RBI speeds up cross-border inflows with faster customer credits

The Reserve Bank of India on Thursday issued guidelines to speed up cross-border inflows for customers and businesses.

 

Banks will need to credit inward payments received during the foreign exchange market hours within the same business day to the customer's account, and credit payments received after market hours on the next business day. 

Lenders need to undertake reconciliation and confirmation of credit in the nostro account frequently either on a near-real-time basis or at periodic intervals. 

Banks need to put in place a straight-through process for crediting the inward payments to individual accounts. 

Banks must provide a digital interface to customers to facilitate foreign exchange transactions, including submission of documents or information, and monitoring of transactions. 

 

These rules will be effective in six months' time.