Banks seek integration with RBI platform to monitor LRS limits
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 are allowed to 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, according to the people.
«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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