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Guidelines to facilitate faster cross-border inward payments

Reserve Bank of India (RBI) has issued guidelines to facilitate faster cross-border inward payments.

What is the rationale behind the guidelines?

  • The RBI’s Payments Vision 2025 aims to bring efficiency in the cross-border payments aligning with the G20 roadmap for cross-border payments that has set targets for achieving cheaper, faster, more transparent, and more accessible cross-border payments.
  • One of the challenges with speed of cross-border 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.

What are the guidelines to facilitate faster cross-border inward payments?

  • Banks shall inform their customer of the receipt of cross-border inward transactions immediately on receipt of inward message. Messages received after close of operating hours of banks shall be informed to customer immediately at the start of the next business day.
  • Banks shall undertake reconciliation and confirmation of credit in the nostro account frequently either on near real time basis or at periodic intervals. The reconciliation interval should normally not exceed one hour.
  • Banks shall endeavour to credit the inward payments received during the foreign exchange market hours within the same business day to the beneficiary’s account, and credit the inward payments received after market hours on the next business day.
  • Banks may put in place straight through process for crediting the inward payments to the account of individual residents.
  • 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.


References

Reserve Bank of India. (2026, April 09). 'Guidelines to facilitate faster cross-border inward payments'. Retrieved from https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=13367&Mode=0

Reserve Bank of India. (2026, April 09). 'RBI releases Circular on Guidelines to facilitate faster cross-border inward payments'. Retrieved from https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=62532


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