18 December 2024, India – Standard Chartered Bank, India, announced the launch of its “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 also introduced a self-service capability to optimise the Cross-border payments journey for its clients where a document repository for initiating outward remittances abroad from India is available on Straight2Bank (S2B), which is Standard Chartered’s fully integrated internet banking Digital platform.
The FEMA team combines deep industry knowledge with a breadth of situational experience to work seamlessly with clients to address their queries and guide them through any emerging complexities. This desk currently has team members based out of the metros namely Mumbai, Delhi, Bengaluru and Chennai.
Speaking on the launch, 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. This is a perfect example of the Bank harnessing the best of talent and technology for clients, enabling them to move quickly with enhanced efficiencies.”
Standard Chartered has also launched various educative capital account handbooks and guides, as well as a “FEMA Insights” newsletter, to keep clients informed about recent FEMA amendments and circulars along with its interpretations and impact analysis.