Banks seek integration with RBI platform to monitor LRS limits

Banks in India have sought the Reserve Bank's approval for integration with its Centralised Information Management System (CIMS) to enable real-time tracking of limit utilisation under the Liberal Remittance Scheme (LRS). This integration aims to expedite the inclusion of international credit card spending under LRS regulations and ensure seamless tax remittance.

from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3Q6CV1S
via IFTTT

Comments

Post a Comment

Popular posts from this blog

RBI cancels licence of Rajasthan-based Sumerpur Mercantile Urban Coop Bank

The RBI has cancelled the licence of Sumerpur Mercantile Urban Cooperative Bank in Pali, Rajasthan, due to inadequate capital and earning prospects. Depositors will receive deposit insurance claim amount up to Rs 5 lakh from DICGC. As on November 30, 2023, DICGC has already paid Rs 45.22 crore of the total insured deposits based on the willingness received from the depositors concerned of the bank. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/PEzW9QB via IFTTT
Read more