Page 59 - Banking Finance March 2023

RBI CIRCULAR

RBI

CIRCULAR

Central Payments Fraud Information 4. The Reserve Bank of India (Financial Statements -
Presentation and Disclosures) Directions, 2021 stands
Reserve Bank of India (Financial
updated to reflect these changes.
Statements - Presentation and
Disclosures) Directions, 2021 – Disclosures Introduction of Foreign Contribution

for State Co-operative Banks and Central (Regulation) Act (FCRA) related transaction
Co-operative Banks code in NEFT and RTGS Systems
February 16, 2023
February 20, 2023

1. The Reserve Bank of India (Financial Statements- 1. Under the FCRA, 2010 (amended as on September 28,
Presentation and Disclosures) Directions, 2021 2020), foreign contributions must be received only in
(‘Master Direction’) are applicable to Commercial the “FCRA account” of State Bank of India (SBI), New
Banks and Primary Urban Co-operative Banks (UCBs). Delhi Main Branch (NDMB). The contributions to the
They harmonize the regulatory instructions on FCRA account are received directly from foreign banks
presentation and disclosure in financial statements through SWIFT and from Indian intermediary banks
across the banking sector. through NEFT and RTGS systems.
2. In consultation with the National Bank for Agriculture 2. In terms of extant requirements of Ministry of Home
and Rural Development (NABARD), it has now been Affairs (MHA), Government of India, the donor details
decided to make this Master Direction also applicable such as name, address, country of origin, amount,
to State Cooperative Banks and Central Cooperative currency, and purpose of remittance are required to
Banks (also referred to as ‘District Central Co-operative be captured in such transactions and SBI is required to
Banks’). report the same to MHA on daily basis.
3. The Master Direction shall apply to State and Central 3. Keeping in view the above, necessary changes have
Cooperative Banks (together referred to as ‘Rural Co- been introduced in NEFT and RTGS systems, technical
operative Banks’ or ‘RCBs’) mutatis mutandis, unless details of which are provided in Annex. Member banks
explicitly specified otherwise, from the financial year are advised to incorporate necessary changes in their
ending March 31, 2023. Certain disclosure core banking / middleware solutions to capture the
requirements specified in Annex III-A shall be requisite details while forwarding the foreign donations
applicable, to RCBs, from the financial year ending through NEFT and RTGS systems to SBI. The
March 31, 2024. instructions will be effective from March 15, 2023.

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