Associate Operations Specialist - Liability Operations

IDFC FIRST Bank; Thane; On-site; INR 400,000 - 600,000; Full time

Job summary

IDFC FIRST Bank is looking for a skilled professional to manage outward remittance transactions for individual customers in India. The candidate will ensure compliance with FEMA, RBI guidelines, and internal policies while maintaining high customer service standards.

The role involves processing remittances, verifying customer documentation, and coordinating with teams to resolve queries. Strong knowledge of outward remittance regulations and effective communication skills are essential for this position.

Qualifications

• Good understanding of regulations around outward remittances.
• Knowledge of documentation requirements for remittance transactions.
• Experience in customer service and compliance checks.

Responsibilities

• Process retail outward remittances.
• Verify customer instructions and supporting documents.
• Coordinate with branch teams for query resolution.
• Maintain customer service standards and communication quality.

Skills

Understanding of FEMA

Knowledge of LRS guidelines

Cross-border payment workflows

AML/KYC understanding

SWIFT operations knowledge

Job description

Job Requirements

Role Purpose: To process, validate, and manage outward remittance transactions for individual customers in compliance with FEMA, RBI, LRS, AML/KYC, and internal bank policies while ensuring accuracy, customer service, and regulatory reporting.

Key Responsibilities

• Process retail outward remittances
• Handle remittances under Liberalised Remittance Scheme (LRS) for purposes such as education, medical treatment, travel, maintenance of relatives, gifts, investments, and other permissible current/capital account transactions.
• Verify customer instructions, forms, declarations, invoices, admission letters, medical estimates, and supporting documents.
• Ensure correct purpose code mapping and transaction classification.
• Knowledge of latest ISO MX messages types used in daily BAU.
• Regulatory & Compliance Checks
• Validate transactions against FEMA and RBI Master Directions on LRS and Remittances.
• Perform AML/KYC/sanctions screening and escalation of alerts.
• Check annual LRS utilization limits and customer declarations.
• Ensure compliance with tax-related requirements (Form A2, PAN validation, TCS applicability, etc.).
• Transaction Execution & Coordination
• Coordinate with branch teams, relationship managers, correspondent banks, and customers for query resolution.
• Monitor pending cases and ensure turnaround time (TAT) adherence.
• Operational Controls & Reporting
• Maintain transaction records and audit trails.
• Support regulatory reporting and internal MIS related to outward remittances.
• Identify process gaps and suggest automation or control improvements.
• Assist during internal, statutory, RBI, and compliance audits.
• Customer & Stakeholder Management
• Provide guidance to customers and branches on documentation requirements.
• Handle escalations related to rejected, delayed, or returned remittances.
• Maintain high service standards and communication quality.

Required Skills & Knowledge

Functional Knowledge

• Good understanding of FEMA, LRS guidelines, and outward remittance regulations.
• Knowledge of purpose codes, SWIFT operations, and cross-border payment workflows.
• Understanding of AML/KYC, sanctions screening, and transaction monitoring.
• Familiarity with NRE/NRO accounts, forex products, and retail banking operations.