HSBC India accounts: File Upload and reporting requirements

Last updated: 29 May 2023

In line with local regulations set by the Reserve Bank of India, we’re updating payment file and reporting requirements for accounts opened with The Hongkong and Shanghai Banking Corporation Limited, India (referred to here as ‘HSBC India accounts’) in relation to the storage of payment systems data.

Starting 24 June 2023, we’re updating HSBCnet’s File Upload service, as well as standard and custom reports generated from HSBCnet’s Reports and Files Download and Report Writer services, for HSBC India accounts in stages.

What this means for you

Here’s what will be introduced from 24 June 2023:

1. Upload separate files for payments from HSBC India accounts:
   If you use the File Upload service for payments from both HSBC India and other global accounts, you’ll need to upload separate payment files for HSBC India accounts after the update. When uploading a payment file, you’ll be asked to confirm whether the payment file includes HSBC India accounts in the new ‘Select a transaction account location’ field.

   
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2. Separate reports for HSBC India accounts:
   After the update, you’ll start receiving separate standard and custom reports for HSBC India accounts.

   For the new reports that contain only HSBC India accounts, a new ‘_IN’ suffix will be added to your report’s file name and Report ID. For reports that only contain accounts opened with other HSBC entities, their report file names and Report IDs will remain the same.

   If you currently receive standard or custom reports that only include HSBC India accounts, their file names and Report IDs will also remain unchanged.

3. New Sender BIC for HSBC India MT statements:

   Currently, MT statements include HSBC India Sender BIC ‘MIDLGB22BHX’ in Block 2 of the SWIFT Header for MT940 and MT942 files delivered via SWIFT FIN. After the update, HSBC India account statements will include the Sender BIC of ‘HSBCINBB’ instead.

   Learn how to include the new sending BIC in Enterprise Resource Planning (ERP) systems ❯

4. Changes to HSBC India current account statements:

   After the update, statements for HSBC India current accounts will generate on all business days, regardless of activity. Statements for HSBC India accounts will also provide additional details for reconciliation purposes.

   Learn more about the additional current account statement details ❯

What you need to do

Starting 24 June, you will receive the new reports for HSBC India accounts in parallel with your existing reports so that you can make any adjustments to your systems that may be needed. Existing standard and custom reports will no longer include HSBC India account details after 30 September 2023.

If you use ERP systems or automated account reconciliation programs for your electronic statements, you may be impacted. To ensure the on-going operation of your automated reconciliation processes, we recommend that you review these updates with your own IT specialists and, if necessary, make arrangements to update your systems by 30 September.

Find out more

If you have any questions, contact your local Client Services Manager or HSBCnet Support Centre.