added to final local price of gold in India. Apart from these two major factors, there could be some impact of domestic demand and supply factors, which might be impacting local price of gold in India. The international price of gold has increased significantly since 2005-06 which were broadly reflected in trend in domestic gold prices as well. High gold prices, both in international and domestic market, in turn impacted India’s import of gold in these years. This eventually led to stress in India’s balance of payments as current account deficit (CAD) widened in recent years. India’s CAD widened from US$ 48.1 billion in 2010-11 to US$ 78.2 billion in 2011-12 and US$ 88.2 billion in 2012-13. High CAD had also put downward pressure on rupee exchange rate against dollar in 2012-13 and Q1 of 2013-14. However, a sharp decline in international gold prices in 2013-14, along with various measures undertaken by the Government and the Reserve Bank helped in reducing gold imports during 2013-14. With lower imports, India’s CAD also narrowed sharply to US$ 32.4 billion in 2013-14. In recent months, rupee exchange rate against dollar has also stabilised. Table 1: Gold Prices | Year | Price | Percentage Change over Previous Year | | Rs. Per 10 gram (Mumbai) | US$ per troy ounce (London) | Rs. Per 10 gram (Mumbai) | US$ per troy ounce (London) | | 2004-05 | 6145.38 | 413.95 | 7.5 | 9.6 | | 2005-06 | 6900.56 | 476.58 | 12.3 | 15.1 | | 2006-07 | 9240.32 | 628.41 | 33.9 | 31.9 | | 2007-08 | 9995.62 | 765.78 | 8.2 | 21.9 | | 2008-09 | 12889.74 | 867.19 | 29.0 | 13.2 | | 2009-10 | 15756.09 | 1023.03 | 22.2 | 18.0 | | 2010-11 | 19227.08 | 1293.53 | 22.0 | 26.4 | | 2011-12 | 25722.42 | 1644.87 | 33.8 | 27.2 | | 2012-13 | 30163.93 | 1653.51 | 17.3 | 0.5 | | 2013-14 | 29190.39 | 1326.68 | -3.2 | -19.8 | | | Information pertaining to Financial Markets | RIA No | Information Sought | Reply given / Information provided | Date of Reply | | E/00803 | I have tried to find the information about the exchange rate value of pound against Indian Rupees but it is not available in any bank or on RBI website so I request you to provide me the information of exchange rate value of pound from May 2, 2017 to May 10, 2017. | The historical data of reference rates of GBP/INR, before July 10, 2018 is available on the RBI website on the Home Page- Current Rates>Exchange Rates> Archives. The link is as under: https://www.rbi.org.in/scripts/ReferenceRateArchive.aspx
Since July 10, 2018, FBIL (Financial Benchmarks India Ltd.) computes and publishes the USD/INR, EURO/INR, GBP/INR and JPY/INR Reference Rates. The link is given below: https://www.fbil.org.in/#/home | February 03, 2021 | P03352
P03352 | US $, selling rate chart, for making import payment, for the period 01.09.2021 to 21.09.2021. | From July 10, 2018, Financial Benchmarks India Private Limited (FBIL) started computation and publication of the Reference Rate for USD/INR and other major currencies. The link is given below: https://www.fbil.org.in/#/home.
Accordingly, Reserve Bank of India (RBI) discontinued the publishing of Reference Rate for USD/INR and other major currencies from this date. Please refer to our Press Release dated July 04, 2018 on Computation and Dissemination of Reference Rate- Taking Over by Financial Benchmarks India Private Limited (FBIL). The link is given below: https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=44393 | October 05, 2021 | | What is the basis to be followed by the concerned bank, to charge buying rate of US $. | Please refer to Para 6.1 of Master Circular on Customer Service in Banks dated July 1, 2015. The decision to prescribe service charges has been left to individual banks. While fixing service charges for various types of services like charges for cheque collection, etc., banks should ensure that the charges are reasonable and are not out of line with the average cost of providing these services. Banks should also take care to ensure that customers with low volume of activities are not penalized. The link is given below: https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=9862&fn=2&Mode=0 | October 05, 2021 | | E/08768 | To know, whether Forex trading using a platform provided by registered broker is legal in India for below mentioned currency pairs-
EUR-USD
GBP-USD
USD-JPY
XAU-USD
XAG-USD
Please add if any other pair is legal. | I. As per Section 3 (a) of the Foreign Exchange Management Act (FEMA), 1999, save as otherwise provided in FEMA, 1999, rules or regulations made thereunder, or with the general or special permission of the Reserve Bank, no person shall deal in or transfer any foreign exchange or foreign security to any person not being an authorised person.
II. As per Section 5 and 6 of the Foreign Exchange Management Act (FEMA), 1999, any person may sell or draw foreign exchange to or from an Authorised Person for permitted current and capital account transactions. III. As per Regulation 4 read with Schedule I of the Foreign Exchange Management (Foreign exchange derivative contracts) Regulations, 2000 [Notification no. FEMA 25/2000-RB dated May 3, 2000], a person, whether resident in India or resident outside India, may enter into a foreign exchange derivative contract with an authorised dealer only. List of authorised dealers is available on the following link: https://www.rbi.org.in/scripts/category.aspx IV. As per this list, the broker providing forex trading platform is not an authorised dealer. V. As per Para 3(1) of the Electronic Trading Platforms (ETP) (Reserve Bank) Directions, 2018 [Notification No.FMRD.FMID.08/2018 dated October 05, 2018], no entity shall operate an ETP without obtaining prior authorisation of the RBI under these directions. The link is as follows: https://www.rbi.org.in/scripts/FS_Notification.aspx?Id=11385&fn=6&Mode=0 VI. Platform referred in the RTI is not authorised under the Electronic Trading Platforms (Reserve Bank) Directions, 2018. VII. Also, please refer to the press release (2010-2011/1196 dated February 21, 2011) on ‘RBI Advisory on Overseas Forex Trading through Electronic/ Internet Trading Portals’, available on the bank’s website at https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=23941 VIII. As regards permitted currency pairs:
i. Currency pairs permitted in cash/tom/spot transactions: As per Para 5 and 6 of the Foreign Exchange Management Act (FEMA), 1999, residents may buy or sell foreign exchange for permitted current and capital account transactions. Therefore, the currency pair of the Forex transaction shall be in line with the currency in which the underlying current/capital account transaction is denominated. ii. Currency pairs permitted in derivative transactions:
a. In OTC market transactions: As per the Foreign Exchange Management (Foreign exchange derivative contracts) Regulations, 2000 [Notification no. FEMA 25/2000-RB dated May 3, 2000] read with Master Direction-Risk Management and Inter-Bank Dealings dated July 05, 2016 (as updated from time to time), residents may undertake foreign exchange derivative transactions involving INR for the purpose of hedging exchange rate risk on transactions permissible under the FEMA, 1999. Foreign exchange derivative transactions not involving INR can be undertaken for purpose other than hedging. There is no restriction on currency pair in both these cases. Please refer to the following link: https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=10485&fn=6&Mode=0
b. In exchange traded derivative transactions: As per the Foreign Exchange Management (Foreign exchange derivative contracts) Regulations, 2000 [Notification no. FEMA 25/2000-RB dated May 3, 2000] read with Currency Futures (Reserve Bank) Directions, 2008 [Notification No. FED.1/DG(SG)-2008] dated August 6, 2008, as amended from time to time, and the Exchange Traded Currency Options (Reserve Bank) Directions, 2010 [Notification No. FED.01 / ED (HRK) - 2010] dated July 30, 2010, as amended from time to time, residents are permitted to enter into currency futures and options contracts in USD-INR, EUR-INR, GBP-INR, JPY-INR, EUR-USD, GBP-USD and USD-JPY on the stock exchanges recognised by the Securities and Exchange Board of India (SEBI) in India. Please refer to the following links:
https://rbi.org.in/Scripts/NotificationUser.aspx?Id=4410&Mode=0
https://rbi.org.in/Scripts/NotificationUser.aspx?Id=5913&Mode=0
https://www.rbi.org.in/scripts/FS_Notification.aspx?Id=10172&fn=5&Mode=0 | November 12, 2021 | | E06615 | Is foreign exchange trading legal in India? | i. Resident persons are permitted to undertake forex transactions only with authorised persons and for permitted purposes, in terms of the Foreign Exchange Management Act, 1999 (FEMA). List of authorised persons is available on the following link: https://www.rbi.org.in/scripts/category.aspx. ii. Further, as per Para 3 (1) of the Electronic Trading Platforms (ETP) (Reserve Bank) Directions, 2018 [Notification No.FMRD.FMID.07/2018-19, dated October 05, 2018], no entity shall operate an ETP without obtaining prior authorisation of the RBI under these directions. List of ETPs authorised by the RBI is available on the following link: https://rbi.org.in/scripts/bs_viewcontent.aspx?Id=4080. iii. Also, please refer to RBI Press Release (2021-2022/1660) dated February 03, 2022 and Press Release (2022-2023/835) dated Sep 07, 2022 available on the RBI website at https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53216 and https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=54333 respectively. You may also refer to Frequently Asked Questions (FAQs) on forex transactions available on the RBI website at https://rbi.org.in/Scripts/FAQView.aspx?Id=146 for guidance. | 17-10-2022 | | T01227 | Is binary trading and contract for deference in relation to forex trading platform legal in India? | Binary trading and Contract for Difference (CFD) in foreign exchange are not permitted in India. | 13-01-2023 | | T01227 | Why citizen of India in Indian Territory allowed to use app and website of Binary transaction in foreign exchange and contract for deference? | Resident persons are permitted to undertake forex transactions only with authorised persons and for permitted purposes, in terms of the Foreign Exchange Management Act, 1999. | 13-01-2023 | | E00584 | The RBI had published an alert list containing list of banned forex traders. We know that the bank accounts of these traders has been frozen by RBI. This account had huge amounts of money which normal citizens of our countries had invested not knowing the legality of these traders. So, I would like to know that is there any process by which common people can get their money back from these forex traders whose assets have been frozen by RBI. | The Reserve Bank of India has not frozen any accounts / assets of the entities mentioned in the 'Alert List' available on the RBI website at https://rbi.org.in/scripts/bs_viewcontent.aspx?Id=4235.
Complaints regarding unauthorised electronic trading platforms for forex transaction may be filed on the National Cyber Crime Reporting Portal (https://cybercrime.gov.in). This portal is an initiative of the Government of India to facilitate victims/complainants to report all types of cybercrime complaints online. Complaints reported to the portal are dealt by respective police authorities of States/ UTs based on the information provided by the complainants. Complaints may also be filed with Enforcement Directorate (ed-del-rev@nic.in) and respective police authorities of States/UTs. | February 02, 2023 | Information pertaining to Financial Inclusion and Development | RIA No | Information Sought | Reply given/ Information provided | Date of Reply | | | What is the rate of interest on agricultural loans that can be charged by the financial institutions under RBI? | 1. In terms of Master Directions – Reserve Bank of India (Interest Rate on Advances) Directions 2016 (updated as on February 26, 2020), the interest rate on agricultural advances and advance to farmers shall be charged as per the instructions contained in the following circulars:
i) RPCD.No.PLFS.BC.60/PS.165-85 dated June 06, 1985 stipulated that the total interest debited to an account should not exceed the principal amount in respect of agricultural advances to small and marginal farmers, and,
ii) RPCD.No.PLFS.BC.129/05.02.27/97-98 dated June 29, 1998 stipulated that in respect of short duration crops and allied activities, compounding of interest by banks to agricultural advances be applied only if the loan/instalment becomes overdue.
