SBI's main branch in Delhi opens over 13,000 FCRA accounts in eight months

Branch was designated to open FCRA a/cs by MHA last October, has done so for 78 per cent of applicants

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.