RBI Proposes Same-Day Credit for Cross-Border Payments

The Reserve Bank of India (RBI) has proposed measures to speed up cross-border payments, ensuring faster credit to recipients’ accounts. Under the draft norms, banks must credit inward remittances received during forex market hours on the same business day, and those received after hours on the next business day. RBI suggests implementing straight-through automated systems, digital platforms for document submission, and real-time tracking. Banks should notify customers immediately upon receipt, and reconcile nostro accounts in near real-time. The initiative aims to modernize India’s cross-border payments, reduce delays, and align with global standards of speed and transparency.