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Informist, Thursday, Apr. 9, 2026

 

--RBI issues guidelines to facilitate faster cross-border inward payments

--RBI: Banks to reconcile, confirm credit in nostro account near real time 

--RBI: Banks shall credit inward payments received in mkt hours on same day 

--RBI: Banks shall credit inward payments received post mkt hours next day 

--RBI: Norms for faster cross-border inward payments effective in 6 months

 

MUMBAI – The Reserve Bank of India Thursday released the final guidelines to facilitate quicker cross-border inward payments by banks. The guidelines will be effective in six months, the central bank said in a notification.

 

"The speed of the cross-border payments is affected by several factors. One of the challenges with speed of payments is experienced at the beneficiary leg i.e., the time taken from receipt of the payment at the beneficiary bank till credit to the beneficiary account," the RBI said. "Review of the extant process for inward cross-border payments indicated the need for streamlining the processes at the beneficiary bank for ensuring timely intimation of payment information and credit to the beneficiary's account."

 

The RBI said banks must inform customers immediately on receiving a message about an inward cross-border transaction. For messages received about such a transaction after banks' operating hours, customers must be informed at the start of the next business day. 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 RBI said.

 

Banks will be required to reconcile and confirm credit in nostro accounts on a near real-time basis or at periodic intervals, instead of the current practice of relying on end-of-day statements that would delay credit. The reconciliation interval should not normally exceed one hour, the RBI said, increasing the limit from the 30 minutes proposed in the draft norms. 

 

Banks may also put in place a process for crediting inward payments straight into the account of residents, provided this process complies with the Foreign Exchange Management Act, 1999 guidelines, the RBI said. Banks should also look to provide digital interface to their customers to facilitate foreign exchange transactions, including submission of documents or information, and monitoring of transactions, the RBI said.  End

 

Reported by Shubham Rana

Edited by Tanima Banerjee

 

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