2. In terms of para 13 (a) of Master Directions - Reserve Bank of India (Interest Rate on Advances) Directions 2016 (updated as on February 26, 2020) for loans covered by schemes specifically formulated by the Government of India, banks have to charge interest rates as per scheme. Accordingly, the interest rate under the Interest Subvention scheme shall be governed by RBI circulars FIDD.CO.FSD.BC.No.15/05.02.001/2018-19 dated March 7, 2019 (for short term crop loans) and FIDD.CO.FSD.BC.No.10/05.02.001/2019-20 dated August 26, 2019 (for animal husbandry, dairying and fisheries). | | | | What are the Reserve Bank of India's guidelines on One Time Settlement (OTS) to small and medium enterprises | In terms of circular RPCD.CO.MSME & NFS.BC.40/06.02.31/2012-2013 dated November 1, 2012 all Scheduled Commercial banks were advised to put in place a Non-discretionary One Time Settlement scheme for recovery of non-performing loans for the MSE sector, duly approved by the Board of Directors. The circular is available on our website www.rbi.org.in. | | | | What are RBI guidelines on Education Loans? | Reserve Bank of India vide its Circular RPCD.PLNFS.BC.N. 83/ 06.12.05/2000-01 dated April 28, 2001 on ‘Educational Loan Scheme’ had forwarded the Model Education Loan Scheme prepared by Indian Banks’ Association (IBA), for implementation by all Scheduled Commercial Banks (SCBs). The scheme has since been modified by IBA from time to time. The Scheme provides broad guidelines to the banks and implementing bank will have the discretion to make changes suiting to the convenience of students/parents etc. The scheme can be accessed at IBA’s website. | | | What are the guidelines pertaining to PMEGP scheme? | The PMEGP Scheme was formulated by Government of India and circulated by Reserve Bank of India. Vide its circular RPCD.PLNFS.BC.41/09.04.01/2008-2009 dated October 10, 2008, which is available on our website www.rbi.org.in. | | | | What are the guidelines pertaining to resolution of stressed MSME units? | In consultation with the Government of India, Ministry of MSME, RBI had issued the guidelines on the Framework for Revival and Rehabilitation of MSMEs along with operating instructions to banks vide Circular FIDD.MSME & NFS.BC.No.21/06.02.31/2015-16 dated March 17, 2016. The revival and rehabilitation of MSME units having loan limits up to ₹25 crore are undertaken under this Framework. The Committee approach is to be adopted for deciding corrective action plan which includes rectification, restructuring and recovery. The circular is available on our website www.rbi.org.in | | 1.
RBIND/ R/2018/ 01994/6 dated May 08, 2018 | Recently is there any Awareness Campaign available with RBI for promotion of Financial Literacy in Educational Institutions, if yes what were the provisions and procedures, if so furnish details from 2012 to Till Now. | Reserve Bank of India (RBI) disseminates financial literacy through its Regional Offices (ROs) and Scheduled Commercial Banks (SCBs). With a view to spread financial literacy among school/college students, RBI has issued following guidelines to SCBs and its ROs:
a) Regional offices of RBI have been advised since 2014 to target school and college students in the activities undertaken by them under Financial Literacy Initiatives, for inculcating saving and responsible banking habits. Regional offices of RBI conduct the financial literacy programs in schools/colleges.
b) With a view of commencing financial education at school level with incorporation of Financial Education in School Curriculum, Regional offices of RBI have been advised in 2015 to get the financial education workbooks (developed by CBSE) translated into vernacular language and pursue with the state education boards in their jurisdiction to adopt the financial education workbooks in their school curriculum.
c) In 2016, Financial Literacy Centres operated by Banks have been advised to adopt a tailored approach for different target groups viz. Farmers, Micro and Small Entrepreneurs, School Children, SHGs, Senior Citizens etc while conducting financial literacy programs.
d) In addition to the above, RBI has developed tailored financial literacy content for five target groups' viz. Farmers, Small entrepreneurs, School children, Self Help Groups and Senior Citizens that can be used by the trainers in financial literacy programmes. | May 23, 2018 |
| Sr. No. | RIA Number | Applicant’s query | Our reply | | 1 | RBIND/R/E/22/00232 | CGTMSE fee yadhi account se jyadha kat liya gaya hai to uski shikiyat kaha kare? | किसी भी बैंक के खिलाफ बैंकिंग सेवाओं में कमी से संबंधित विशेष शिकायत के मामले में, इसे संबंधित बैंक में दर्ज किया जा सकता है। यदि एक महीने के भीतर शिकायत का कोई जवाब नहीं मिलता है या बैंक से असंतोषजनक प्रतिक्रिया होती है, तो वह 'रिज़र्व बैंक - एकीकृत लोकपाल योजना, 2021' से संपर्क कर सकता है, जो बैंक ग्राहकों को बैंकिंग सेवाओं में कमी से संबंधित उनकी शिकायतों के समाधान के लिए एक त्वरित और सस्ता मंच प्रदान करता है। पूर्वोक्त योजना के तहत शिकायतें समर्पित ई-मेल (crpc@rbi.org.in) के माध्यम से योजना में दिए गए प्रारूप के अनुसार दर्ज की जा सकती हैं। या भारतीय रिजर्व बैंक, चौथी मंजिल, सेक्टर 17, चंडीगढ़ - 160017 में स्थापित केंद्रीकृत रिसीप्ट और प्रोसेसिंग केंद्र'(Centralised Receipt and Processing Centre-CRPC)को भौतिक मोड में भेजी जा सकती हैं। भारतीय रिजर्व बैंक की शिकायत प्रबंधन प्रणाली के तहत https://cms.rbi.org.in पर भी शिकायतें ऑनलाइन दर्ज की जा सकती हैं। | | 2 | RBIND/R/E/22/05829 | Whether it is mandatory to have bank account of all members at the same branch or same bank for opening account of SHG under DAY-NRLM? | As per para 7.1 (Opening of Savings/Current Accounts) of the RBI Master Circular on Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM), the role of banks would commence with opening of accounts for all the SHGs including those having members with disability and for the federations of SHGs.
(i) The SHGs engaged in promoting of savings habits among their members would be eligible to open savings bank accounts.
(ii) For KYC verification pertaining to SHG members, instructions in the Master Direction on KYC (dated February 25, 2016, as updated from time to time) shall be adhered to.
(iii) Business Correspondents deployed by banks may also be authorized to open saving bank accounts of the SHGs, subject to adherence to extant BC guidelines and in accordance with the bank’s Board approved policy on Business Correspondents.
(iv) Opening of savings account of all members with the bank shall not be made a prerequisite for credit linkage of SHGs. Banks are advised to maintain separate savings and loan accounts for SHGs.
For detailed information, you may refer the above mentioned circular on RBI’s website on the link given below:
(https://www.rbi.org.in/Scripts/BS_ViewMasCirculardetails.aspx?id=12665)
(Click on the link to access the given Master Circular/ Circular or type web-link on an internet browser). | | 3 | RBIND/R/E/23/00818 | एक SHG समूह का खाता खोलने के लिए SHG समूह का कार्यालय होना आवश्यक है क्या? | आवेदक को सूचित किया जाता है कि वह दिनांक 01 अप्रैल 2022 के स्वयं सहायता समूह – बैंक सहलग्नता कार्यक्रम पर मास्टर परिपत्र के पैरा 4 ‘बचत बैंक खाता खोलना’ का संदर्भ ग्रहण करें।
उपर्युक्त मास्टर परिपत्र के लिए लिंक सुलभ संदर्भ हेतु सलंग्न है.
https://www.rbi.org.in/hindi/scripts/FS_Notification.aspx?Id=6963&fn=2748&Mode | | 4 | RBIND/R/E/23/02113 | Please provide me a copy of RBI Circular No.RPCD.Plan.BC.15/04.09.01/2001-02 dated 17.08.2001 on Charging of Penal Interest by Banks on Priority Sector Loans | Copy of the circular is attached. The link to access the same is as under: https://rbi.org.in/scripts/NotificationUser.aspx?Id=445&Mode=0 | | 5 | RBIND/R/E/23/02575 | RBI circular RPCD.PLNFS.BC.NO.29/06.02.(II)/99-2000 clearly Say Exemption limit of collateral security/third party guarantee was raised to Rs. 1 lakhs and RBI subsequently the limit was revised from time to time, but RBI circular RPCD.SME & NFS.BC.No.79/06.02.31/2009-10 say up to 10 lakhs mse loan banks are not to accept Collateral security but my question is RBI circular RPCD.PLNFS.BC.NO.29 /06.02.(II)/99-2000 say Exemption of collateral security/third guarantee and RBI circular RPCD.SME &NFS.BC.No.79/06.02.31/2009-10 say not to accept Collateral security above Collateral security mean include third party guarantee? | The circular RPCD.SME & NFS. BC.No.79 /06.02.31/2009-10 on Working Group to Review the Credit Guarantee Scheme for Micro and Small Enterprises (MSEs) – Collateral free loans to MSEs, applies to collateral security only. | | 6 | RBIND/R/E/23/04920 | Required Documents for Kisan Credit Card Loan:
Please provide a list of the documents required when applying for a Kisan Credit Card loan as per RBI guidelines. | i. You may refer to our Master Circular on ‘Kisan Credit Card Scheme’ dated July 04, 2018 available on the link given below: https://rbi.org.in/scripts/FS_Notification.aspx?Id=11325&fn=2754&Mode=0
(Type the web-link on an internet browser to access the given circular)
ii. As per para 13.3 of above said Master Circular, required documents for availing of KCC loan are as per banks’ internal guidelines. | | 7 | RBIND/R/E/23/04920 | Q.1.Security Requirements for Kisan Credit Card Loan:
Share information on the security requirements for KCC loans, both for amounts up to Rs 1 lakh and exceeding Rs 1.6 lakhs and above Rs 1.6 lakhs, in accordance with the RBI guidelines mentioned in the above-mentioned letter. | i. As per para 12.2 of the Master Circular on ‘Kisan Credit Card Scheme’ dated July 4, 2018 furnished in our reply to your query 1 above, Security requirement may be as under: - Hypothecation of crops: For KCC limit upto ₹1.00 lakh banks are to waive margin/security requirements.
- With tie-up for recovery: Banks may consider sanctioning loans on hypothecation of crops up to card limit of ₹3.00 lakh without insisting on collateral security.
- Collateral security: Collateral security may be obtained at the discretion of Bank for loan limits above ₹1.00 lakh in case of non-tie-up and above ₹3.00 lakh in case of tie-up advances.
- In states where banks have the facility of on-line creation of charge on the land records, the same shall be ensured.
ii. Further, you may refer to our circular on ‘‘Credit Flow to Agriculture- Collateral free agricultural loans’ dated February 07, 2019 available on the link given below: https://rbi.org.in/scripts/FS_Notification.aspx?Id=11469&fn=2754&Mode=0
(Type the web-link on an internet browser to access the given circular) | | 8 | RBIND/R/E/23/03851 | What is the eligibility condition for availing education loan? | Information is not available.
However, regarding education loan, Reserve Bank of India vide circular RPCD. PLNFS.BC.NO.83/06.12.05/2000-01 dated April 28, 2001 on ‘Educational Loan Scheme’ has advised all Scheduled Commercial Banks to adopt Model Education Loan Scheme, formulated by Indian Banks’ Association (IBA). The Scheme has since been revised by IBA from time to time and its latest revision is Model Education Loan Scheme (MELS), 2022.
For more details on MELS 2022, you may refer to above scheme available on IBA website, www.iba.org.in and path to access the same is https://www.iba.org.in -> IBA Departments ->Retail Banking -> Educational Loan -> Circulars Issued by IBA -> IBA Model Educational Loan Scheme for Pursuing Higher Education in India and Abroad, 2022. | | 9 | RBIND/R/E/23/03851 | On the educational loan provided by the bank, no guarantee or security is required on the loan up to what amount? | RBI vide circular RPCD.SME&NFS.BC.No.69/06.12.05/2009-10 dated April 12, 2010, on Collateral Free Loans - Educational Loan Scheme, has advised all Scheduled Commercial Banks that banks must not, mandatorily, obtain collateral security in the case of educational loans upto Rs. 4 lakh. | | 10 | RBIND/R/E/23/02780 | Q.1.What is the procedure to close an education loan availed from Indian Overseas Bank only by paying the principal amount after the moratorium period? | Financial Inclusion and Development Department, Central Office has no information to furnish in this regard.
