The International Financial Services Centres Authority (IFSCA), on June 30, 2026, issued a circular amending its framework on Internet banking services provided by IFSC Banking Units (IBUs). The amendment revises the compliance timeline prescribed under the earlier circular on “Internet Banking Services to Clients of IBUs – Review” dated December 29, 2025, and provides additional operational clarifications.
Under the revised framework, IBUs that commenced operations before the issuance of the December 29, 2025 circular are required to comply with the prescribed internet banking requirements by July 31, 2026. If an IBU fails to comply by the stipulated date, it must cease onboarding new customers for the non-compliant liability products from August 1, 2026, until compliance is achieved.
The circular also clarifies that “all linked accounts” include all customer accounts, including deposit and loan accounts, and that “whitelisting” refers to the facility allowing customers to maintain a pre-approved list of beneficiaries. Additionally, the Authority has made the requirement under paragraph 8.i.b. of the earlier circular non-mandatory, while confirming that all other provisions remain unchanged.
[Circular e.F.No. IFSCA-FMPP0BR/5/2024-Banking/1]
