Associate Operations Specialist - Liability Operations
IDFC FIRST Bank — Thane, THANE
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Job Description
Job Requirements Job Title: Associate Liability Operations
Department/Function: Retail Banking Operations
Job 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.
Roles & 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.
- Knowledges on 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.
- 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.
Educational Qualifications:
Graduation: Bachelor of Commerce (B.com) / Bachelor of Science (B.Sc) / Bachelor of Arts (BA) / Bachelor of Business & Insurance (BBI) / Bachelor of Management Studies (BMS)
Post-Graduation: Master of Business Administration (MBA) / Master of Commerce (M.com) / Master of Arts (MA)
Experience: 2 - 5 years of relevant experience
Frequently Asked Questions
What are the eligibility criteria for the Associate Operations Specialist - Liability Operations job at IDFC FIRST Bank?
Eligibility typically includes the qualifications and experience outlined in the job description above, with around 2-5 Years years of relevant experience expected for this role.
What are the primary responsibilities of a Associate Operations Specialist - Liability Operations at IDFC FIRST Bank?
The key responsibilities for this role are detailed in the Key Responsibilities section above, covering the core duties expected of a Associate Operations Specialist - Liability Operations at IDFC FIRST Bank.
Is prior experience required for this position?
This role requires around 2-5 Years years of relevant experience, as specified in the job listing. Please refer to the Qualifications & Experience section above for full details.
What skills are important for this role?
Skills relevant to this position are outlined in the Qualifications & Experience section above. In general, strong communication, domain knowledge, and the ability to meet role-specific targets are valued across similar BFSI positions.
How do I apply for the Associate Operations Specialist - Liability Operations role at IDFC FIRST Bank?
You can apply directly using the Apply Now button on this page, which will take you to IDFC FIRST Bank's application process for this role.
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