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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 Commercial Banks RIA No 1 RIA 406/0506 DBOD Information Sought Reply given/ Information provided Date of Reply Guidelines issued by the Reserve Bank of India to prevent fraudule
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  The Reserve Bank of India receives requests for information under the Right toInformation Act, 2005. Some information furnished by the Chief Public InformationOfficer in response requests, would be of interest to the members of the public. Suchinformation is furnished in this Disclosure Log. Information pertaining to Commercial BanksRIANo   Information Sought   Reply given/ Information provided   Dateof Reply 1 RIA406/05-06   DBOD  Guidelines issued bythe Reserve Bank of India to preventfraudulent use of ATMs.The report on Information Systems SecurityGuidelines for the Banking and Financial Sectorheaded by Dr. R. B. Barman dated March 11,2002, had indicated that to detect and preventfraudulent use of ATMs, banks have to installvideo cameras at the site for capturing theimages of all the users of the ATM. Copy of thereport, which was sent to all the banks, isavailable on our websitehttp://rbidocs.rbi.org.in/rdocs/publicationReportMarch22,20062 RIA411/05-06   DBOD  Can any bank, on itsown, recover the loanamount by operatingthe savings accountof a living depositor,without the expressinstructions of thedepositor/without theorders of a RecoveryTribunal?The account holder of NRE savings deposits canwithdraw the savings deposit at any time andtherefore, banks should not mark any type of lien, direct or indirect, against these deposits.(asregards domestic savings deposits, banks mayfollow the guidelines issued by IBA/existingpractices approved by their Board in this regard).April13,20063 RIA420/05-06   DBOD  The definitions/ criteria forclassifying non-performing assets(NPAs) as ‘doubtful’and ‘loss’ assets ason 1.4.1994, andwhat are thesubsequentamendments in thisregardDefinitions/criteria for classifying NPAs asdoubtful and loss assets as on April 1, 1994 arefurnished in our circularno.DBOD.No.BC.129/21.04.043/92 dated April27, 1992, and the subsequent modifications tothese definitions are incorporated in our MasterCircular on 'Prudential Norms on IncomeRecognition, Asset Classification andProvisioning pertaining to Advances' issuedevery year. The latest Master Circular containingthe definition/criteria for classifying NPA as'doubtful/ and 'loss asset' isDBOD.No.BP.BC.15/21.04.048/2006-07 datedJuly 1, 2006, which is available on our websitewww.rbi.org.in April5, 20064 RIA ‘Ration Card’ as adocument for proof As per RBI Circular DBOD.AML.58/14.01.001/ 2005-06 dated November 29, 2004 (copyMarch21,  434/05-06   DBOD  of residence, for thepurpose of openingof bank accounts.available on our website athttp://rbi.org.in/scripts/NotificationUser.aspxration card is a valid document in support of residential address20065  RIA477/05-06DBOD  Guidelines issued byRBI to declare an a/cnon-performing.These instructions are given in the MasterCircular DBOD.BP.BC. 12 / 21.04.048 / 2005-06 dated July 2, 2005, which is available on ourwebsitewww.rbi.org.inunder 'Notification' andthe path ishttp://rbidocs.rbi.org.in/rdocs/notification/PDFs/ 78400.pdf April26,20076  RIA483/05-06DBOD  Circulars / Guidelines issuedregarding issue of cheque booksTwo circulars were issued.DBOD.108/09.07.007/97-98 dated September25, 1997 and DBOD .LEG .BC . 74/ 09.07.005 / 03-04 dated April 10, 2004. Also refer to ourCircular DBOD.No.Leg.BC.87/c.466(IV)-89dated March 3, 1989 wherein banks have beenadvised that they may issue cheque books withlarger number of leaves(20-25) if a customerdemands the same and also ensure that adequatestocks of such cheque books are maintained withall the branches to meet the requirements of thecustomers. The circular is available on ourwebsiteMay10,20067  RIA614/05-06DBOD  What are theinstructions /guidelines fornomination andsettlement of claimsof deceaseddepositors/lockerhirers?.Reserve Bank of India has issued Circular noDBOD.Leg.BC.95 dated June 9, 2005 in thismatter and is available on our website athttp://www.rbi.org.in/scripts/NotificationUser.aspx?Id=2284&Mode=0Banking CompaniesNomination Rules, 1985 have been framed interms of Sections 45ZA to 45ZF of the BankingRegulation Act, 1949.May19,20068  RIA693/05-06DBOD  RBI rules /guidelineson Credit CardsRBI has issued circularDBOD.FSD.BC.17/24.01.011/2007-08 datedJuly 2, 2007 which is available on our website athttp://rbi.org.in/ NotificationJune 9,20069  RIA10/06-07DBOD  Guidelines / Rulesregarding prematurewithdrawal of termdeposits.A bank, on request from the depositor, shouldallow withdrawal of a term deposit beforecompletion of the period of the deposit agreedupon at the time of making the deposit. The bank will have the freedom to determine its own penalinterest rate of premature withdrawal of termdeposits. The bank should ensure that thedepositors are madeaware of the applicablepenal rate along with the deposit rate. WhileAugust2,2006.  