International Financial Services Centres Authority (“Authority”), vide Circular No. F No. IFSCA-FMPP0BR/4/2024-Banking /2[1] dated January 29, 2025, directed the use of internet banking for the Special Non-Resident Rupee Accounts (“SNRR Accounts”) of IFSC units.
In line with the recent amendment to the Foreign Exchange Management (Deposit) Regulations, 2016, notified on January 14, 2025, which permit the use of SNRR Accounts for all business-related transactions of International Financial Services Centre (“IFSC”) units, the Authority has now directed International Banking Units (“IBUs”) to provide internet banking services for SNRR Accounts.
The services, which include information service, interactive information exchange service, and transactional service, shall be made available for SNRR accounts, aligning with the previous instructions for IBUs to offer internet banking to their clients.
The Authority has instructed the IBUs to coordinate with the relevant departments to facilitate the rollout of these services for SNRR accounts of IFSC units. Accordingly, a status report shall be submitted to the Authority quarterly, starting with the quarter ending on March 31, 2025, within 15 (fifteen) days of the quarter’s end, until such facility is operationalised.
[1]https://ifsca.gov.in/Viewer?Path=Document%2FLegal%2Finternet-banking-for-snrr-accounts-ibus-revised-version29012025063109.pdf&Title=Internet%20banking%20facilities%20for%20the%20Special%20Non-Resident%20Rupee%20%28SNRR%29%20accounts%20of%20IFSC%20units%20-%20Amendment&Date=29%2F01%2F2025