However, regarding education loan, Reserve Bank of India vide circular RPCD. PLNFS.BC.NO.83/06.12.05/2000-01 dated April 28, 2001 on ‘Educational Loan Scheme’ has advised all Scheduled Commercial Banks to adopt Model Education Loan Scheme, formulated by Indian Banks’ Association (IBA). The Scheme has since been revised by IBA from time to time and its latest revision is Model Education Loan Scheme (MELS), 2022.
For more details on MELS 2022, you may refer to above scheme available on IBA website, www.iba.org.in and path to access the same is https://www.iba.org.in -> IBA Departments ->Retail Banking -> Educational Loan -> Circulars Issued by IBA -> IBA Model Educational Loan Scheme for Pursuing Higher Education in India and Abroad, 2022. | | Q.2.When does an education loan turn NPA? | | Q.3.If an education loan turn NPA, What are the procedures available for a one-time settlement that is only paying the Principal amount and closing the loan? | | Q.4.Do the borrowers have the right to demand a one-time settlement for an education loan availed from Indian Overseas Bank? | | Q.5.Whom should I approach if the concerned Branch Manager refuses a one-time settlement? | | Q.6.Can the Indian Overseas Bank file Police Complaint and arrest the borrower if the Education loan is not repaid? | | 11 | RBIND/R/P/24/02562 | Provide the name and details of Lead Banks in districts of Kerala. | The applicant may refer to Annex I to RBI’s Master Circular on Lead Bank Scheme dated April 01, 2024 available at the link
https://rbi.org.in/Scripts/BS_ViewMasCirculardetails.aspx?id=12643 | | 12 | RBIND/R/E/24/03424 | Is it mandatory to submit no due certificate for availing crop loan from bank as still some banks are asking no due for disbursement of fresh crop loan? | Regarding service area approach and requirement of ‘No Due Certificate’, applicant may refer to para 8 and 8.1 of RBI’s Master Circular on Lead Bank Scheme – FIDD.CO.LBS.BC.No.01/02.01.001 /2024-25 dated April 01, 2024 available at Bank’s website (https://rbi.org.in/Scripts/BS_ViewMasCirculardetails.aspx?id=12643) | | 13 | RBIND/R/E/24/02856 | I want to have the information regarding the complete methodology and the entire list of 97 indicators along with their assigned weights in the construction of financial inclusion index for India by Reserve Bank Of India. I want to know the complete step by step process used by RBI in the construction of this financial inclusion index. I want this information for my PhD in economics in which I will be constructing a financial inclusion index at district level. | Please refer to article on ‘Financial Inclusion Index (FI Index) for India’ published in RBI Bulletin (September 2021 edition).
The link for the same is provided below:
(https://www.rbi.org.in/Scripts/BS_ViewBulletin.aspx?Id=20502) | | 14 | RBIND/R/P/24/02390 | We request you please provide us is there any provision for the private financial organization to issue financial loans (Money Lending Act) (exclusive for the Scheduled Areas) if there any orders/license/permission/GO issued by your office. Please provide us the information from FY 2000-01 to 2023-2024 as follows - List of the Money Lending private financial organization of A.P. (exclusive for Scheduled Areas)
- Rate of Interest for those loans
- Maximum - Minimum Tenure and Mode of EMI
- Rate of Interest for the loan
Does and Do Nots while collecting the EMI's | No specific information is available. However, you may refer to the following Master Circular dated April 16, 2024 issued by Reserve Bank of India, which is available on RBI website www.rbi.org.in at the link provided below:
Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)
(https://www.rbi.org.in/Scripts/BS_ViewMasCirculardetails.aspx?id=12664)
(Click on the link to access the given Master Circular/ Circular or type web-link on an internet browser). | | 15 | RBIND/R/P/24/02211 | Give me the information following Point’s about Conditions, Rules and Regulations to maintaining the CFL Centers and program implementation in Telangana State. | CFLs are to be set up at a rented space at the block level and should have basic facilities like furniture, LCD, laptop, help lines for addressing queries, handheld projectors for use during conduct of camps, stock of financial literacy material, seating arrangements, or any other assets considered necessary.
Each Centre is expected to usually cater to 3 blocks. NGOs are required to include all segments of population in their training activities, however it is desirable that focused intervention should be towards women, working members of the family, young adults and vulnerable segments of the community such as differently abled who have remained excluded from the financial system. | | 16 | RBIND/R/P/24/02232 | Provide all government schemes in saving bank account. Like- Insurance, Pension plan and other | You may refer to the following Master Circulars issued by Reserve Bank of India on select Govt. of India schemes. These Master Circulars are available on RBI website www.rbi.org.in at the link provided below:
a) Master Circular - Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM)
(https://www.rbi.org.in/Scripts/BS_ViewMasCirculardetails.aspx?id=12665)
b) Master Circular - Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM)
(https://www.rbi.org.in/Scripts/BS_ViewMasCirculardetails.aspx?id=12066) | | 17 | RBIND/R/T/24/00361 | What is being done to help more people access banking services? | “In order to systematically accelerate the level of financial inclusion in the country in a holistic manner, the National Strategy for Financial Inclusion (NSFI): 2019-24 has been put in place. NSFI sets forth the vision and key objectives of the Financial Inclusion policies in India to expand the reach and sustain the efforts through a broad convergence of action involving all the stakeholders in the financial sector. As per one of the recommendations of NSFI:2019-24, more than 99 percent of identified villages have been provided some form of banking services within a radius of 5 KM / hamlet of 500 households”. | | 18 | RBIND/R/E/24/01734 | I request you to provide the data pertaining to priority sector lending targets achievement (in absolute figures and % to their ANBC) of below mentioned banks for the last five financial years (FY2022-23,FY2021- 22,FY2020-21, FY2019-20,FY2018-19). | Data on bank-wise outstanding advances to Priority Sector can be accessed from the following path:
www.rbi.org.in->statistics->Database on Indian Economy->Time Series Publications->Statistical Tables relating to Banks in India->Other Tables-Table No:4 | | 19 | RBIND/R/E/24/01734 | And also I request you to provide the data pertaining to Priority sector lending certificates (PSLC) (in absolute figures and % to their actual PSL figures) purchased by these banks for mentioned years.
Bank Names:
1) State Bank of India
2) Bank of Baroda
3) Canara Bank
4) ICICI Bank
5) HDFC Bank
6) Axis Bank | The information pertaining to PSLCs traded by a bank can be accessed from ‘Disclosures to the Balance Sheet’ of the respective banks, in terms of point no. xiv of our circular FIDD.CO.Plan.BC.23/04.09.01/2015-16 dated April 7, 2016 issued on Priority Sector Lending Certificates (https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10339&Mode=0) | | 20 | RBIND/R/E/24/01734 | I request you to provide the data by below mentioned categories wise and also overall PSL achievement.
i. Agriculture
ii. Micro, Small and Medium Enterprises
iii. Export Credit
iv. Education
v. Housing
vi. Social Infrastructure
vii. Renewable Energy
viii. Others | Data on bank-wise outstanding advances to Priority Sector can be accessed from the following path:
www.rbi.org.in->statistics->Database on Indian Economy->Time Series Publications->Statistical Tables relating to Banks in India->Other Tables-Table No:4 | | 21 | RBIND/R/E/24/03792 | Q.1.The guidelines and eligibility criteria for sanctioning loans to Micro, Small, and Medium Enterprises (MSME). | Information is not available.
However, the Reserve Bank of India has, from time to time, issued a number of instructions/guidelines to banks relating to lending to the Micro, Small and Medium Enterprises Sector. The Master Direction FIDD.MSME & NFS.12/06.02.31/2017-18 dated July 24, 2017 (Updated as on June 11, 2024) on Lending to Micro, Small & Medium Enterprises (MSME) Sector incorporates the updated instructions/guidelines on the subject. | | Q.2.The documentation and collateral requirements, if any, for MSME loans. | Information is not available.
However, in term of para 4 of the above-mentioned Master Direction following guidelines have been issued: - As per para 4.1, banks are mandated not to accept collateral security in the case of loans up to ₹10 lakh extended to units in the Micro and Small Enterprises sector.
- And as per para 4.7.(ii), banks have been advised to furnish the MSME borrowers with an indicative checklist of documents required for processing the loan application at the time of applying for the loan.
| | 22 | RBIND/R/P/24/03412 | किसान क्रेडिट कार्ड के लिए न्यूनतम कितनी जमीन का स्वामितत्व होना चाहिए | विशिष्ट जानकारी उपलब्ध नहीं है। हालांकि, आप हमारे किसान क्रेडिट कार्ड योजना से संबंधित निम्न परिपत्रों का संदर्भ ले सकते है-
i. ‘किसान क्रेडिट कार्ड योजना’ पर दिनांक 04 जुलाई 2018 का परिपत्र नीचे दी गई लिंक पर उपलब्ध है – https://www.rbi.org.in/hindi/scripts/FS_Notification.aspx?Id=6079&fn=2748&Mode
ii. ‘किसान क्रेडिट कार्ड (केसीसी) योजना : पशुपालन और मत्स्य पालन के लिए कार्यशील पूंजी’ पर दिनांक 04 फरवरी 2019 का परिपत्र नीचे दी गई लिंक पर उपलब्ध है –
https://www.rbi.org.in/hindi/scripts/FS_Notification.aspx?Id=6199&fn=2748&Mode=0
iii. ‘किसान क्रेडिट कार्ड योजना : मत्स्य पालन/ एक्वाकल्चर में संलग्न किसानों के लिए पात्रता मानदंड’ पर दिनांक 18 मई 2022 का परिपत्र नीचे दी गई लिंक पर उपलब्ध है – https://www.rbi.org.in/hindi/scripts/FS_Notification.aspx?Id=7008&fn=2748&Mode
(दिए गए परिपत्र तक पहुंचने के लिए वेबलिंक को इंटरनेट ब्राउज़र पर टाइप करें।) | | 23 | RBIND/R/P/24/02232 | Provide all government schemes in saving bank account. Like- Insurance, Pension plan and other. | You may refer to the following Master Circulars issued by Reserve Bank of India on select Govt. of India schemes. These Master Circulars are available on RBI website www.rbi.org.in at the link provided below:
a) Master Circular - Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM)
(https://www.rbi.org.in/Scripts/BS_ViewMasCirculardetails.aspx?id=12665)
b) Master Circular - Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM)
(https://www.rbi.org.in/Scripts/BS_ViewMasCirculardetails.aspx?id=12066)
(Click on the link to access the given Master Circular/ Circular or type web-link on an internet browser). | | 24 | RBIND/R/P/24/02390 | We request you please provide us is there any provision for the private financial organization to issue financial loans (Money Lending Act) (exclusive for the Scheduled Areas) if there any orders/license/permission/GO issued by your office. Please provide us the information from FY 2000-01 to 2023-2024 as follows - List of the Money Lending private financial organization of A.P. (exclusive for Scheduled Areas)
- Rate of Interest for those loans
- Maximum - Minimum Tenure and Mode of EMI
- Rate of Interest for the loan
Does and Do Nots while collecting the EMI's | No specific information is available. However, you may refer to the following Master Circular dated April 16, 2024 issued by Reserve Bank of India, which is available on RBI website www.rbi.org.in at the link provided below:
Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)
(https://www.rbi.org.in/Scripts/BS_ViewMasCirculardetails.aspx?id=12664)
(Click on the link to access the given Master Circular/ Circular or type web-link on an internet browser). | Information pertaining to Government and Bank Accounts | Sr. No. | RIA No | Information Sought | Reply given/ Information provided | Date of Reply | | 1. | RBIND/R/P/22/01449 | Please furnish the details of income accrued to the Govt. of India from Reserve Bank of India by transfer of funds from RBI | The information on the surplus payable to the Central Government each year is given in the chapter on 'The Reserve Bank's Accounts' forming part of 'Annual Report' of the respective years. The same is available on RBI Website, the link for which is given below:
https://rbi.org.in/Scripts/AnnualReportMainDisplay.aspx | May 24, 2022 | | 2. | RBIND/R/E/22/06028 | Sir, Request provide information regarding the authority and process of recovery of dues from pension account as well as monthly pension by the concerned bank CPPC. | Reserve Bank of India has no information on the authority and process of recovery of dues from pension account as well as monthly pension by the concerned bank CPPC.
