{
  "id": 10719173,
  "title": "SBI seeks clarity on accounts under FCRA rules",
  "url": "https://urgent.news/2026/09/29/sbi-seeks-clarity-on-accounts-under-fcra-rules",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-29T14:52:21.000Z",
  "source": {
    "name": "The Economic Times",
    "slug": "the-economic-times",
    "url": "https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-seeks-clarity-on-bank-accounts-under-proposed-fcra-rules/articleshow/134569432.cms"
  },
  "original_language": "en",
  "account": "The State Bank of India (SBI) is advocating for clarity on account handling procedures under proposed amendments to the Foreign Contribution (Regulation) Act (FCRA) in India. At a presentation to the Joint Parliamentary Committee (JPC) reviewing the FCRA Amendment Bill, the bank's top officials, led by its Chairman Challa Sreenivasulu Setty, emphasized the need for government control over foreign donations and assets if an organization's FCRA registration is cancelled or expires. However, the SBI highlighted a potential gap between the registration's cessation date and the notification timeline for banks, suggesting that transactions during this period could be questioned. They requested that restrictions on accounts take effect only after receiving an authenticated communication and sought protection for transactions processed before the control transfer. The bank also asked about the treatment of existing balances, fixed deposits, interest, and the responsibilities of various stakeholders. The Ministry of Law presented its stance, stating that when an NGO's assets are transferred to a designated government authority, it must provide full access to its accounts, records, and properties. The bill aims to provide strict obligations for those whose foreign funding or assets are seized or vested under the Act, ensuring transparency and accountability. As of August 31, the SBI had 25,432 FCRA-registered accounts, with 10,992 dormant or restricted. The bank supports a clear legal framework for managing foreign contributions when an organization's registration ends, emphasizing the need for detailed rules, common procedures, and prompt updates on registration status.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}