top cloud hosting company jaipur

SBI’s NDMB opens over 13K FCRA accounts

SBI

The New Delhi Main Branch (NDMB) of country’s largest lender, State Bank of India (SBI) has opened 13729 Foreign Contribution (Regulation) Act (FCRA) accounts till date. This branch was designated to open FCRA accounts by Ministry of Home Affairs (MHA) in October 2020.

Out of the total 22598 active FCRA Associations, 17611 entities (NGOs and Associations) approached SBI for opening of FCRA Accounts. The bank has already opened accounts of 78% of the applicants. The rest of the accounts shall also be initiated once their pending documentation formalities are completed.

SBI in co-ordination with MHA and Department of Financial Services (DFs) also devised a Standard Operating Procedure (SOP) to open and operate the FCRA Account, which is available on bank’s website and FCRAONLINE – an e-governance initiative by MHA. Further the NDMB of SBI conducted as many as 28 webinars to prepare and guide FCRA Associations about opening of FCRA Accounts.

All the SBI branches are authorized to receive Account Opening Application from FCRA Associations. The branches submit those forms and documents to the NDMB through email. In many cases the documentation was conducted in multiple branches to enable signatories at different locations. With SBI’s robust network of branches, functionaries of FCRA Associations can process their account opening formalities from their nearest SBI branch without having to visit the NDMB.

Spread the love

Add a Comment