prematurely closing a deposit, interest on thedeposit for the period that it has remained withthe bank will be paid at the rate applicable to theperiod for which the deposit remained with thebank and not at the contracted rate. No interest ispayable, where premature withdrawal of depositstakes place before completion of the minimumperiod prescribed. However, the bank, at itsdiscretion, may disallow premature withdrawalof large deposits held by entities other thanindividuals and Hindu Undivided Families. Thebank should, however, notify such depositors of its policy of disallowing premature withdrawal inadvance, i.e., at the time of accepting suchdeposits.(ii) In the case of premature withdrawal of NREterm deposits for conversion into ResidentForeign Currency (RFC) Account, the bank should not levy any penalty for prematurewithdrawal. If such a deposit has not run for aminimum period of 1 year, the bank may, at itsdiscretion, pay interest at a rate not exceedingthe rate payable on savings deposits held in RFCaccounts, provided the request for such aconversion is made by the NRE account holderimmediately on return to India.(iii) Conversion of NRE deposit into FCNR(B)deposit and vice versa before maturity should besubject to the penal provision relating topremature withdrawal.(iv) Conversion of NRSR / NRNR deposit intoNRO deposit before maturity will be subject tothe penal provision relating to prematurewithdrawal.(v) In view of the discontinuance of NRNR / NRSR schemes with effect from April 1, 2002,the proceeds of NRNR deposits can be creditedto NRE accounts on maturity but not toFCNR(B) accounts, while proceeds of NRSRaccounts can be credited on maturity to NROaccounts only. In case of premature withdrawalof NRNR / NRSR deposits, the proceeds shouldbe credited to NRO accounts only.  With effect from February 13, 2004, all aspectsconcerning renewal of overdue deposits may bedecided by individual banks subject to theirBoard laying down a transparent policy in thisregard and the customers being notified of theterms and conditions of renewal includinginterest rates, at the time of acceptance of deposit. The policy should be non-discretionaryand non-discriminatory10   231/06-07DBOD   Credit Card Statementsindicate a minimumAmount due, which is apercentage of the totaloutstanding due, the Due Date etc.However, when thecredit card issuspended/closed, forwhat ever reason, thecredit card customerreceives monthlystatements whichshows the TotalAmount due as theMinimum Amount Due.It also does not specifyany Due Date forPayment. The DueDate is shown asIMMEDIATE.   It has been observedthat when the Bank’srepresentatives/agentscontact the customerfor payment, and thecustomer is not in aposition to pay theentire amount in onego, they (the bank’srepresentatives)verbally specify anamount which theyclaim to be theMinimum Amount Due.Unfortunately, in thesubsequent statementit is noticed thata. Even if the verballyspecified MinimumAmount Due is paidand   b. Even if the amount isIn terms of Master circular on credit card operationsof banks dated July 2, 2007, (available on ourwebsitewww.rbi.org.in athttp://rbidocs.rbi.org.in/rdocs/notification/PDFs/78385.pdf ), the overall procedure to be adopted hasbeen advised to the banks. as under:a. Card issuers should ensure that there is nodelay in dispatching bills and the customer hassufficient number of days (at least one fortnight)for making payment before the interest startsgetting charged.b. Card issuers should quote annualizedpercentage rates (APR) on card products(separately for retail purchase and for cashadvance, if different). The method of calculationof APR should be given with a couple of examples for better comprehension. The APRcharged and the annual fee should be shown withequal prominence. The late payment charges,including the method of calculation of suchcharges and the number of days, should beprominently indicated. The manner in which theoutstanding unpaid amount will be included forcalculation of interest should also be specificallyshown with prominence in all monthlystatements. Even where the minimum amountindicated to keep the card valid has been paid, itshould be indicatedin bold letters that theinterest will be charged on the amount due afterthe due date of payment.c. The banks /NBFCs should not levy any chargethat was not explicitly indicated to the credit cardholder at the time of issue of the card and gettinghis / her consent. However, this would not beapplicable to charges like service taxes, etc.which may subsequently be levied by the Sept13,2006.  
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