 "SBI's main branch in Delhi opens over 13,000 FCRA accounts in eight months")
State Bank of India's (SBI) New Delhi Main Branch has opened 13,729 Foreign Contribution (Regulation) Act (FCRA) accounts till date.
Of the total 22,598 active FCRA Associations, 17,611 entities (NGOs and Associations) approached SBI for opening of FCRA Accounts. The bank has already opened accounts for 78 per cent of the applicants, SBI said in a statement today.
The rest of the accounts shall also be initiated once their pending documentation formalities are completed, it added.
SBI's New Delhi Main Branch was designated to open FCRA accounts by Ministry of Home Affairs (MHA) in October 2020.
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. This is available on bank’s website and FCRAONLINE-an e-governance initiative by the Ministry of Home Affairs.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%