Home News RBI alters NEFT and RTGS for daily reporting of foreign remittances

RBI alters NEFT and RTGS for daily reporting of foreign remittances

The Reserve Bank of India (RBI) has made changes to the NEFT and RTGS systems for Foreign Contribution Regulation Act (FCRA) related transactions.
This is in response to the Home Ministry’s requirement for the State Bank of India (SBI) to report all details of overseas donors, including the purpose of remittances, on a daily basis.