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RBI makes changes in NEFT, RTGS for daily reporting of foreign remittances

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Published 20 Feb, 2023

By Staff Reporter

With the Home Ministry mandating SBI to report all details of overseas donors, including purpose of remittances on daily basis, the Reserve Bank of India (RBI) on Thursday made necessary changes in NEFT and RTGS systems for Foreign Contribution (Regulation) Act (FCRA) related transactions.

Under the FCRA, foreign contributions must be received only in the "FCRA account" of State Bank of India (SBI), New Delhi Main Branch (NDMB).



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