Banks seek a ticket to RBI's LRS server
Reserve Bank of India (RBI) seeking integration with its Centralised Information Management System (CIMS) platform, aiming for real-time verification of limit utilisation under the Liberal Remittance Scheme (LRS), said people familiar with the development.
Under the LRS, Indian citizens can remit up to $250,000 per financial year for various permissible transactions.
The move can also fast-track the inclusion of international credit card spending under LRS regulations, the people said.
“This was discussed in an internal meeting last month, and for smooth implementation, a request has been made to the RBI for integration of their systems with CIMS,” a senior bank executive said on condition of anonymity, adding that banks would work closely with the RBI for smooth technological integration.
The RBI launched CIMS last year, its next-generation data warehouse, where banks submit data, including statutory returns.
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