The Reserve Bank of India (RBI), in line with its Payments Vision 2025 and the G20 roadmap on cross-border payments, has issued guidelines to enhance the speed and efficiency of inward cross-border remittances. Observing delays at the beneficiary bank stage, RBI has directed banks to immediately notify customers upon receipt of inward remittance messages (or at the start of the next business day if received after banking hours) and to carry out reconciliation of nostro accounts on a near real-time basis or at frequent intervals not exceeding one hour, instead of relying on end-of-day statements.
Further, banks are advised to credit remittances received during foreign exchange market hours on the same business day, and those received thereafter on the next business day, subject to compliance with the Foreign Exchange Management Act, 1999 and other regulatory requirements. Banks may also implement straight-through processing for resident individuals based on risk assessment and are encouraged to provide digital interfaces for facilitating foreign exchange transactions.
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=13367&Mode=0
