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of <h1>RBI Grants General Permission for Indian Banks to Acquire SWIFT Shares Under FEMA 1999, Easing Previous Restrictions.</h1> The Reserve Bank of India (RBI) has revised the regulations concerning the acquisition of shares in the Society for Worldwide Interbank Financial Telecommunication (SWIFT) by Indian banks. Previously requiring individual approval, banks licensed under the Banking Regulation Act, 1949, now have general permission to acquire SWIFT shares if they are members of the SWIFT User's Group in India. This change, effective immediately, modifies the earlier notification and banks are advised to inform their clients. The circular is issued under the Foreign Exchange Management Act (FEMA), 1999, and does not override other legal requirements.
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