Adhar card
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Q:What is Aadhaar Seeding?
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A:Aadhaar Seeding
is the process of linking the Aadhaar in various beneficiary databases.
Examples include linking of Aadhaar to the Bank Accounts, to Pension ID for
Pensioners and to Job Card Number of NREGS Wage Seekers, etc.
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Q:Can a Resident link the Aadhaar to more
than one account within a bank?
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A:Yes. However
the bank shall keep only one of the accounts as primary account which would
receive all AEPS transactions.
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Q:Can a Resident link the Aadhaar to more
than one Account in different Banks?
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A:Yes. However,
the Account that has been Seeded last backed with a mandate to the bank to
receive payments – will be active for receiving payments through APB.
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Q:What is the e-KYC service?
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A:UIDAI offers
the e-KYC service, which enables a resident having an Aadhaar number to share
their demographic information and photograph with a UIDAI partner
organization in an online, secure, auditable manner with the residents
consent. The consent by the resident can be given via a Biometric authentication
or an One Time Password (OTP) authentication.
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Q:What information is shared in the e-KYC
service?
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A:The Aadhaar
holders demographic information i.e Name, Address, Date of Birth, Gender,
Phone & Email (where available) & Photograph which is currently available
with the resident is shared via the e-KYC service.
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Q:Who can use the e-KYC service?
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A:The e-KYC
service is envisaged as a public benefit service. Any organization,
authorized and approved by UIDAI to use this service can deploy the e-KYC
service to serve its business interest. UIDAI envisages, initially
organisations such as Banks, Telecom, Financial Services etc who have a
regulatory compliance to perform a KYC function will be the front runners in
leveraging this service.
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Q: What is the process to start using the
e-KYC service?
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A:Organizations
interested in using the e-KYC service, will need to get approved and
authorized by UIDAI to use this service.
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Q:What are the key features of the e-KYC
service?
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A:Some of the key
features of the e-KYC service are:
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Paperless: The
service is fully electronic, enabling elimination of KYC document management
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Consent based:
Data is shared by the resident consent through Aadhaar authentication, thus
protecting resident privacy.
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Secure and
compliant with the IT Act: Data transfer are secured through the use of
encryption and digital signature as per the Information Technology Act, 2000
making e-KYC document legally equivalent to paper documents.
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Non-repudiable:
The use of resident authentication for authorization, the affixing of a
digital signature by the service provider originating the e-KYC request, and
the affixing of a digital signature by UIDAI when providing the e-KYC data
makes the entire transaction non-repudiable by all parties involved.
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Instantaneous:
The service is fully automated, and KYC data is furnished in real-time,
without any manual intervention
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Regulator
friendly: The service providers can provide a portal to the
Ministry/Regulator for auditing all e-KYC requests.
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Q:What is the regulatory stance on the
e-KYC service?
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A:RBI, IRDA,
PFRDA & SEBI have accepted UIDAI’s e-KYC service as a valid KYC.
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Marginal Cost of
Funds based Lending Rate (MCLR)
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1. The guidelines
specify that MCLR calculated using methodology prescribed shall correspond to
the tenor of funds in the single largest maturity bucket provided it is more
than 30% of the entire funds reckoned for determining the MCLR. But my bank
does not have a single time bucket which has more than 30% share of the funds
reckoned for MCLR. In such a case, the MCLR calculated as per the methodology
indicated shall correspond to which tenor?
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Let’s assume a
bank has following maturity profile of borrowings:
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Sr. No. Original
Maturity Balance outstanding as a percentage of total funds (other than
equity) Cumulative weightage
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1 5 years &
above 15.1% 15.1%
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2 3 years &
above but less than 5 years 11.8% 26.9%
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3 2 years &
above but less than 3 years 9.3% 36.2%
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4 1 year &
above but less than 2 years 16.9% 53.1%
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5 6 months &
above but less than 1 year 24.3% 77.4%
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6 91 days &
above but less than 6 months 10.5% 87.9%
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7 Up to 90 days
12.1% 100%
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Total 100%
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In this case, the
MCLR shall correspond to the weightage average of tenor of the first three
time buckets.
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2. Whether the
tenor premium charged will be for contractual tenor or residual tenor?
