IFSCA Banking Handbook - Opening of SNRR account with AD Bank in India
1
International Financial Services Centres Authority
CIRCULAR
F.No.110/IFSCA/Banking Regulation/2023-24/2
August 30, 2023
To,
All Banking Units
Dear Sir/Madam,
IFSCA Banking Handbook - Opening of SNRR account with AD Banks in India
1.Please refer para 6.a.ii of Module 2 (BIFC) of the IFSCA Banking Handbook Conduct of Business (COB) directions v 5.0.
- The contents of the abovementioned para shall be replaced by the following with immediate effect :
“ An IBU may open an INR account, in the form of a Special Non-Resident Rupee Account (SNRRA), with an AD Bank in India to defray its administrative expenses in compliance with the directions of the Reserve Bank of India in this regard.”
- IBUs are directed to ensure compliance to the directions this circular.
Yours faithfully
(Supriyo Bhattacharjee) Chief General Manager Department of Banking Regulation and Development
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