Money & Banking

Banks need not submit NRI deposits data in physical form

PTI Mumbai | Updated on July 12, 2012 Published on July 12, 2012




Banks dealing in foreign exchange will from now on need not submit data on non-resident deposits accounts in physical format.

“... it has now been decided that the banks, dealing in foreign exchange (excluding regional rural banks and cooperative banks) can stop sending hard copies to the Department of Statistics and Information Management (DSIM) henceforth,” the RBI said in a circular on Thursday.

“Cooperative banks and regional rural banks (RRBs) may, however, continue submission of both hard and soft copies ...to the regional offices of the Foreign Exchange Department,” the RBI said.

Published on July 12, 2012
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