Category: Notifications

RBI/2021-22/115
DoR.AUT.REC.62/23.67.001/2021-22

October 28, 2021

All Scheduled Commercial Banks
(excluding Regional Rural Banks)

Dear Sir/Madam

Gold Monetization Scheme (GMS), 2015

In exercise of the powers conferred on the Reserve Bank of India under Section 35A of the Banking Regulation Act, 1949, the RBI makes the following amendments in the Reserve Bank of India (Gold Monetization Scheme, 2015) Master Direction No.DBR.IBD.No.45/23.67.003/2015-16 dated October 22, 2015, with immediate effect.

2. A new sub-paragraph 2.2.2 (f) has been inserted to read as follows:

2.2.2 (f) Interest on premature closure of the deposit in case of death of depositor before and after lock-in period

The amount payable to the depositor shall be calculated as a sum of (A) and (B), as indicated below:

(A) Actual market value of the gold deposit on the day of withdrawal.

(B) Interest payable on the value of the gold for the period of deposit at the applicable rate.

(i) Before lock-in period: The applicable interest rate shall be as under:

Type of Deposit	Lock-in period	Actual period for which the deposit has run
		Up to 6 months	>6 months and	≥1 year and	≥2 years and
MTGD	3 years	No interest	Applicable rate for MTGD at the time of deposit minus 1.25%	Applicable rate for MTGD at the time of deposit minus 1.00%	Applicable rate for MTGD at the time of deposit minus 0.75%

Type of Deposit	Lock-in period	Actual period for which the deposit has run
		Up to 1 year	>1 year and	≥2 years and	≥3 years and
LTGD	5 years	No interest	Applicable rate for MTGD at the time of deposit minus 1.00%	Applicable rate for MTGD at the time of deposit minus 0.75%	Applicable rate for MTGD at the time of deposit minus 0.25%

(ii) After lock-in period: The applicable interest rate shall be as under:

Type of Deposit	Lock-in period	Actual period for which the deposit has run
		>3 years and	≥5 years and
MTGD	3 years	Applicable rate for MTGD at the time of deposit minus 0.25%	Applicable rate for MTGD at the time of deposit minus 0.125%

Type of Deposit	Lock-in period	Actual period for which the deposit has run
		>5 years and	≥ 7 years and	≥12 years and
LTGD	5 years	Applicable rate for MTGD at the time of deposit minus 0.125%	Applicable rate for LTGD at the time of deposit minus 0.25%	Applicable rate for LTGD at the time of deposit minus 0.125%

3. A new sub-paragraph 2.2.2 (g) has been inserted to read as follows:

2.2.2 (g) Interest on premature closure of the deposit due to default of loan taken against MLTGD before and after lock-in period

The amount payable to the depositor shall be calculated as a sum of (A) and (B), as indicated below:

(A) Actual market value of the gold deposit on the day of withdrawal.

(B) Interest payable on the value of the gold for the period of deposit at the applicable rate.

(i) Before lock-in period: The applicable interest rate shall be as under:

Type of Deposit	Lock-in period	Actual period for which the deposit has run
		Up to 6 months	>6 months and	≥1 year and	≥2 years and
MTGD	3 years	No interest	Applicable rate for MTGD at the time of deposit minus 1.375%	Applicable rate for MTGD at the time of deposit minus 1.125%	Applicable rate for MTGD at the time of deposit minus 0.875%

Type of Deposit	Lock-in period	Actual period for which the deposit has run
		Up to 1 year	>1 year and	≥2 years and	≥3 years and
LTGD	5 years	No interest	Applicable rate for MTGD at the time of deposit minus 1.125%	Applicable rate for MTGD at the time of deposit minus 0.875%	Applicable rate for MTGD at the time of deposit minus 0.375%

(ii) After lock-in period: The applicable interest rate shall be as under:

Type of Deposit	Lock-in period	Actual period for which the deposit has run
		>3 years and	≥5 years and
MTGD	3 years	Applicable rate for MTGD at the time of deposit minus 0.375%	Applicable rate for MTGD at the time of deposit minus 0.25%

Type of Deposit	Lock-in period	Actual period for which the deposit has run
		>5 years and	≥ 7 years and	≥12 years and
LTGD	5 years	Applicable rate for MTGD at the time of deposit minus 0.25%	Applicable rate for LTGD at the time of deposit minus 0.375%	Applicable rate for LTGD at the time of deposit minus 0.25%

4. The Reserve Bank of India Master Direction No.DBR.IBD.45/23.67.003/2015-16 dated October 22, 2015 on Gold Monetization Scheme, 2015 has been updated incorporating the above changes.

