The Reserve Bank of India (RBI) has unveiled a draft circular proposing major reforms to accelerate cross-border inward remittances, with banks urged to credit payments to beneficiary accounts on the same business day if received during foreign-exchange market hours.Payments received after market hours would be credited by the next business day, provided they comply with existing regulations.
The draft also outlines measures to implement straight-through processing (STP) for faster, automated handling of incoming funds, and mandates that banks perform near real-time reconciliation of nostro accounts, with intervals not exceeding 30 minutes to minimise delays.
In addition, banks are encouraged to provide digital platforms enabling beneficiaries to upload required documents and track transaction status online—boosting transparency and user convenience.
This initiative aligns with global efforts under the G20’s roadmap for cross-border payments, as India seeks to modernise its financial infrastructure and enhance ease of remittances for individuals and businesses alike. Feedback on the draft is invited from banks by November 19, 2025.
Once finalised, these reforms could significantly shorten the time migrant workers, exporters and other recipients wait to access funds sent abroad—potentially positioning India as a more efficient hub for global money flows.
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