RBI ask bks to speed up cross-border inward foreign payments

PTI

mumbai

The Reserve Bank of India (RBI) on Thursday directed banks to streamline their processes for inward cross-border payments to ensure faster customer notification and timely credit to beneficiaries.

The central bank has mandated banks to inform customers immediately once a payment is made into their accounts, as per a notification. In cases where a payment happens outside of forex market hours, they will have to inform the customer the next day.

It has also sought the reconciliation of nostro accounts in not more than one-and-a-half hours, according to the notification.

The central bank also encouraged lenders to endeavour to credit funds within the same business day during foreign exchange market hours, adopt straight-through processing based on risk assessment, and develop digital interfaces to facilitate foreign exchange transactions, including submission of documents or information, and monitoring of transactions, the RBI said in a release.

These norms were issued after examining the feedback received from stakeholders on the draft norms issued on October 2025. The new changes will be effective after six months from the issue of the circular, it added.