However, Reserve Bank of India, vide Para 5 & 6 of its Master Circular DGBA.GBD.No.S2/31.02.007/2022-23 dated April 01, 2022 has stated as under: -
“Refund of excess pension payment to Government
5. Whenever any excess/overpayment is detected the entire amount thereof should be credited to the Government account in lump sum immediately when the excess/overpayment is due to an error on the part of the agency bank. This action is independent of recovery from the pensioner. Agency banks are requested to seek guidance from respective Pension Sanctioning Authorities regarding the process to be followed for recovery of excess pension paid to the pensioners, if any.
6. If the excess/wrong payment to the pensioner is due to errors committed by the government, banks may take up the matter with the full particulars of the cases with respective Government Department for a quick resolution of the matter. However, this must be a time bound exercise and the government authority’s acknowledgement to this effect must be kept on the bank’s record. The banks may take up such cases with government departments without reference to the Reserve Bank of India.”
The aforesaid Master Circular is available at https://rbi.org.in/Scripts/BS_ViewMasCirculardetails.aspx?id=12275. | September 15, 2022 | | 3. | RBIND/R/E/22/06496 | If the pensioner wants details of pension paid during a financial year or Pension Payment Slip, whom should he/she approach? | RBI does not have any information in this regard.
RBI has not issued any instructions in the matter. Hence, the pensioner may approach Pension Disbursing Bank or concerned Government Department, as the case may be, for details of pension paid during a financial year or pension payment slip. | September 30, 2022 | | 4. | RBIND/R/E/22/06496 | Whether a pensioner is entitled for any compensation from the bank for delayed credit of arrear of pension? | As per Para 18 (a) of Reserve Bank of India Master Circular on Disbursement of Government Pension by Agency Banks dated April 01, 2022: -
“Pension paying banks should compensate the pensioner for delay in crediting pension/arrears thereof at a fixed interest rate of 8 percent per annum for the delay after the due date of payment and the compensation shall be credited to the pensioner’s account automatically without any claim from the pensioner on the same day when the bank affords credit for revised pension / pension arrears, in respect of all delayed pension payments made since October 1, 2008.” The above circular is available at: -https://www.rbi.org.in/Scripts/BS_ViewMasCirculardetails.aspx?id=12275. | September 30, 2022 | | 5. | RBIND/R/E/22/06495 | If the pensioner has a query or requires clarification on the amount of pension paid, what should he/she do? | RBI does not have any information in this regard.
RBI has not issued any instructions in the matter. Hence, the pensioner may approach his respective Pension Sanctioning Authority or pension disbursing bank, for clarification on the amount of pension paid. | September 30, 2022 | | 6. | RBIND/R/E/22/06702/1 | At present, how much and in what form the total asset (securities) are with the Reserve Bank. Provide certified information. | The information on Assets (Securities) with Reserve Bank of India is given in the chapter on ‘The Reserve Bank’s Accounts’ forming part of ‘Annual Report’. The same is available on RBI website, the link for which is given below:
https://rbi.org.in/Scripts/AnnualReportMainDisplay.aspx | October 10, 2022 | | 7. | RBIND/R/E/22/07288/1 | Total revenue of RBI globally for the financial year 2021-22 | The information on revenue of Reserve Bank of India is given in the chapter on 'The Reserve Bank's Accounts' forming part of 'Annual Report'. The same is available on RBI Website, the link for which is given below:
https://rbi.org.in/Scripts/AnnualReportMainDisplay.aspx | November 07, 2022 | | 8. | RBIND/R/E/22/08435 | Sir please provide me complete guideline issued to Bank regarding submitting the life certificate of pensioner /family pensioner | As per Para 13 of RBI Master Circular Ref. DGBA.GBD.No.S2/31.02.007/2022-23 dated April 01, 2022: -
“There have been complaints that life certificates submitted over the counter of pension paying branches are misplaced causing delay in payment of monthly pensions. In order to alleviate the hardships faced by pensioners, agency banks were instructed to mandatorily issue duly signed acknowledgements. They were also advised to consider entering the receipt of life certificates in their CBS and issue a system generated acknowledgement which would serve the twin purpose of acknowledgement as well as real time updation of records”.
No other instructions have been issued by RBI in this matter. However, detailed guidelines in this regard are issued by concerned pension authorities i.e. in case of Central Government pension, Central Pension Accounting Office and in case of State Government pension, the concerned State Level authorities.
Further, as the Department of Pension & Pensioners' Welfare (DoPPW) is the nodal department for formulation of policies relating to pension and other retirement benefits, the queries are transferred to CPIO, DoPPW u/s 6 (3) of RTI Act, 2005 for necessary action. | January 05, 2023 | | 9. | RBIND/R/E/24/02524/1 | Name of the shareholders of Reserve Bank of India along with their % of shareholding as on today. | As per Section 3(1)(a) of The Reserve Bank (Transfer to Public Ownership) Act, 1948, “All shares in the capital of the Bank shall by virtue of this Act be deemed to be transferred free of all trusts, liabilities and encumbrances to the Central Government”. | May 03, 2024 | | 10. | RBIND/R/T/24/00610/1 | I want to know how much money has the Indian government withdrawn from the RBI reserve fund or RBI capital reserve between 2014 and 2024 | The information on Capital and Reserve Fund of Reserve Bank of India is given in the chapter on ‘The Reserve Bank’s Accounts’ forming part of ‘Annual Report’ for the respective years. The same is available on RBI Website, the link for which is given below:
https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1412 | June 26, 2024 | Information pertaining to Human Resource Management | RIA No | Information Sought | Reply given/ Information provided | Date of Reply | | 53381/2019-20 | RBI assistant promotion policy and structure | As per the rules prevalent at present, all Class III employees (other than Pharmacists and Junior Engineers) who have completed at least three years of regular full-time service in the Class III cadre in the Bank as on December 31 of the preceding year are eligible to appear for the promotional examination from Assistant to Grade A.
Class III employee is promoted to the post of Assistant Manager if his/her name appear in the Merit list, which is prepared based on the performance of the eligible Class III employee in the written/ online examination, interview, on-job performance, leave and discipline record etc. | August 20, 2019 | | 53456/2019-20 | Is compassionate ground appointments given in RBI for employees who deceased while in service. | In case of employee dying in harness, Compassionate appointment is offered to one among the next of kin where an employee
i) dies while performing his official duty as a result of violence, terrorism, robbery or dacoity; or
ii) dies within five years of his appointment in the Bank or before he reaches the age of 30 years, whichever is later, leaving a dependent spouse and/or minor children. | August 22, 2019 | | 54244/2019-20 | Please provide number of offices of RBI located in each states of north eastern region of India. | There are no offices of RBI in North Eastern Region of India. However, RBI has four branches and two sub-offices located in the North Eastern region of India. For more details please visit the following link https://www.rbi.org.in/Scripts/profilelink.aspx on our website www.rbi.org.in. | October 01, 2019 | | 55414/2019-20 | Places of RBI offices all over INDIA | Reserve Bank of India has 31 offices/ branches all over India.
Please visit the following link https://www.rbi.org.in/Scripts/RegionalOffices.aspx on our website www.rbi.org.in. | December 09, 2019 | | 55483/2019-20 | Complete list of STAFF WELFARE SCHEMES provided by the bank to its Officer Employees of different grades | Bank's accommodation, subject to availability, reimbursement of expenses for maintenance of vehicle for official purpose, newspaper, telephone charges, book grant, allowance for furnishing of residence, etc. as per eligibility. Medical facility as per eligibility, Leave Fare Concession (once in two years). Loans and Advances at concessional rates of interest for Housing, Vehicle, Education, Consumer Articles, Personal Computer, Festivals etc. New recruits are governed by 'the defined contribution New Pension Scheme (NPS)', in addition to the benefit of Gratuity.
Please refer to the following link https://opportunities.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=3766 on our website www.rbi.org.in. | December 11, 2019 | | RBIND/R/E/21/04169 | Whether any reserve list is maintained for the recruitments conducted? | Yes.
A separate list up to 30% of the number of vacancies released for recruitment may be drawn up as ‘Reserve List’. | June 04, 2021 | | RBIND/R/E/21/05674 | Do RBI has reservation in its recruitment | Yes. | August 09, 2021 | | If yes, how vacancies are determined for reserved category? | The criteria adopted to provide reservation for categories are the instructions/ guidelines issued by Government of India/ Department of Personnel and Training (DoPT) on providing reservation from time to time. | | RBIND/R/E/21/06227 | what are the transfer policies of RBI assistant within same zone to different regional office (example - Transfer from Mumbai office to Nagpur office) | The requests for transfer of Class III employees serving in the Bank are considered on case-to-case basis subject to administrative convenience. | September 03, 2021 | | RBIND/R/E/21/07051 | Would like to know whether bond can be transferred to RBI from current employer as both are Central Govt. Enterprises. | Bond is transferred as per the guidelines of Memorandum- DPE O.M. No. 15(2)/2003-DPE(GM)/GL-57 dated 29th July 2004 issued by Department of Public Enterprise, Bureau of Public Enterprises, Government of India, New Delhi. | September 24, 2021 | | RBIND/R/E/21/07234 | what types of work an office attendant does | Class IV Staff is required to perform all such duties that are assigned to them by Bank from time to time. | October 04, 2021 | | RBIND/R/E/21/09475 | What is the promotion policy in RBI for office attendants? | Promotion to the post of Asistant in Class III (through online examination)-
A Class lV employee with a Bachelor's degree in any discipline who has worked as a full time employee in Class lV for at least 8 years continuously as on the date of the notification of the examination or a Class lV employee who has passed Standard Xll or an examination of an equivalent standard and has a certificate in Computer Proficiency and has worked as a full time employee in Class lV for at least 13 years continuously as on the date of the notification of the examination is eligible to appear for promotion examination for the post of Assistant in Class III.
