RBI orders faster credit for inbound cross-border payments
Bank ops teams must reconcile nostro credits at least hourly within six months
Change
India's RBI directed scheduled commercial banks to notify customers immediately and reconcile nostro credits at least hourly for inbound cross-border payments.
Why it matters
Nostro reconciliation must run on near real-time or hourly intervals. Market-hour receipts require same-business-day credit to beneficiary accounts. The directive becomes effective six months from circular issuance under PSS Act 2007.
Implications
- — Payments-operations teams must update inward-payment workflows within six months - delayed credits breach RBI directions.
- — Nostro reconciliation teams must move from end-of-day checks to hourly intervals - longer gaps breach RBI expectations.
- — Customer-notification teams must trigger immediate inward-payment alerts - missed notices breach RBI directions.
Who is affected
- — Payments-operations teams at scheduled commercial banks
- — Nostro reconciliation teams at scheduled commercial banks
- — Customer-notification teams at scheduled commercial banks
What to watch
- — Directions take effect six months from the circular date