RBI waives NRI deposits data in physical form

Banks dealing in foreign exchange will now need not to 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 Department of Statistics and Information Management (DSIM) henceforth,” RBI said in a circular.

“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,” RBI said.