The Reserve Bank of India has removed, with immediate effect, two reporting requirements for Authorised Dealer Category-I banks concerning accounts of non-resident banks. Banks no longer need to submit an annual list of offices and branches maintaining rupee accounts for non-resident banks. They are also no longer required to report temporary overdrafts by overseas branches or correspondents that exceed permissible limits and remain unadjusted for more than five days.
Reserve Bank of India ends two reporting requirements for accounts of non-resident banks
The Reserve Bank of India has immediately ended two reporting requirements for Authorised Dealer Category-I banks. The changes cover annual branch lists for non-resident banks’ rupee accounts and certain temporary overdrafts by overseas branches or correspondents.