Yours faithfully

(Prakash Baliarsingh)
Chief General Manager

April 14, 2015

Dear All

Welcome to the refurbished site of the Reserve Bank of India.

The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.

With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.

The site can be accessed through most browsers and devices; it also meets accessibility standards.

Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.

Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.

Thank you for your continued support.

Department of Communication

Reserve Bank of India

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April 14, 2015

Dear All

Welcome to the refurbished site of the Reserve Bank of India.

The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.

With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.

The site can be accessed through most browsers and devices; it also meets accessibility standards.

Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.

Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.

Thank you for your continued support.

Department of Communication

Reserve Bank of India

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RBI/2021-2022/113
IDMD.CDD. No.1087/14.04.050/2021-22

October 22, 2021

The Chairman & Managing Director
All Scheduled Commercial Banks,
(Excluding RRBs)
Designated Post Offices
Stock Holding Corporation of India Ltd.(SHCIL)
National Stock Exchange of India Ltd, Bombay Stock Exchange Ltd
Clearing Corporation of India Limited.

Madam/Dear Sir,

Sovereign Gold Bond Scheme (SGB) 2021-22- Series VII/VIII/IX/X

Government of India has vide its Notification No F.No4.(5)-B (W&M)/2021 dated October 21, 2021 has announced the Sovereign Gold Bond Scheme 2021-22, Series VII, VIII, IX and X. Under the scheme there will be a distinct series (starting from Series VII) for every tranche. The terms and conditions of the issuance of the Bonds shall be as per the above notification.

2. Date of Issue

The date of issuances shall be as per the details given in the calendar below

S.No.	Tranche	Date of Subscription	Date of Issuance
1.	2021-22 Series VII	October 25–29, 2021	November 02, 2021
2.	2021-22 Series VIII	November 29- December 03, 2021	December 07, 2021
3.	2021-22 Series IX	January 10-14, 2022	January 18, 2022
4.	2021-22 Series X	February 28- March 04, 2022	March 08, 2022

3. Period of subscription

The Subscription of the Gold Bonds under this Scheme shall be open (Monday to Friday) on the dates specified above, provided that the Central Government may, with prior notice, close the Scheme at any time before the period specified above.

4. Application

Subscription for the Bonds may be made in the prescribed application form Form A or in any other form as near as thereto, stating clearly the grams (in units) of gold and the full name and address of the applicant. Every application must be accompanied by valid ‘PAN details’ issued by the Income Tax Department to the investor(s). Scheduled Commercial Banks (excluding RRBs, Small Finance Banks and Payment Banks), designated Post Offices (as may be notified), Stock Holding Corporation of India Ltd (SHCIL), Clearing Corporation of India Limited  and recognized stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange Ltd. are authorized to receive applications for the Bonds either directly or through agents and render all services to the customers The Receiving Office shall issue an acknowledgment receipt in Form B to the applicant.

5. All online applications should be accompanied by email Id of the investor/s which should be uploaded on the Ekuber portal along with the subscription details.

6. In addition to receipt of application, the Receiving Offices are also entrusted with the responsibility of providing service to the investors of the SGB and are required to be guided by rules and regulations issued by RBI in this regard from time to time. With a view to facilitate availability of all current operative instructions regarding servicing of these bonds at one place, RBI has issued consolidated procedural/operational guidelines vide circular IDMD.CDD.2730/14.04.050/2019-20, dated April 13, 2020. and the same is available on RBI website. The Receiving Offices shall be guided by these instructions while dealing with all the procedural aspects and providing service to the investors.

7. All other terms and conditions specified in the notification of Government of India in the Ministry of Finance (Department of Economic Affairs) vide Notification F.No.4(2)-W&M/2018 dated March 27, 2018 shall apply to the Bonds.

Yours faithfully,

(Rajendra Kumar)
Chief General Manager

April 14, 2015

Dear All

Welcome to the refurbished site of the Reserve Bank of India.

The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.

With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.

The site can be accessed through most browsers and devices; it also meets accessibility standards.

Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.

Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.

Thank you for your continued support.

