RBI issues faster-processing rules for inward cross-border payments
Banks must speed payment-information flow and beneficiary crediting
RBI
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Change
RBI issued final guidelines to facilitate faster inward cross-border payments by improving timely payment-information intimation and crediting of funds to beneficiary accounts.
Why it matters
The circular moves inward cross-border payment handling from a friction-prone process to a faster operational standard. Banks and payment providers handling inbound funds must align payment-information flows and beneficiary-crediting processes with RBI’s final guidelines.
Implications
- — Banks handling inward cross-border payments must ensure payment information is passed on in time for beneficiary-crediting workflows.
- — Payment providers involved in inbound cross-border fund flows must align operational handoffs with RBI’s final faster-processing guidelines.
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