CURRENT AFFAIRS: BANKING & FINANCE
RBI updates rules for foreign donations via NEFT, RTGS systems
- The Reserve Bank of India (RBI) introduced Foreign Contribution (Regulation) Act (FCRA) related transaction code in National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement System (RTGS) systems.
- The instructions will be effective from March 15, 2023.
- These instructions are issued under Section 10 (2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
