State Bank of India on Monday said its New Delhi Main Branch has opened 13,729 Foreign Contribution (Regulation) Act (FCRA) accounts till date for transfer of foreign contribution to be spent by NGOs and charitable organisations for social cause.
This branch was designated to open FCRA accounts by the Ministry of Home Affairs in October 2020, SBI said in a statement.Out of the total 22,598 active FCRA associations, 17,611 entities (NGOs and associations) approached SBI for opening of FCRA accounts and the bank has already opened accounts of 78 per cent of the applicants, it said.The rest of the accounts shall also be initiated once their pending documentation formalities are completed, it said.