Vacancy based promotion to the post of Assistant Care Taker(ACT)-
Employees in all pay groups in Class IV are considered eligible for the posts, subject to seniority and suitability to be determined based on service record and screening through interview. | December 29, 2021 | RBIND/R/E/22/05211 | If any vacency in any category remain vacant for not getting suitable candidate, those Backlog is carried forward for SC/ ST/ OBC/ PwBD candidates. vacency carry forward for the next notification or not? | Backlog is carried forward for SC/ ST/ OBC/ PwBD candidates | September 04, 2022 | | RBIND/R/E/22/05831 | What is the final cutoff of PWBD RBI office attendant 2020, Kanpur office. | There is no separate cutoff for the PwBD Candidates. All PwBD candidates are placed in their respective social category. | September 30, 2022 | | RBIND/R/E/22/05945 | After how many year a PWBD candidate can change his/her office? What about transfer policy? | Requests of PwBD officers to be posted to centres of their choice or for retention at a centre may be considered with due sympathy, considering the nature of disability and subject to the overall consideration of career development path of the individual officer and/or administrative exigencies. Such requests are dealt with on a case to case basis. | October 04, 2022 | | RBIND/R/E/22/07551 | What are the medical tests conducted for the RBI Grade recruitment required to be fit for RBI Grade B officer | The candidate selected for the post must undergo the following Medical / Diagnostic tests:
-Physical Examination
-CBC/ ESR
-FBS/ PPBS/ SGPT
-S. Creatinine
- Urine: R
-X-Ray Chest-P.A. View
-ECG
-Eye Testing
However, the final selection of the candidate for any post in RBI is subject to meeting prescribed Medical tests as evaluated by the Bank’s Medical Officer | December 14, 2022 | | RBIND/R/E/22/06083 | Please list exact parameters of health indicators, including tests if any which would make a candidate eligible to join the services of the bank as an Assistant | October 10, 2022 | | RBIND/R/E/22/06764 | Mention working office hours of RBI Assistant | 7 hours 15 minutes on week days (Monday to Friday) excluding Lunch recess of 30 minutes. | November 08, 2022 | | RBIND/R/E/22/06764 | What is the promotion policy and process after joining as an RBI Assistant | As per the rules prevalent at present, all Class III employees (other than Pharmacists and Junior Engineers) who have completed at least three years of regular full-time service in the Class III cadre in the Bank as on the date of notification are eligible to appear for the promotional examination from Assistant to Grade A. | November 08, 2022 | | RBIND/R/E/22/06764 | Mention the nature of duties and type of work of an RBI Assistant | The work profile of Assistants in Class III is available here. | November 08, 2022 | | RBIND/R/E/22/06764 | Category wise break up of number of vacancies in each of Kanpur, Lucknow and Dehradun office | Please refer to the relevant recruitment notification on our official website https://www.rbi.org.in. | November 08, 2022 | | RBIND/R/E/22/06764 | Describe all kinds of perks and allowances and all other benefits that an RBI assistant gets after joining. | The requested information is available in the recruitment notification. Please refer the link https://opportunities.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=4085 | November 08, 2022 | | RBIND/R/E/22/07222 | I also want to know whether pay protection is provided to ex-servicemen or not. | Pay protection of ex-servicemen in RBI is done as per GOI/RBI instructions. | November 30, 2022 | | RBIND/R/E/22/07275 | What is the working hours of Office attendant? | Working Hours of Office Attendants is given below-
7 hours 45 minutes on week days (Monday to Friday) excluding Lunch recess of 30 minutes | December 02, 2022 | | RBIND/R/E/22/07517 | Is merit list based only on score of mains examination in respective categories? (For recruitment of Assistants panel year 2021) | The final selection is based only on performance in the Mains on-line examination, qualifying in LPT, Medical fitness and verification of certificates to the Bank’s satisfaction. | December 13, 2022 | | RBIND/R/E/22/07760 | What is the periodicity for revision of pay and allowances for all posts in RBI? | Revision of pay and allowances of the employees of the Bank is carried out every 5 years. | December 27, 2022 | | RBIND/R/E/22/07999 | Organisational structure of RBI | The organisation structure of RBI is available on RBI website (www.rbi.org.in) in About Us section. | January 06, 2023 | Information pertaining to Inspection | At present, there is no such information with Inspection Department, which would be of interest to the members of the public. | Information pertaining to Monetary Policy | RIA NO | Information Sought | Reply Given / Information provided | Date of Reply | | RBIND/R/E/22/00730 | Why the inflation rate in India is too high? Why is the government not focused on this? Everything is now a days too expensive and on some items the rate changes on daily, weekly, or monthly basis. The common man is facing too much trouble from this. What can a man who is hit by the pandemic can do in this expensive society? | Average CPI inflation was elevated at 6.1 per cent in 2020-21 (The average pertains to June 2020 to March 2021. The imputed CPI prints for April and May 2020 have been regarded as a break in the CPI series). Since then, inflation has softened to 5.3 per cent in 2021-22 (up to January 2022). The Monetary Policy Committee (MPC) in its February 2022 resolution noted that going forward “vegetables prices are expected to ease further on fresh winter crop arrivals. The softening in pulses and edible oil prices is likely to continue in response to strong supply-side interventions by the Government and increase in domestic production. Prospects of a good Rabi harvest add to the optimism on the food price front.”
“While cost-push pressures on core inflation may continue in the near term, the Reserve Bank surveys point to some softening in the pace of increase in selling prices by the manufacturing and services firms going forward, reflecting subdued pass-through.” The MPC’s resolution projected CPI inflation for 2021-22 at 5.3 per cent and for 2022-23 at 4.5 per cent.
The February 10, 2022 resolution of the Monetary Policy Committee (MPC) is available at the link given below:
https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53247 | 17 Feb 2022 | | RBIND/R/E/23/02807 | Provide the year wise percentage inflation rate in India for last years? | National Statistical Office (NSO), Ministry of Statistics and Programme Implementation releases the data on Consumer Price Index (CPI) and inflation rates based on it. The same is available at: https://www.mospi.gov.in/web/mospi/home | 31 May 2023 | | RBIND/R/E/23/03873 | 1. Please provide information (including copies of documents/ study conducted by the RBI) on the effect of monetary policy on rural wage in India.
2. Between FY20 and FY23, please provide information (including copies of documents/study/memo) re: the relationship between rising interest rates and rural wage growth and national per capita income growth.
3. In regard to (2), please provide information on whether the RBI has conducted any assessment/study of the impact of rising interest rates on rural wage growth in India. If yes, please provide all relevant information. | Some recent studies on the rural wage-price dynamics are as mentioned below:
1. "An Examination of the Rural Prices and Wages Dynamics in India", published in Monetary Policy Report (MPR), September 2022 (https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=21343#1322)
2."Relationship among Rural Wages, Inflation and Economic Activity: Recent Evidence" published in MPR, April 2018
(https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=18110#61I1)
3."Wage Growth and Rural Inflation — Are They Related?" published in Annual Report, 2014-15
(https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1148)
4.Working paper titled "Rural Wage Dynamics in India: What Role does Inflation Play?" published in April 2018 (https://rbi.org.in/scripts/PublicationsView.aspx?Id=18117)
5.RBI Occasional Paper titled "Recent Trends in Rural Wages: An Analysis of Inflationary Expectations", published in 2012
(https://rbi.org.in/scripts/bs_viewcontent.aspx?Id=2846)
6."Impact of Supply Chain Disruptions on GDP Growth and Labour Markets amidst the COVID-19 Shock", published in Annual Report, 2021-22 (https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?year=2022) | 04 Aug 2023 | | RBIND/R/E/23/00324 | How many times RBI increase or decrease the Repo rate on housing loan / loan against property from April 2013 to January 2023. Kindly share all circulars. | According to Reserve Bank of India Act, the primary objective of the monetary policy is to maintain price stability while keeping in mind the objective of growth. The Central Government, in consultation with the Bank, determines the inflation target in terms of the Consumer Price Index (CPI), once in every five years. The inflation target has been set at 4 per cent with a tolerance band of +/- 2 per cent around it. A monetary policy committee has been constituted which determines the policy rate required to achieve the inflation target.
The current policy repo rate is available at RBI's website (www.rbi.org.in) home page under 'Current Rates' —> 'Policy Rates'. The historical data on Repo rate including the period mentioned, i.e., from April 2013 to December 2022 are available on the Reserve Bank of India's website at https://data.rbi.org.in/#/dbie/reports/Statistics/Financial%20Sector/Key%20Rates under the tab 'Key Rates'.
With effect from October 18, 1994, the Reserve Bank of India has deregulated interest rates on rupee advances above Rs.2 lakh of scheduled commercial banks. Further, effective July 1, 2010, lending rates on advances up to Rs.2 lakh were also deregulated. Effective October 1, 2019, the Reserve Bank mandated that scheduled commercial banks (excluding regional rural banks) should link all new floating rate personal loans (including home loans) and floating rate loans to micro and small enterprises (MSEs) to an external benchmark, viz, the policy repo rate or 3-month T-bill rate or 6-month T-bill rate or any other benchmark market interest rate published by Financial Benchmarks India Private Ltd. (FBIL). Effective April 1, 2020, loans to medium enterprises have also been linked to an external benchmark. Interest rates on all types of advances (fixed and floating interest rates) are decided by banks based on their commercial judgment subject to the general guidelines that banks should follow for setting interest rates.
The detailed guidelines regarding loans and advances are available on RBI's website at the link provided below,
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10295&Mode=0 | 08 Feb 2023 | Frequently Asked Questions (FAQs) Sl
No | Query | Reply | | 1 | Please provide me information regarding inflation data of last ten years. | Consumer Price Index (CPI) data are released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation, Government of India and are available at:
https://www.mospi.gov.in/web/mospi/home | | 2 | What steps have been taken to control the rising inflation in the country | Monetary policy has focused on withdrawal of accommodation since April 2022 to ensure that inflation remains within the target going forward, while supporting growth. The MPC has increased the policy repo rate by 190 basis points since May 2022, taking the policy repo rate to 5.90 per cent.
In the MPC’s September 2022 resolution, inflation was projected at 6.7 per cent in 2022-23, with Q3 (October-December) at 6.5 per cent and Q4(January-March) at 5.8 per cent, and risks evenly balanced. CPI inflation for Q1:2023-24 was projected at 5.0 per cent.
The resolutions of the Monetary Policy Committee (MPC) are available at the link given below:
https://www.rbi.org.in/scripts/Annualpolicy.aspx | | 3 | Inflation trends from 01-04-2003 upto 2023 – need complete information year wise. | Information on the various price indices is available on the RBI website at the link https://data.rbi.org.in/DBIE/#/dbie.rbi?site=home under the tab time series publications> Handbook of statistics on Indian economy> monthly series> output and prices. | | 4 | Information regarding lending rates by SCBs from 2003 till Qtr ended March 2024 | The Benchmark Prime Lending Rate (BPLR) system was introduced by the Reserve Bank in 2003. Bank-wise data on BPLR are available on a quarterly basis since March 2003 on RBI’s website under tab ‘Site Map’ at the hyperlink: https://www.rbi.org.in/rbi-sourcefiles/lendingrate/LendingRates.aspx
After opening the link please go to “Explanatory note for data from the quarter ended June 2002 to June 2010” → “Bank wise data”.
The data on the Base Rate, which replaced the BPLR system in July 2010 are available from the quarter ended September 2010 onwards at the hyperlink: https://rbi.org.in/rbi-sourcefiles/lendingrate/LendingRates.aspx
The data on MCLR, which replaced the earlier Base Rate system in April, 2016 are available at the hyperlink: https://rbi.org.in/rbi-sourcefiles/lendingrate/LendingRates.aspx
After opening the link, please go to “Bank-wise data”. | | 5 | What are the reasons for inflation in India? | For understanding the reasons of inflation in India, you may please refer to the following documents:
A. Monetary Policy Resolution and RBI reports:
1. The October resolution of the Monetary Policy Committee (MPC) October 4-6, 2023 (available at https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=56502)
2. An assessment of recent inflation dynamics is available in Chapter II (Prices and Costs) of Monetary Policy Report, October 2023 of the Reserve Bank of India (available at https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=22050)
3. Additional information for the causes of inflation can be accessed from Section II.3 (Price Situation) within the Economic Review of the Reserve Bank of India’s Annual Reports for the fiscal years 2021-22 and 2022-23 (available at https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1373 (2022-23)
https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1344 (2021-22))
B. Speeches:
1. “Globalisation of Inflation and Conduct of Monetary policy” - Speech delivered by Shri Shaktikanta Das, Governor, Reserve Bank of India (available at https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1317)
2. “Monetary Policy: Trial by Pandemic” – Address by Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India (available at https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1125).
