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Corporate Laws Central Ministry of Finance International Financial Services Centres Authority Act, 2019

IFSCA issues Amendment to the circular dated December 29, 2025 titled “Internet banking services to clients of IBUs” and circular dated June 30, 2026 titled “Amendment to the Circular titled Internet banking services to clients of IBUs"

03-Aug-2026 | e.F.No. IFSCA-FMPP0BR/5/2024-Banking /2

IFSCA has issued Amendment to the circular dated December 29, 2025 titled “Internet banking services to clients of IBUs” and circular dated June 30, 2026 titled “Amendment to the Circular titled Internet banking services to clients of IBUs” Through this circular, till the closure of the Reserve Bank of India’s “Swap Facility for FCNR (B) Deposits” scheme, IFSCA granted a one-time compliance extension to September 30, 2026. Further, para 4 of circular e.F.No. IFSCA-FMPP0BR/5/2024-Banking states 'An IBU commencing operations after the date of issue of this circular shall not offer liability products to its customers without complying with the requirements of the circular' has been substituted with 'An IBU commencing operations after the date of issue of this circular may offer liability products to its customers without complying with the requirements of the circular upto September 30, 2026. In the event of non-compliance by the prescribed date, the IBU shall, with effect from October 1, 2026, cease onboarding new customers for the liability product(s) that in respect of which it is non-compliant with the requirements of this Circular' For more information, please refer to attached pdf.

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