What is a designated branch?
Ans. Reserve Bank has authorised a few branches of each bank to conduct the business under Portfolio Investment Scheme on behalf of NRIs. These branches are the main branches of major commercial banks. NRIs will have to route their applications through any of the designated bank branches who have authorisation from Reserve Bank.
• Reserve Bank has authorised a few branches of each bank to conduct the business under the Portfolio Investment Scheme on behalf of the NRIs. These branches are the main branches of major commercial banks located close to the stock exchange/s. NRIs will have to route their applications through any of the designated bank branches who have authorisation from Reserve Bank.
Related Questions
- Where should I submit my Application Supported by Blocked Amount (ASBA)? How shall I know which bank and which branch of that bank is the designated branch for accepting ASBA applications?
- Where should I submit my Application Supported by Blocked Amount (ASBA)? How shall I know which bank and which branch of that bank is the designated branch for accepting ASBA application?
- Do I need to open a designated account in the same branch of the bank or building society as the adult’s current account?
