RBI introduces changes in NEFT/RTGS system
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- Last Updated on 18 February, 2023
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Circular No. RBI/2022-23/178 CO.DPSS.RPPD.No.S1931/04-03-001/2022-23, dated: 16.02.2023
Pursuant to FCRA, 2010, foreign contributions shall be received only in the “FCRA account” of SBI, New Delhi Main Branch. The contributions to the FCRA account are received directly from foreign banks through SWIFT and from Indian intermediary banks through NEFT and RTGS systems.
In terms of extant requirements of the Ministry of Home Affairs (MHA), Government of India, the donor details such as name, address, country of origin, amount, currency, and purpose of remittance are required to be captured in such transactions and SBI is required to report the same to MHA on a daily basis.
Keeping in view the above, RBI has now notified necessary changes in NEFT and RTGS systems. The technical details for FCRA transactions are provided in the annexure attached to the circular. Member banks are advised to incorporate the necessary changes in their core banking/middleware solutions to capture the requisite details while forwarding the foreign donations through NEFT and RTGS systems to SBI. Further, the instructions will be effective from March 15, 2023.
Click Here To Read The Full Circular
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