Department of Communication

Reserve Bank of India

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RBI/2021-22/111
DoR.FIN.REC.59/20.16.056/2021-22

October 14, 2021

All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks)
All Primary (Urban) Co-operative Banks/State Co-operative Banks/ District Central Co-operative Banks
All-India Financial Institutions (Exim Bank, NABARD, NHB and SIDBI)
All Non-Banking Financial Companies (including Housing Finance Companies)
All Credit Information Companies

Madam/Dear Sir,

Data Format for Furnishing of Credit Information to Credit Information Companies

Please refer to our circular DBOD.No.CID.BC.127/20.16.056/2013-14 dated June 27, 2014, inter alia setting out a Uniform Credit Reporting Format for reporting credit information to the Credit Information Companies (CICs). The Uniform Credit Reporting Format has two Annexes, Annex-I contains two formats for credit reporting, viz., Consumer Bureau and Commercial Bureau, whereas Annex-II contains credit reporting format for Micro Finance Institution (MFI) segment.

2. The Relationship Segment (RS) in the Commercial Bureau format inter alia captures information on relationship fields of the corporates, viz., business category and type of relationship (i.e. contains information on directors, shareholders, proprietors, partners, trustees, holding companies, subsidiary companies and associated companies related to the borrower). It is observed that there is a low level of RS details in the databases of CICs.

3. The RS details are very important in establishing cross-linkages across the three modules, viz., Consumer, Commercial and MFI Bureaus, while providing comprehensive credit information of a borrower to Credit Institutions (CIs) by CICs. Accordingly, it has now been decided that the reporting of RS data by CIs to CICs would henceforth be mandatory. In order to ensure implementation in a non-disruptive manner, the reporting requirement may be staggered in the manner indicated below.

(i) The reporting would be mandatory in respect of new loan accounts opened after July 1, 2022.

(ii) A phased approach shall be followed for reporting of legacy data as detailed below:

1. The accounts opened during the period (July 1, 2021 to June 30, 2022) have to be updated by January 1, 2023.

2. The accounts opened in past three years (July 1, 2018 to June 30, 2021) have to be updated by July 1, 2023.

3. A timeline for reporting of the remainder legacy data would be reviewed by the Technical Working Group and the CIs would be advised in due course.

4. The CIs are advised to commence reporting the aforesaid information as per the prescribed timelines to CICs.

Yours faithfully

(Sunil T S Nair)
Chief General Manager

RBI/2021-22/110 FIDD.CO.Plan.BC.No.15/04.09.01/2021-22 October 8, 2021 The Chairman/ Managing Director Chief Executive Officer All Scheduled Commercial Banks (Excluding Regional Rural Banks, Small Finance Banks, Urban Co-operative Banks and Local Area Banks) Dear Sir/Madam, Priority Sector Lending- Banks’ lending to NBFCs for on-lending – Extension of facility Please refer to para 22 of Master Directions (MD) on PSL dated September 04, 2020 (updated as on June 11, 2021) wherein the facility of bank lending to NBFCs (other than MFIs) for on-lending was allowed to be classified as PSL up to September 30, 2021. 2. As announced in the ‘Statement on Developmental and Regulatory Policies’ dated October 8, 2021, the facility has been extended till March 31, 2022 keeping in view the increased traction observed in delivering credit to the underserved/unserved segments of the economy. Loans disbursed under the on-lending model will continue to be classified under Priority Sector till the date of repayment/maturity whichever is earlier. Further, bank loans to HFCs for on-lending for the purpose of housing, as prescribed in para 23 of our MD on PSL dated September 4, 2020, will continue as hitherto. 3. All other guidelines as issued vide MD on PSL ibid will continue to apply. Yours faithfully, (Sonali Sen Gupta) Chief General Manager-in-Charge

RBI/2021-22/109 DOR.RET.REC.58/12.07.160/2021-22 October 07, 2021 All Scheduled Commercial Banks Madam/Sir Inclusion of “Paytm Payments Bank Limited” in the Second Schedule of the Reserve Bank of India Act, 1934 We advise that “Paytm Payments Bank Limited” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide notification DoR.LIC.No.S926/16.03.006/2021-22 dated September 06, 2021 and published in the Gazette of India (Part III – Section 4) dated October 02-October 08, 2021. Yours faithfully (Sibo Nekhini) General Manager

