Please refer to PSD Circular Letters No.01, 02, and 05 of 2015 regarding the captioned subject.    

2. In view of the current level of customer awareness about IBAN, it has been decided that the compulsory use of IBAN in PRI Home Remittances in the fields of Annexure-B & C shall be implemented by 31st December 2016.

3. Further, It has been observed that despite repeated extensions the level of IBAN usage in home remittances is still low and banks have not taken adequate measures to enhance customer awareness in this regard.  Accordingly, PRI member banks are advised to take all necessary steps for conveying IBAN to their respective customers and create awareness about its usage among their customers and the concerned branch officials especially with regard to home remittances. Banks are also advised to take up the matter with their tie-ups for encouraging remitters to use IBAN.

4. PRI member banks are advised to submit a monthly report, on IBAN usage in home remittances and measures taken by them  as per the attached Annexure-‘A’
 
5. All other instructions in this regard shall remain unchanged.  

6. Please ensure meticulous compliance.  

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