C. Reserve Bank of India Bulletin:
1. Inflation section in the article titled “State of the Economy” in the Reserve Bank of India Bulletin published on October 19, 2023 (available at https://www.rbi.org.in/Scripts/BS_ViewBulletin.aspx?Id=22123)
2. Article on “Anatomy of Inflation’s Ascent in India” in the Reserve Bank of India Bulletin published on December 20, 2022 (available at https://www.rbi.org.in/Scripts/BS_ViewBulletin.aspx?Id=21468) | | 6 | RBI is decreasing repo rate, but my bank is not decreasing interest on my home loans. Why? | With effect from October 18, 1994, the Reserve Bank of India has deregulated interest rates on rupee advances above Rs.2 lakh of scheduled commercial banks. Further, effective July 1, 2010, lending rates on advances up to Rs.2 lakh were also deregulated. Effective October 1, 2019, the Reserve Bank mandated that scheduled commercial banks (excluding regional rural banks) should link all new floating rate personal loans (including home loans) and floating rate loans to micro and small enterprises (MSEs) to an external benchmark, viz, the policy repo rate or 3-month T-bill rate or 6-month T-bill rate or any other benchmark market interest rate published by Financial Benchmarks India Private Ltd. (FBIL). Effective April 1, 2020, loans to medium enterprises have also been linked to an external benchmark. Interest rates on all types of advances (fixed and floating interest rates) are decided by banks based on their commercial judgment subject to the general guidelines that banks should follow for setting interest rates. | | 7 | Interest charged by banks on housing loan. | The required data on interest rates on housing loans are available since March 2012 onwards in RBI Annual Report published by RBI every year. The reports may be available in the following link: URL https://rbi.org.in
Sector-wise data on lending rates of SCBs are available in RBI’s various Annual Reports, which can be accessed by following the pathway as indicated below,
RBI’s website (www.rbi.org.in) at the tab → ‘Publications’ → ‘Annual’ → ‘Annual Report’ – ‘Year’→ ‘Chapter III: Monetary Policy Operations’ → ‘Table III.2/III.3/III.4/III.6 /III.7: Sector-wise WALR of SCBs (Excluding RRBs) - Outstanding Rupee Loans’. | Information pertaining to Payment and Settlement Systems | RIA No | Information Sought | Reply given/ Information provided | Date of Reply | 1
674/2008-09 DPSS | Time frame prescribed by the Reserve Bank of India to different banks for clearance of local and outstation cheques. Prescription of penalty by the Reserve Bank of India for non-clearance of cheques in the prescribed time frame Definition and explanation of terms 'local' and 'outstation' in the context of cheque clearance by the Reserve Bank of India. | The Reserve Bank of India(RBI) has advised banks to frame their own Cheque Collection Policies (CCPs) in respect of local and outstation cheques which should include explicit mention of time frame for collection of both local and outstation cheques. Banks have been further advised vie our circular DPSS.CO.(CHD)No.873/03.09.01/2008-09 dated November 24, 2008 to modify their CCPs in accordance with orders of the National Consumer Disputes Redressal Commission in the case No.82 of 2006 on Delays in Cheque Clearing. Accordingly, for local cheques debit and credit shall be given on the same day or at the most the next day of their presentation in clearing. Timeframe for collection of outstation cheques drawn on state capitals/major cities/ other locations should be 7/10/14 days respectively. This timeframe is the outer limit and credit shall be afforded if the process gets completed earlier. If there is any delay in collection beyond the prescribed period, interest at the rate specified in the cheque collection policy of the bank, shall be paid. In case the rate is not spcesified in the CCP, the applicable rate shall be the interest rate on fixed deposits for the corresponding maturity. The link to the CCP of banks has been hosted on our website www.rbi.org.in. Local cheques are those cheques that are drawn on branches within the jurisdiction of the Local Clearing House. All other cheques would be outstation cheques. However, there are cheques called multicity cheques and at par cheques which are payable in all cities where the drawee bank has a branch irrespective of the city on which it is drawn. | October 17, 2008 | | 6045/11-12 DPSS | Provide the details of information, guidelines, circulars, notifications and regulations made by Reserve Bank of India in chronological order for scheduled and private banks operating in India, using OTP via phone IVR and mobile phone technology for any kind of financial as well as monetary transactions to make it more convenient and secured as a system. | RBI has issued the following guidelines to make card transactions more secured: (i) Requirement of additional factor of authentication for online transactions except Interactive Voice Response (IVR) transactions was enabled, vide, circular RBI / DPSS NO. 1501 / 02.14.003 / 2008 - 2009 dated February 18, 2009. This circular has been placed on RBI website at the link
http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=4844&Mode=0 (ii) Requirement of additional factor of authentication/validation extended to IVR transaction with effect from February 1, 2011 vide, circular DPSS .CO. NO. 1503 / 02.14.003 / 2010 - 2011 dated December 31, 2010. This circular has been placed on the RBI website at the link
http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6185&Mode=0 (iii) Requirement of online alerts to customers for all types of card transaction at all channels irrespective of the amount was made applicable, vide, circular DPSS. CO. PD. 2224 / 02.14.003 / 2010 - 2011 dated March 29, 2011. This circular has been placed on the RBI website at the link
http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6309&Mode=0 | June 27, 2012 | | 6307/11-12 RPCD | ATM transaction is failed due to technical/network problem. Amount is not dispensed but account is debited in such circumstances. What are the rules for refund/credit of such amount? Such refund should be made within how many days? | Banks have been advised by the Reserve Bank of India, vide, circular DPSS. PD. No. 2632 / 02.10.002 / 2010 - 2011 dated May 27, 2011 that: 1. Effective from July 1, 2011, banks have to reimburse the customers, the amount wrongfully debited on account of failed ATM transactions within a maximum period of 7 working days from the receipt of the customer complaint. 2. Banks have to pay customers Rs. 100/- per day for delays beyond 7 working days from the date of receipt of the complaint. If the complaint is not lodged within 30 days of transaction, the customer is not entitled for any compensation for delay in resolving his / her complaint. | June 27, 2012 | | RIA No 4541/ 2013-14 | 1. The date of implement of new cheques with printed name and account of cheque owner in the recognized Banks. | Reserve Bank of India vide its circular DPSS.CO.CHD.No./ 1112 / 04.07.05 / 2011-12 dated December 27, 2011 advised all banks providing cheque facility to their customers to issue only 'CTS-2010' standard cheques across the country by September 30, 2012. Account number in such cheques should be pre-printed for current account holders and corporate customers and as far as possible to other category of customers. However, printing the name of the account holder was not mandated by Reserve Bank of India. RBI circular issued in this regard (DPSS.CO.CHD.No. 1832 / 04.07.05 / 2009-10 dated February 22, 2010) may be referred for the purpose. Copies of the circulars referred to above are available on the website of Reserve Bank of India under the following links :
http://www.rbi.org.in/scripts/ NotificationUser.aspx?Id=6901&Mode=0 http://www.rbi.org.in/scripts/ NotificationUser.aspx?Id=5509&Mode=0 | February 17, 2014 | 2. The old cheques got issued prior to the date of implement of new cheques (i.e. during the year 2006) from the recognized Banks are applicable or not after the date of implement of new cheques. | Reserve Bank of India vide its circular DPSS.CO.CHD.No.133/04.07.05/2013-14 dated July 16, 2013 notified that cheques which are not complying with CTS-2010 standards would continue to be valid but will be cleared at less frequent intervals from January 1, 2014 as detailed in paragraph 2(a) of the above referred circular. Copy of the circular referred to above is available on the website of Reserve Bank of India under the following link: http://www.rbi.org.in/scripts/ NotificationUser.aspx?Id=8245&Mode=0 | 3. If not applicable, kindly arrange to intimate the date of disapplicable / disimplement of old cheques along with instruction, if any. | Refer to reply 2 above | | RBIND/R/E/22/02831 | As my bank (Dakshin Bihar Gramin Bank) charged me for the UPI transaction charges of Rs. 597.
So that I want to know that, is there any charges for UPI transactions that can be charged by banks for the number of transactions through UPI and the amount of a single transaction done by UPI. | With effect from January 1, 2020, in terms of section 10A of the Payment and Settlement Systems Act, 2007 (PSS Act) – inserted vide the Finance Act, 2019 – no bank or system provider shall impose, whether directly or indirectly, any charge upon a person making or receiving a payment using the electronic modes of payment prescribed under section 269-SU of the Income Tax Act, 1961 (43 of 1961).
Central Board of Direct Taxes (CBDT) vide notification no. 105/2019-Income Tax dated December 30, 2019, notified Unified Payments Interface (UPI) (BHIM-UPI) as one of the prescribed electronic modes. | June 07, 2022 | | RBIND/R/E/23/03761 | Can a merchant take extra charge of 3% on the payment by credit cards or 2.5% on the payment by debit cards from the customer? because merchants are taking the extra charge of 3 to 4% on the payment by the credit cards or debit cards on POS machines. | Reserve Bank of India (RBI) has not issued any instructions on levy of charges on Credit Card transactions.
However, you may refer to the circular on “Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions” dated December 06, 2017 available on the RBI website under the link:
https://www.rbi.org.in/scripts/FS_Notification.aspx?Id=11183&fn=9&Mode=0
An account holder may raise his / her grievance with the card issuer. In case, the account holder is not satisfied with the response or the response is not received within a month’s time, he / she may lodge his / her grievance under Reserve Bank - Integrated Ombudsman Scheme, through the Complaint Management System (CMS) portal (https://cms.rbi.org.in) or by e-mail at crpc@rbi.org.in or in physical mode at the ‘Centralised Receipt and Processing Centre’ (CRPC) set up at RBI, 4th Floor, Sector 17, Chandigarh - 160017. | August 03, 2023 | | RBIND/R/E/24/01490 | 1. The IFS Code BARB0BUPFBX is exist with any financial institutions | You may refer to the list of RTGS enabled bank branches available on the Reserve Bank of India website at the following link for details of IFS Codes:
https://rbi.org.in/Scripts/Bs_viewRTGS.aspx?Category=5 | March 28, 2024 | | 2. If yes please provide name and address | | RBIND/R/E/24/02255 | There are banks such as SBBJ, Andhra Bank, SBH etc which are merged with some other banks. In such case after merger to new banks, cheque leaves of banks which got merged (e.g SBBJ, SBH, Andhra Bank) shall still be qualified as - negotiable instrument - even after merger. if not from which day or date such cheques will loose it qualification as-negotiable instrument- | State Bank of India was granted extension for validity of old MICR cheque books of erstwhile State Bank of Bikaner and Jaipur and State Bank of Hyderabad up to June 30, 2018.
2. Union Bank of India was granted extension for validity of old MICR cheque books of erstwhile Andhra Bank up to June 30, 2021. | May 02, 2024 | | RBIND/R/E/24/02294 | When will non micr cheques stoped by banks | Banks were advised to phase out non-MICR instruments by December 31, 2005. | May 03, 2024 | | RBIND/R/E/24/04446 | Kindly share the information whether a merchant can pass on the POS machine swipe charges to the customers if the payment is made through debit card or credit card. Kindly share the respective Notice/Regulations/Circulars regarding the same. | Reserve Bank of India (RBI) has not issued any instructions on levy of charges on Credit Card transactions.
1. For debit cards, you may refer to the circular dated December 06, 2017 on “Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions”, which is available on the RBI website at the following link:
https://www.rbi.org.in/scripts/FS_Notification.aspx?Id=11183&fn=9&Mode=0 | August 05, 2024 | Information pertaining to Rajbhasha | RIA No. | Question | Reply | Date of Reply | | RBIND/R/E/24/03391 | Request for Information in Reference to the Circular and Its Second Copy Please provide detailed information regarding the circular uploaded and its second copy | Reply given as per attachment. | 19.06.2024 | | RBIND/R/E/24/03390 | Request for Information in Reference to the Circular and Its Second Copy Please provide detailed information regarding the circular uploaded and its second copy | Reply given as per attachment. | 19.06.2024 | | RBIND/R/E/23/07656 | Subject: Literature Improvement in Hindi B.A. Hindi Equivalent Reference: RA.VI.SH. 1560/ 08.06.15 2003 04, dated March 2004 (Falgun 1925 Shaka) On June 11, 1982, the circular with the reference Ravi San. Hindi 2145/H.P. 3/81/82, regarding the improvement of literature in Hindi for B.A. Hindi equivalent, was submitted. Additionally, the copies of the RTI application and the circular are enclosed for your perusal. | Reply given as per attachment. | 18.01.2024 | Information pertaining to Regulation | S.No | Information sought | Reply | Date of reply | | 1 | Please give details regarding guidelines issued by RBI on regulation of digital lending activities of its regulated entities. | Applicant may refer: - Circular on Loans Sourced by Banks and NBFCs over Digital Lending Platforms: Adherence to Fair Practices Code and Outsourcing Guidelines dated June 24, 2020, available on www.rbi.org.in under ‘Notifications’.
- Circular on Guidelines on Digital Lending dated September 02, 2022, available on www.rbi.org.in under ‘Notifications’.
