RBI asks banks to verify trade records with client paperwork
The Reserve Bank of India (RBI) wants banks to sort out years of messy trade and payment records, including missing documents and wrong entries that have piled up over years.
Banks now need to double-check their records with actual client paperwork to fix these issues in systems like EDPMS, making sure export-import transactions are all aboveboard.
Banks have no firm deadline specified
The source does not specify a firm deadline. The goal? Avoid businesses getting flagged for non-compliance and keep things running smoothly.
While smaller mismatches could be fixed since last October, bigger ones still risk trouble from authorities.
With more regulatory work landing on banks' plates lately, this push from the RBI is meant to help clear the backlog, and hopefully make trade reporting a lot less stressful for everyone involved.