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Since floating
rate loans are subject to periodic resets, the tenor premium will be the
appropriate premium for the residual period up to the next reset date.
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3. What will be
the denominator used for arriving at the operating cost for computing MCLR?
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Banks may
calculate all operating costs as a percentage of marginal cost of funds for
computing MCLR.
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4. Clarify the
definition of short term borrowings.
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A short term
borrowing means borrowing of tenor up to but less than one year.
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5. Can components
of spread be negative?
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The components of
the spread i.e. business strategy and Credit risk premium shall have either a
positive value or be zero. In other words, the spread components cannot be
negative.
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6. Banks grant
fixed rate loans to long term projects where initial debt facility consists
of loan for a medium term say 5 to 7 years. These loans are then refinanced
after the specified period. Will these types of loans be permitted under MCLR
system?
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Banks can grant
fixed rate loans to long term projects wherein the interest rate are fixed
till the loan is due for refinancing. The loan, at the time of refinancing,
will be treated as a fresh fixed rate loan with a maturity period equal to
the period upto the next date of refinancing. Such fixed rate loans will fall
under the directions contained in Section 13(d)(v) of Reserve Bank of India
(Interest Rate on Advances) Directions, 2016.
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7. Will the
interest rates on fixed rate loans (or fixed portion of hybrid loans) be
based on the date of sanction or disbursement?
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The interest
charged on fixed rate loans as well as the fixed portion of hybrid loans will
be the interest rate mentioned in the sanction letter.
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Q: What is age requirement to open
Sukanya Samriddhi Account .
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A:Girl’s Age
limit: Sukanya Samriddhi Account can be opened by a legal guardian or by
parents of the girl child by visiting nearest post office or selected bank
branches. The girl child’s age can be maximum 10 years old while opening SSA
account.
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Q: Is there any relaxation in age.
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A:As this is the
starting year, Govt is providing a grace period of 1 year till December 2015.
Any girl child born between 2 December 2003 and 1 December 2004 can open
account up to till 1 December 2015.This rule is just for this year only.
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Q:Who can open SSA .
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A: Only the
parents or the legal guardian of the girl child can open SSA account.One
can’t open SSA account for his/her sisters or brothers daughter’s account.
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Q: Is there any restriction in number of
accounts to be opened by one person.
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A: YES, The no of
account can be opened in the name of max 2 girl child only.But in case ,If
1st or 2nd birth gave twins then it can be opened for all 3 girls. From a
family only one account is possible in the name of girl child. In simple
terms, the thumb rule regarding Sukanya Samriddhi Account no of account is
“One girl, One account”.
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Q: Where to open Sukanya Samriddhi
Account
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A: One can easily
open this account by visiting nearest post-office./Bank branch.
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Q: What Documents are required to open
SSY account
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A: To open Sukanya
Samriddhi Account One have to provide birth certificate of kid, 2 passport
photo graph, photo id of parent or guardian opening the account and address
proof.
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Q: What Interest rate is applicable on
SSYAccount
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A: Interest rate
of this account will be changed every year.
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Q: What is maximum amount that can be
deposited in a year in this account.
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A: Rs 1.5
lac.max.
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Q: What is minimum amount can be
deposited in the account.
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A:The minimum
amount one have to deposit to continue this account is Rs 1000 only .
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Q: What is total term of this deposit
account.
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A:One can deposit
under this scheme up to 14 years from the date of account opening only.
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Q: What is date of maturity of this
account.
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A: The Sukanya
Samriddhi Account will mature after 21 years from the date of opening. or At
the time of marriage of girl, whichever is earlier.
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Q: Can some money can be pre maturely
withdrawn.
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A:YES, Pre-mature
withdrawal is permitted . One can withdraw 50% of the amount accumulated till
18th year of the girl child. The purpose of withdrawal must be higher
education of girl child.
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Q: Can account be transferred from one
place to another.
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A: YES, The
account can be transferred to any part of country with the girl moving that
city.
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Q: In case girl child dies than who can
get this money.
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A;In case of
death of depositor the account should be closed immediately. In such case the
amount accumulated till the previous month of death will be returned to the
nominee declared while opening SSA account or Guardian of the girl child.
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