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Informist, Wednesday, Oct. 29, 2025

--RBI floats draft circular on norms for faster cross-border inward payments 

--RBI seeks views on faster cross-border inward payments draft by Nov 19 

NEW DELHI – The Reserve Bank of India Wednesday released a draft circular laying out the guidelines for faster inward cross-border payments. It sought feedback on the draft circular from banks by Nov. 19.

The regulator in the draft proposed that banks must inform customers on an inward cross-border transaction immediately on receiving a message on such a transaction, or at the beginning of the next business day if received after business hours. Further, banks should endeavour to credit inward payments received during foreign exchange market hours on the same day, and any payments received after market hours should be credited on the next business day, the draft norms said.

Banks may also put in place a process for crediting inward payments straight through to the account of residents, provided this process complies with the Foreign Exchange Management Act guidelines, the draft circular said. It proposed to make the guidelines effective six months after their introduction in a final circular.

"The Reserve Bank's Payments Vision 2025 aims to brings efficiency in cross-border payments aligning with the G20 (Group of 20) roadmap to make them cheaper, faster, more transparent, and more accessible," the central bank said.

The central bank also suggested other logistical changes. It advised banks to reconcile and confirm credit in nostro accounts on a near-real-time basis or at periodic intervals, rather than the current practice of end-of-day statements that was delaying credit. The reconciliation interval should not normally exceed 30 minutes, the central bank said.

"Banks may, within a reasonable time frame, endeavour to provide digital interface to their customers to facilitate foreign exchange transactions, including submission of documents or information, and monitoring of transactions," the draft circular said.  End

Reported by Aaryan Khanna

Edited by Tanima Banerjee

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