New Delhi: The State Bank of India (SBI) is learnt to have supported the objectives of the proposed amendments to the Foreign Contribution (Regulation) Act while seeking clear rules on how banks should handle an organisation's accounts and deposits when its permission to receive foreign donations ends.
In a presentation to the Joint Parliamentary Committee (JPC) examining the Foreign Contribution (Regulation) Amendment Bill, 2026 on Tuesday, a team of top SBI officials, led by its Chairman Challa Sreenivasulu Setty, said the bill provides for government control of foreign contributions and assets in such cases, but leaves the detailed banking procedure to be prescribed in rules, sources said.
