| 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 |