SBI seeks clarity on handling of bank accounts, deposits under FCRA bill

State Bank of India officials are seeking clarity on how to handle bank accounts and deposits for organizations registered under the Foreign Contribution Regulation Act. This is because the FCRA Amendment Bill is being examined by the Joint Parliamentary Committee, which is looking at accountability and regulations for banking procedures. The issue is particularly concerning for smaller entities that may lose access to their funds if they miss renewal deadlines, highlighting potential risks for these organizations. This uncertainty could impact the financial stability of these entities.

Why it matters

State Bank of India officials are seeking clarity on handling accounts when an organization’s registration is suspended. This could affect smaller entities and create uncertainty in the market.

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