HTML tutorial

04:04
0



Adhar card



Q:What is Aadhaar Seeding?
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.

Q:Can a Resident link the Aadhaar to more than one account within a bank?
A:Yes. However the bank shall keep only one of the accounts as primary account which would receive all AEPS transactions.

Q:Can a Resident link the Aadhaar to more than one Account in different Banks?
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.

Q:What is the e-KYC service?
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.

Q:What information is shared in the e-KYC service?
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.

Q:Who can use the e-KYC service?
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.

Q: What is the process to start using the e-KYC service?
A:Organizations interested in using the e-KYC service, will need to get approved and authorized by UIDAI to use this service.

Q:What are the key features of the e-KYC service?
A:Some of the key features of the e-KYC service are:
Paperless: The service is fully electronic, enabling elimination of KYC document management
Consent based: Data is shared by the resident consent through Aadhaar authentication, thus protecting resident privacy.
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.
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.
Instantaneous: The service is fully automated, and KYC data is furnished in real-time, without any manual intervention
Regulator friendly: The service providers can provide a portal to the Ministry/Regulator for auditing all e-KYC requests.

Q:What is the regulatory stance on the e-KYC service?
A:RBI, IRDA, PFRDA & SEBI have accepted UIDAI’s e-KYC service as a valid KYC.
Marginal Cost of Funds based Lending Rate (MCLR)
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?
Let’s assume a bank has following maturity profile of borrowings:
Sr. No. Original Maturity Balance outstanding as a percentage of total funds (other than equity) Cumulative weightage
1 5 years & above 15.1% 15.1%
2 3 years & above but less than 5 years 11.8% 26.9%
3 2 years & above but less than 3 years 9.3% 36.2%
4 1 year & above but less than 2 years 16.9% 53.1%
5 6 months & above but less than 1 year 24.3% 77.4%
6 91 days & above but less than 6 months 10.5% 87.9%
7 Up to 90 days 12.1% 100%
Total 100%
In this case, the MCLR shall correspond to the weightage average of tenor of the first three time buckets.
2. Whether the tenor premium charged will be for contractual tenor or residual tenor?
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.
3. What will be the denominator used for arriving at the operating cost for computing MCLR?
Banks may calculate all operating costs as a percentage of marginal cost of funds for computing MCLR.
4. Clarify the definition of short term borrowings.
A short term borrowing means borrowing of tenor up to but less than one year.
5. Can components of spread be negative?
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.
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?
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.
7. Will the interest rates on fixed rate loans (or fixed portion of hybrid loans) be based on the date of sanction or disbursement?
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.

Q: What is age requirement to open Sukanya Samriddhi Account .
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.

Q: Is there any relaxation in age.
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.

Q:Who can open SSA .
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.

Q: Is there any restriction in number of accounts to be opened by one person.
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”.

Q: Where to open Sukanya Samriddhi Account
A: One can easily open this account by visiting nearest post-office./Bank branch.

Q: What Documents are required to open SSY account
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.

Q: What Interest rate is applicable on SSYAccount
A: Interest rate of this account will be changed every year.

Q: What is maximum amount that can be deposited in a year in this account.
A: Rs 1.5 lac.max.

Q: What is minimum amount can be deposited in the account.
A:The minimum amount one have to deposit to continue this account is Rs 1000 only .

Q: What is total term of this deposit account.
A:One can deposit under this scheme up to 14 years from the date of account opening only.

Q: What is date of maturity of this account.
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.

Q: Can some money can be pre maturely withdrawn.
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.

Q: Can account be transferred from one place to another.
A: YES, The account can be transferred to any part of country with the girl moving that city.

Q: In case girl child dies than who can get this money.
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.