- Circular on Guidelines on Guidelines on Default Loss Guarantee (DLG) in Digital Lending dated June 08, 2023, available on www.rbi.org.in under ‘Notifications’.
| October 07, 2024 | | 2 | Please provide details of guidelines issued on NPA/ Asset classification applicable to Scheduled Commercial Banks (SCBs) | Applicant may refer Master Circular - Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances dated April 2, 2024, available on www.rbi.org.in under ‘Notifications’. | October 07, 2024 | | 3 | Please provide details of guidelines issued on NPA/ Asset classification applicable to Urban Cooperative Banks (UCBs) | Applicant may refer Master Circular - Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs dated April 2, 2024, available on www.rbi.org.in under ‘Notifications’. | October 07, 2024 | | 4 | Please provide details of guidelines issued on NPA/Asset classification applicable to NBFCs (including Housing Finance Companies HFCs). | Applicant may refer : - Master Direction – Reserve Bank of India (Non-banking Financial Company – Scale Based Regulation) Directions – Prudential Regulations on asset classification and provisioning, dated October 19, 2023, available on www.rbi.org.in under ‘Notifications’.
- Master Direction – Non-banking Financial Company – Housing Finance Company (Reserve Bank) Directions – Prudential Regulations on asset classification and provisioning, dated February 17, 2021, available on www.rbi.org.in under ‘Notifications’.
| October 07, 2024 | | 5 | Please provide details of Regulations regarding OTS schemes for Individuals | Applicant may refer: - Framework for Compromise Settlements and Technical Write-offs dated June 8, 2023, available on www.rbi.org.in under ‘Notifications’.
- FAQs on Framework for Compromise Settlements and Technical Write-offs issued on June 20, 2023, available on www.rbi.org.in under FAQs → Commercial Banking
| October 07, 2024 | | 6 | Please give details of RBI guidelines or circular for banks regarding restructuring/modification of loans. | Applicant may refer circular on ‘Prudential Framework for Resolution of Stressed Assets’ dated June 7, 2019, available on www.rbi.org.in under ‘Notifications’. | October 07, 2024 | | 7 | Information on Special Mention Account (SMA) related norms for bank loans. | Applicant may refer Master Circular - Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances dated April 2, 2024, available on www.rbi.org.in under ‘Notifications’. | October 07, 2024 | | 8 | What are the guidelines issued with regard to Bank Guarantees | Applicant may refer Master Circular - Guarantees and Co-acceptances dated April 1, 2024, available on www.rbi.org.in under ‘Notifications’. | October 07, 2024 | | 9 | Is it mandatory to take insurance while availing any loan product from a bank? | Applicant may refer Para 18(d) (i), (v) and (vi) of “Master Direction- Reserve Bank of India (Financial Services provided by Banks) Directions, 2016” dated May 26, 2016, available on www.rbi.org.in under ‘Notifications’. | August 29, 2024 | | 10 | Whether the ATM card gives an insurance cover to the account holder in case of accidental death? | Applicant may refer Para 23(j) on “General Conditions” and Query 13 of Appendix of Master Direction on “Credit Card and Debit Card – Issuance and Conduct Directions, 2022”, dated April 21, 2022, available on www.rbi.org.in under “Notifications”. | August 29, 2024 | | 11 | What are the measures taken by RBI to control credit card frauds? | Applicant may refer Para 5(b), Para 6(b)(v), Para 10(b), Para 10(c), Para 23(f) and Para 24(h) of the Master Direction - Credit Card and Debit Card – Issuance and Conduct Directions, 2022 dated April 21, 2022, available on www.rbi.org.in under “Notifications”. | August 29, 2024 | | 12 | What are the guidelines on interest rate and other charges pertain to credit card? | Applicant may refer Para 9 on Interest Rates and other charges and Para 24(c) of the Master Direction - Credit Card and Debit Card – Issuance and Conduct Directions, 2022 dated April 21, 2022, available on www.rbi.org.in under “Notifications”. | August 29, 2024 | | 13 | Are bank staff allowed to sell insurance products in branches? What are the guidelines issued in this regard? | Applicant may refer Para 18(d) of Master Direction on “Financial Services provided by Banks” dated May 26, 2016, available on www.rbi.org.in under “Notifications”. | August 29, 2024 | | 14 | Can a bank issue credit card or increase the credit limit of a credit card, without customer consent? | Applicant may refer Para 6(a)(iv), 6(a)(vi), 6(a)(viii), 11(b) and Query 10 of the Appendix (FAQs) of Master Direction on “Credit Card and Debit Card – Issuance and Conduct Directions, 2022” dated April 21, 2022 available on www.rbi.org.in under “Notifications”. | August 29, 2024 | | 15 | Is it compulsory to obtain debit card from banks? | Applicant may refer Para 14(d) of the Master Direction - Credit Card and Debit Card – Issuance and Conduct Directions, 2022 dated April 21, 2022, available on www.rbi.org.in under “Notifications”. | August 29, 2024 | | 16 | Name and Number of nominated banks permitted by RBI to import gold for this financial year | Banks Authorised to Import Gold/Silver for FY 2024-25 is available on, www.rbi.org.in → Function wise Sites->Consumer Education and Protection -> For Common Person -> Useful Information -> Financial Agents -> Banks importing gold and silver | August 29, 2024 | | 17 | List of Mandatory OVDs required for opening a bank account. | Applicant may refer Section 3(a)(xiv) on ‘Officially Valid Document’ of ‘Master Direction - Know Your Customer (KYC) Direction, 2016’ dated February 25, 2016, (Updated as on January 04, 2024) available on available on www.rbi.org.in under “Notifications -> Master Directions -> Commercial Banking”. | August 29, 2024 | | 18 | The address on my OVD is not the current address. What are the instructions regarding current address for bank accounts? | Applicant may refer Section 3(a)(xiv) and Section 16 of ‘Master Direction - Know Your Customer (KYC) Direction, 2016’ dated February 25, 2016, (Updated as on January 04, 2024) available on www.rbi.org.in under “Notifications -> Master Directions -> Commercial Banking”. | August 29, 2024 | | 19 | I have already undertaken KYC while opening bank account a few years ago. Why banks are still insisting for re-KYC? | Applicant may refer Section 38 of Master Direction - Know Your Customer (KYC) Direction, 2016’ dated February 25, 2016, (Updated as on January 04, 2024) available on www.rbi.org.in under “Notifications -> Master Directions -> Commercial Banking”. | August 29, 2024 | | 20 | What are the duties and responsibilities of a bank to maintain secrecy of customers' bank accounts and its transactions? | Applicant may refer Section 55 Master Direction - Know Your Customer (KYC) Direction, 2016’ dated February 25, 2016, (Updated as on January 04, 2024) available on www.rbi.org.in under “Notifications -> Master Directions -> Commercial Banking”. | August 29, 2024 | | 21 | If a person does not have an account in a bank, whether KYC is required for transactions amounting rupees 50,000 and above? | Applicant may refer Section 13(e) and 13(f) Master Direction - Know Your Customer (KYC) Direction, 2016’ dated February 25, 2016, (Updated as on January 04, 2024) available on www.rbi.org.in under “Notifications -> Master Directions -> Commercial Banking”. | August 29, 2024 | | 22 | I want to open a joint account in a bank. Whether KYC is required to be done for the first account holder only or for all the account holders? | Applicant may refer Section 10(g) Master Direction - Know Your Customer (KYC) Direction, 2016’ dated February 25, 2016, (Updated as on January 04, 2024) available on www.rbi.org.in under “Notifications -> Master Directions -> Commercial Banking”. | August 29, 2024 | | 23 | Which KYC documents are required to open a bank account in case of proprietorship firms, companies, partnership firms, trusts? | Applicant may refer Part II and Part III of Master Direction - Know Your Customer (KYC) Direction, 2016’ dated February 25, 2016, (Updated as on January 04, 2024) available on www.rbi.org.in under “Notifications -> Master Directions -> Commercial Banking”. | August 29, 2024 | | 24 | What is the time limit for payment of cheques / drafts /pay orders / banker’s cheques issued by the banks. | Applicant may refer Section 58 of Master Direction - Know Your Customer (KYC) Direction, 2016’ dated February 25, 2016, (Updated as on January 04, 2024) available on www.rbi.org.in under “Notifications -> Master Directions -> Commercial Banking”. | August 29, 2024 | | 25 | Is PAN card compulsory for opening a bank account? | Applicant may refer Section 16(b) and Section 66 Master Direction - Know Your Customer (KYC) Direction, 2016’ dated February 25, 2016, (Updated as on January 04, 2024) available on www.rbi.org.in under “Notifications -> Master Directions -> Commercial Banking”. | August 29, 2024 | | 26 | Provide necessary document containing the number of days within which the documents submitted by the borrower should be returned to him/her by the concerned management after the closure of personal loan availed by them. | Applicant may refer Circular on ‘Responsible Lending Conduct – Release of Movable / Immovable Property Documents on Repayment/ Settlement of Personal Loans’ dated September 13, 2023, available on www.rbi.org.in under ‘Notifications’. Applicant may also refer Para 9 on ‘Applicability’ of the Circular. | August 29, 2024 | | 27 | Whether I am entitled to conversion of floating interest rate to fixed interest rate for housing loan, in Canara Bank legally or not? Please inform to me as early as possible. | Applicant may refer Circular on “Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans”, dated August 18, 2023, available on www.rbi.org.in under “Notifications”. | August 29, 2024 | | 28 | What are the current guidelines regarding the imposition of penal charges by banks and NBFCs on loans provided to small service providers and traders? | Applicant may refer Circular on ‘Fair Lending Practice - Penal Charges in Loan Accounts’ dated August 18, 2023, and Circular on ‘Fair Lending Practice - Penal Charges in Loan Accounts: Extension of Timeline for Implementation of Instructions’ dated December 29, 2023 available on www.rbi.org.in under ‘Notifications’. | August 29, 2024 | | 29 | Information on
(1) Opening of Universal Bank in Private Sector
(2) Opening of Small Finance Bank in Private Sector | Applicant may refer Press Release on ‘RBI releases Guidelines for ‘on tap’ Licensing of Universal Banks in the Private Sector’ dated August 01, 2016 and Press Release on ‘RBI releases “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector’ dated December 05, 2019, available on www.rbi.org.in under “Press Releases” read with Press Release on ‘Recommendations of the Internal Working Group to Review Extant Ownership Guidelines and Corporate Structure for Indian Private Sector Banks’ dated November 26, 2021 available on www.rbi.org.in under “Press Releases” | September 04, 2024 | | 30 | Information on
(1) opening of bank branches, (2) branch opened by bank (3) procedures of identifying a centre and opening of branch there
(4) copy of permission/ licence given by RBI
(5) Setting up of Administrative Offices, Back Offices and Call Centres etc.
(6) Permission for shifting/ merging/ closing a Banking Outlet | Applicant may refer Circular on ‘Rationalisation of Branch Authorisation Policy - Revision of Guidelines’ dated May 18, 2017 available on www.rbi.org.in under ‘Notifications’ | September 04, 2024 | | 31 | Procedure and application process for getting NBFC license for a company | You may refer Press Release on "RBI decides to simplify and rationalise the process of registration of new NBFCs” dated June 17, 2016, available on www.rbi.org.in under “Press Releases”. | January 25, 2024 | | 32 | RBI guidelines on merger/ amalgamation of Private Sector Banks, Urban co-operative banks (UCBs), District Central Co-operative Banks (DCCBs) with the State Co-operative Bank (StCB)? | Applicant may refer: - Master Direction – Amalgamation of Private Sector Banks, Directions, 2016 dated April 21, 2016, available on www.rbi.org.in under “Notifications”.
- Master Direction - Amalgamation of Urban Cooperative Banks, Directions, 2020 dated March 23, 2021, available on www.rbi.org.in under “Notifications”.
