Standard Chartered Bank, India, has launched a “FEMA (Foreign Exchange Management Act) Centre of Excellence” proposition to help clients navigate and comply with the dynamic regulatory environment and enhance efficiencies.
In addition to the FEMA Centre of Excellence, the bank, in a statement, said it has introduced a self-service capability to optimise the cross-border payments journey for its clients where a document repository for initiating outward remittances from India is available on Straight2Bank (S2B), which is Standard Chartered’s fully integrated internet banking digital platform.
The bank said its FEMA desk currently has team members based out of the metros namely Mumbai, Delhi, Bengaluru and Chennai.
Zuzar Tinwalla, Cluster Chief Technology & Operations Officer, India and South Asia, Standard Chartered Bank, said, “Capital Account transactions requires strict adherence to regulations. With the launch of the FEMA Centre of Excellence and Digital FEMA document repository, we are looking to assist our clients in navigating the dynamic regulatory environment.”
