Banks need not submit NRI deposits data in physical form

Banks dealing in foreign exchange will now need not to submit data on non-resident deposits accounts in physical format.

"... It has now been decided that the banks, dealing in foreign exchange (excluding regional rural banks and cooperative banks) can stop sending hard copies to Department of Statistics and Information Management (DSIM) henceforth," RBI said in a circular today.

"Cooperative banks and regional rural banks (RRBs) may, however, continue submission of both hard and soft copies ... to the regional offices of the Foreign Exchange Department," RBI said.

RBI collects the data on non-resident deposit accounts in its computerised NRD-CSR (Non-Resident deposits-Comprehensive Single Return) software.

The data is collected as per the recommendations of the National Statistical Commission that endeavours to capture a wide variety of data as the Indian economy is very large and decentralised.

The banks receiving and maintaining non-resident deposits are required to submit the data in CSR format on a monthly basis.