What changed
RBI introduced FETERS-Cards, a new monthly return requiring AD Category-I banks to report international transactions made via credit/debit cards and UPI. The reporting must include merchant category code, country, currency, amount, and card status or QR scan flag. Data is to be submitted through the existing BOP web portal within seven working days after month-end.
What it means for you
Banks must now capture and report granular details of cross-border card and UPI transactions, including economic classification via MCC. This increases operational burden on nodal offices but improves RBI's visibility into forex flows through digital payment channels. Non-compliance could attract scrutiny under FEMA provisions.
What you must do
- Ensure nodal offices are set up to collect and submit FETERS-Cards data via the BOP web portal within seven working days after each month.
- Update internal systems to capture MCC, country, currency, amount, card status (present/not present), and QR scan flag for UPI transactions.
- Train staff on the new reporting format and timeline, starting with April 2021 transactions due in first week of May 2021.
- Verify login credentials and access to https://bop.rbi.org.in for data submission.
Who it affects
AD Category-I banks, Card-issuing banks, Merchant acquirer banks, Nodal offices handling forex reporting
What transactions need to be reported under FETERS-Cards?
All international transactions using credit cards, debit cards, and UPI, including PoS, e-commerce, and fund transfers to bank accounts, must be reported.
What is the deadline for submitting FETERS-Cards data?
Data must be submitted within seven working days from the last date of the month. For April 2021 transactions, the first submission is due in the first week of May 2021.
Who is responsible for reporting?
The card-issuing or transaction-originating AD reports forex sale for Indian residents, while the merchant acquirer AD reports forex purchase for foreign residents.