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of <h1>Bangladeshi Nationals Can Open NRO Accounts Without Reserve Bank Approval; New Reporting System for Banks Introduced.</h1> The circular informs authorized banks that individuals of Bangladeshi nationality can now open Non-Resident Ordinary Rupee (NRO) accounts without Reserve Bank approval, provided they hold a valid visa and residential permit from the relevant registration office. Banks must implement a quarterly reporting system, maintaining records of such accounts and sending details to their head office, which will report to the Ministry of Home Affairs. Accounts for entities with Bangladeshi ownership still require Reserve Bank approval. Amendments to the relevant regulations have been made, and banks are advised to inform their clients of these changes.
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