RBI/2021-22/108 IDMD.CDD.No.S930/11.22.003/2021-22 October 5, 2021 All SGL/CSGL Account holders Madam/Sir, Value Free Transfer (VFT) of Government Securities – Guidelines A reference is invited to Notification No.78 dated November 16, 2018 on Value Free Transfer (VFT) of Government Securities – Guidelines under which separate guidelines for VFT were issued to enable more efficient operations in the Government securities market. On a review, it has been decided to issue revised Value Free Transfer Guidelines to further streamline VFT of government securities. 2. VFT of the government securities shall mean transfer of securities from one SGL/CSGL to another SGL/CSGL account, without corresponding payment leg in the books of RBI. Eligible Transactions for VFT: 3. The following transactions shall be eligible for VFT of government securities: Transfers on account of gifts and inheritance, between one CSGL account to another. Inter-depository transfers (between CSGL accounts of depositories) arising out of the following: a) own account transfer of securities by investors/brokers holding accounts in more than one depository. b) trades in exchanges between constituents of different depositories. Transfer from CSGL accounts of clearing corporations to the CSGL account of the depositories or to other CSGL holders for onward transfer to clients for distribution of securities allotted during primary auction settlement; Transfer of securities on account of mergers/demergers, acquisitions and amalgamations; Transfer of securities on account of change of custodians by Foreign Portfolio Investors, subject to approval by SEBI; Own account transfer of securities from SGL/CSGL accounts to SGL/CSGL accounts where there is no change in beneficiary ownership; Transfer of Gilt Account Holder’s (GAH) securities from one CSGL account to another CSGL account, in case a GAH decides to close his gilt account with one CSGL account holder and open a new gilt account with another CSGL account holder. Transfer of securities pertaining to margin requirement/collateral posting, including in the following cases: a) Transfer of margin/collateral between Clearing Corporation of India Ltd (CCIL) and members of CCIL. b) Transfer of margin/collateral under the Credit Support Annexes (CSA) and the Global Master Repurchase Agreement (GMRA) PROVIDED that the margin/collateral should be kept in a separate CSGL account opened with RBI’s specific permission for the purpose. All such transactions should have an RBI regulated entity at least on one side of the transaction and should be subjected to concurrent and management audit. Appropriate documentation should be maintained. PROVIDED FURTHER that the SGL account holders as recipients of Variation Margin (VM) under CSA/GMRA, may receive the same into their SGL accounts, subject to their obtaining one-time approval from RBI to accept VM in their SGL accounts. c) Posting of Government securities as margin/collateral in all segments of the recognized stock exchanges. Transfers as below: a) Deposit/replacement of securities in terms of clause (b) of sub-section (2) of Section 11 of the Banking Regulation Act, 1949 b) Transfers to the Employees’ Provident Fund Organisation (EPFO) under the Employees’ Provident Funds Scheme, 1952 c) Transfers of securities to the Deposit Insurance and Credit Guarantee Corporation (DICGC) under provisions of the Deposit Insurance and Credit Guarantee Corporation Act, 1961. 4. Permission for VFT for any other purpose may be granted on a case-to-case basis by the Bank. Applications for the same may be submitted to Public Debt Office, Mumbai Regional Office, RBI, Fort, Mumbai – 400 001 by email. 5. Eligible VFTs (i.e., transactions listed under para 3) and permitted VFTs (in terms of para 4) can be initiated through Core Banking System of RBI viz., e-Kuber. The VFTs so undertaken shall be subject to concurrent audit by SGL/CSGL holders on a 100% sampling basis. The auditor shall verify that the transactions fall under eligible VFT transactions under para 3/para 4 of the Guidelines, as above. Any deviations may be brought to notice of the Bank by the SGL/CSGL holders immediately. 6. These guidelines are issued by the Bank in exercise of the powers conferred under Notifications dated September 22, 2021 on Subsidiary General Ledger Account: Eligibility Criteria and Operational Guidelines and Constituents’ Subsidiary General Ledger Account: Eligibility Criteria and Operational Guidelines and supersede earlier instructions issued on the subject matter vide Notification No. 78 dated November 16, 2018. Any violations of the conditions specified therein shall attract provisions of Section 27 of the Act, in addition to inviting penalties as provided in Section 30 of the Act. Yours faithfully (Rajendra Kumar) Chief General Manager

April 14, 2015

Dear All

Welcome to the refurbished site of the Reserve Bank of India.

The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.

With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.

The site can be accessed through most browsers and devices; it also meets accessibility standards.

Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.

Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.

Thank you for your continued support.

Department of Communication

Reserve Bank of India

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