- Circular on ‘Amalgamation of District Central Co-operative Banks (DCCBs) with the State Co-operative Bank (StCB) – Guidelines’ dated May 24, 2021, available on www.rbi.org.in under “Notifications”.
| September 04, 2024 | | 33 | Does Reserve Bank of India (RBI) regulate credit societies in India? | Reserve Bank of India (RBI) does not regulate cooperative societies. However, RBI regulates co-operative banks licensed under section 22 read with section 56 of Banking Regulation Act, 1949 to carry out banking business in India. | September 02, 2024 | | 34 | Information on FD Interest Rate of Commercial Banks? | Applicant may refer Master Direction - Reserve Bank of India (Interest Rate on Deposits) Directions, 2016’ dated March 3, 2016, available on www.rbi.org.in under ‘Notifications’. | September 02, 2024 | | 35 | Information on acceptance of green deposits? | Applicant may refer Circular on “Framework for acceptance of Green Deposits” dated April 11, 2023, available on www.rbi.org.in under “Notifications”. | August 26, 2024 | | 36 | What are the rules of recovery agent engaged by banks for debt recovery? | Applicant may refer Circular on “Outsourcing of Financial Services - Responsibilities of regulated entities employing Recovery Agents” dated August 12, 2022, available on www.rbi.org.in under ‘Notifications’. | March 19, 2024 | | 37 | Role/work of Bank’s Chairman / Directors in Private Sector Banks | Applicant may refer Circular on ‘Role of Directors and Part-Time Chairman in Private Sector Banks’ dated June 14, 1996, available on:
https://rbidocs.rbi.org.in/rdocs/notification/PDFs/Circulars%20of%20DBOD_1995-1996.PDF | May 15, 2023 | | 38 | Fit and Proper criteria for Public Sector Bank (PSB) Elected Directors | Applicant may refer ‘Master Direction - Reserve Bank of India (‘Fit and Proper’ Criteria for Elected Directors on the Boards of PSBs) Directions, 2019’, dated August 2, 2019, available on www.rbi.org.in under ‘Notifications’. | May 15, 2023 | | 39 | RBI guidelines on remuneration, bonus etc. applicable to Private Sector Banks | Applicant may refer Circular on ‘Guidelines on Compensation of Whole Time Directors/ Chief Executive Officers/ Material Risk Takers and Control Function staff’, dated November 04, 2019, available on www.rbi.org.in under ‘Notifications’. | August 28, 2023 | | 40 | What are the guidelines on Fit and Proper Criteria for directors of NBFCs? | Applicant may refer Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023, dated October 19, 2023, available on www.rbi.org.in under ‘Notifications’. | January 30, 2024 | | 41 | Please clarify whether a director can hold directorships in two NBFCs? When in one NBFC, he is appointed as Managing Director and in other NBFC, he is appointed as Non-Executive Director. | Applicant may refer Para 97 of Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023, dated October 19, 2023, available on www.rbi.org.in under ‘Notifications’. | June 21, 2024 | | 42 | Information on Unclaimed Deposits in Commercial Banks | The information on Unclaimed Deposits with Commercial Banks, is available on,
https://cimsdbie.rbi.org.in/DBIE/#/dbie/home-> Publication -> Statistical Tables Relating to Banks in India->Other tables->Table 35 “Unclaimed Deposits with Scheduled Commercial Banks”. | December 26, 2022 | | 43 | What is the statute under which Credit Information Companies (CICs) are set up? | RBI has, in terms of Section 5 of the Credit Information Companies (Regulation) Act, 2005 (CICRA) and the Rules and Regulations framed thereunder (available in the public domain) granted Certificate of Registration to four Credit Information Companies (CICs), as under:
1. TransUnion CIBIL Limited
2. Equifax Credit Information Services Pvt. Ltd.
3. Experian Credit Information Company of India Private Ltd.
4. CRIF High Mark Credit Information Services Pvt. Ltd. | Nov. 5, 2019 | | 44 | RBI instructions to banks/FIs/NBFCs to access credit information reports for loan disbursals? | Applicant may refer Circular on Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures dated June 27, 2014, available on www.rbi.org.in under ‘Notifications’. | Nov. 5, 2019 | | 45 | Guidelines on wilful defaulters | You may refer to the Master Circular on Wilful Defaulters dated July 01, 2015, available on www.rbi.org.in under ‘Notifications’.
Note: In addition to this it may also be noted that recently RBI has issued the ‘Master Direction on Treatment of Wilful Defaulters and Large Defaulters’ dated July 30, 2024, which would come into force 90 days from the date of its issuance. The Master Direction is available on www.rbi.org.in under ‘Notifications’. | July 13, 2023 | | 46 | Are there any guidelines issued by the RBI for calculating credit scores, or does each company decide the criteria on their own? | Applicant may note that RBI has not issued any instructions/guidelines on the methodology to be adopted by Credit Information Companies (CICs) for calculating credit score. The credit scoring models used by CICs are proprietary in nature, based on their respective experience in the business of credit information. | August 02, 2024 | | 47 | What are the guidelines for the empanelment/ de-empanelment process of valuers in Public Sector Banks? | Applicant may refer Circular on ‘Valuation of Properties - Empanelment of Valuers’ dated January 04, 2007, available on www.rbi.org.in under ‘Notifications’. | October 16, 2024 | Information pertaining to Statistics and Information Management | S. No | Query | Reply | | 1 | The list of commercial bank branches/ offices functioning in India. | List of all the commercial bank branches/offices functioning in India, having details like bank name, branch name, state, district, center, address, population group classification, Open date, License No, License date etc., are available on the Reserve Bank of India (RBI) CIMS website (https://data.rbi.org.in/) under the link ‘Banking Outlet’. You may search/download as per your requirement.
For the terms/definitions, please refer to the ‘Notes on Tables’ on Central Information System for Banking Infrastructure (CISBI) portal available at the above-mentioned link. | | 2 | Number of functioning branches/ offices of commercial banks in India, as at end-quarter – as per region/ state/ district/ population group/ population tier/ bank group/ bank. | Requested information are available on the Reserve Bank of India (RBI) website may be accessed at the below mentioned link-
Quarterly: -
https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Bank Branch Statistics -> Quarterly -> Functioning Offices | | 3 | Number of branches/ offices opened by commercial banks in India – as per region/ state/ district/ population group/ bank group/ bank. | Requested information are available on the Reserve Bank of India (RBI) website may be accessed at the below mentioned link-
Annual / Quarterly: -
https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Bank Branch Statistics -> Quarterly / Annual -> Offices Opened during Quarter / Offices Opened during Year | | 4 | Number of branches/ offices closed by commercial banks in India – as per region/ state/ district/ population group/ bank group/ bank. | Requested information are available on the Reserve Bank of India (RBI) website may be accessed at the below mentioned link-
Annual / Quarterly: -
https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Bank Branch Statistics -> Quarterly / Annual -> Offices Closed during Quarter / Offices Closed during Year | | 5 | Information on (a) number of credit accounts and the amount of outstanding credit with scheduled commercial banks (SCBs) as per bank group/ population group/ state/ occupation/ size of credit limit/ interest rate range/ type of account/ organization;
(b) outstanding credit of small borrower accounts of SCBs. | Requested information are available on the Reserve Bank of India (RBI) website may be accessed at the below mentioned link-
Annual: -
https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Basic Statistical Return (BSR)-1 - (Annual) - Credit by SCBs (including Regional Rural Banks)
Quarterly: -
https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Basic Statistical Return (BSR)-1 - (Quarterly) - Outstanding Credit of Scheduled Commercial Banks (excluding Regional Rural Banks) | | 6 | Information on (a) number of deposits accounts and the amount of deposits outstanding with scheduled commercial banks (SCBs) – as per ownership of deposits and population group/ bank group/ state/ UT/ district, age-wise distribution of individual depositors;
(b) deposits with SCBs as per type of deposits, maturity pattern of term deposits;
(c) distribution of term deposits of SCBs as per interest rate range/ size of deposits and broad ownership category. | Requested information are available on the Reserve Bank of India (RBI) website may be accessed at the below mentioned link-
Annual: -
https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Basic Statistical Return (BSR)-2 - Deposits with SCBs (including Regional Rural Banks)
Quarterly: -
https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Basic Statistical Return (BSR)-2 - Deposits with SCBs (excluding Regional Rural Banks) -> BSR2 Quarterly (Deposit) | | 7 | Number of employees of the scheduled commercial banks as per - bank group/ population group/ state/ employee category. | Requested information are available on the Reserve Bank of India (RBI) website may be accessed at the below mentioned link-
Annual: -
https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Basic Statistical Return (BSR)-2 - Deposits with SCBs -> Basic Statistical Return (BSR)- 2 - Deposits with SCBs -> Section 4: Employee Distribution
Quarterly: -
https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Basic Statistical Return (BSR)-2 - Deposits with SCBs (excluding RRB's) -> BSR2 Quarterly (Deposit) -> Section 4: Employee Distribution | | 8 | Number of employees of the scheduled commercial banks as per bank and/or category. | Requested information are available on the Reserve Bank of India (RBI) website may be accessed at the below mentioned link-
Annual: -
https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Statistical Tables Relating to Banks In India -> Tables Based On Annual Accounts -> Table No. 12 (Bank-wise and Category-wise Employees of Scheduled Commercial Banks) | | 9 | Information on (a) aggregate deposits and bank credit with SCBs (annual and quarterly) – as per state/ district/ center;
(b) type of deposits of SCBs as per state/ district. | Requested information are available on the Reserve Bank of India (RBI) website may be accessed at the below mentioned link-
Annual: -
https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Spatial Distribution of Deposits And Credit (Annual) -> Spatial Distribution of Deposits and Credit
Quarterly: -
https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Spatial Distribution of Deposits and Credit (Quarterly) -> Spatial Distribution of Deposits and Credit | | 10 | Information on (i) liabilities and assets of SCBs;
(ii) earnings and expenses of SCBs;
(iii) bank-wise capital adequacy ratios (CRAR) of SCBs;
(iv) provisions and contingencies of SCBs;
(v) contingent liabilities of SCBs;
(vi) gross non-performing assets (GNPAs), net non-performing assets (NNPA), write-offs, addition/ reduction in GNPAs;
(vii) appropriation of Profit of SCBs;
(viii) ratio of SCBs like cash deposit ratio, credit deposit ratio, investment deposit ratio, capital adequacy ratio, net NPA to net advances etc. | Requested information are available on the Reserve Bank of India (RBI) website may be accessed at the below mentioned link-
Annual: -
https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Statistical Tables Relating to Banks in India -> Tables Based On Annual Accounts | Information pertaining to Supervision | S. No. | Information sought | Information provided | | 1 | Give the list of NBFCs registered with Reserve Bank of India | List of NBFCs registered with RBI is available on
https://rbi.org.in/Scripts/BS_NBFCList.aspx
List of HFCs registered with National Housing Bank (NHB) is available on
https://nhb.org.in/en/list-of-housing-finance-companies-granted-certificate/ | | 2 | I would like to inquire about the status of Non-performing assets in our country. | Information on “Gross NPAs” is available in public domain on DBIE, RBI’s data warehouse. The path to access the data is https://cimsdbie.rbi.org.in/ -> Home -> Statistics -> Financial Sector -> Banking - Performance Indicators -> Variables to be published Bank and Bank Group wise (For Public Access) -> Select Bank Name/s, Period and Units (Multiple banks may be selected at a time) -> Asset Quality -> Bank-wise important asset quality indicators of Scheduled Commercial Banks. | | 3 | The details of audit firms appointed/reappointed as Statutory Branch Auditors (SBAs) by Public Sector Banks and allocation of branches | The details of audit firms appointed/reappointed as Statutory Branch Auditors (SBAs) by Public Sector Banks and allocation of branches can be accessed in the following path:
https://www.rbi.org.in/ FUNCTIONWISE SITES -> Regulation -> Commercial Banking -> For Bankers -> Appointment of Statutory Auditors. | | 4 | List of Non-Banking Financial Companies (NBFCs), Scheduled Commercial Banks (SCBs) & Urban Cooperative Banks (UCBs) registered with RBI. | List of Non-Banking Financial Companies (NBFCs), Scheduled Commercial Banks (SCBs) & Urban Cooperative Banks (UCBs) is available on following link: -
https://rbi.org.in -> Functionwise sites -> Regulation -> Non-Banking -> List of NBFCs and ARCs registered with the RBI.
https://rbi.org.in -> Functionwise sites -> Regulation -> Commercial Banking -> For Bankers -> List of Scheduled Commercial Banks (SCBs)
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