RBI Tells Banks to Speed Up Cross-Border Payments and Credit Beneficiaries Faster

The Reserve Bank of India has directed banks to accelerate the handling of cross-border inward remittances, pushing for faster reconciliation, quicker customer intimation and earlier credit to beneficiary accounts. In fresh guidelines issued on April 9, 2026, the central bank said delays were being caused because several banks were still relying on end-of-day nostro account statements to confirm incoming funds.

To reduce that lag, RBI has asked banks to reconcile and confirm credits in nostro accounts much more frequently, either on a near real-time basis or at periodic intervals. The regulator said the reconciliation interval should normally not exceed one hour, marking a clear move toward more time-sensitive processing of international inward payments.

The central bank has also told banks to aim to credit inward remittances received during foreign exchange market hours on the same business day to the beneficiary’s account. Payments received after market hours should be credited on the next business day, subject to FEMA compliance and other regulatory requirements. RBI further said customers must be informed immediately once the inward message is received, and if that message arrives after banking hours, intimation should be sent at the start of the next business day.

In another important step, RBI has asked banks to provide customers with a digital interface for foreign exchange transactions. This interface is meant to support document or information submission and allow customers to monitor their transactions more efficiently. Taken together, the directions suggest that RBI wants cross-border payment handling to become faster, more transparent and more digitally responsive for both banks and customers.

Reference:

https://www.newsonair.gov.in/reserve-bank-of-india-asks-banks-to-speed-up-cross-border-payments