International payments to get faster with RBI's new draft rules
On Wednesday, the Reserve Bank of India (RBI) rolled out draft rules to make sure money sent from abroad lands in your account faster.
Right now, foreign payments can get stuck between banks and customers—these new guidelines are all about fixing that lag.
Banks have until November 19 to give their feedback.
Payments will be credited same day or next day
RBI's big idea: if a payment comes in during forex market hours, it should hit your account the same day; if it arrives after hours, you'll see it by the next business day.
Banks are also being nudged to use automated systems so your money gets credited quickly without people needing to manually check every step.
Banks to set up digital platforms for tracking forex transactions
The RBI isn't stopping at faster credits—they're telling banks to set up digital platforms where you can upload docs and track your foreign exchange transactions online.
It's all about making things more transparent and way less stressful when you're waiting on international transfers.
RBI's bigger vision for cross-border payments
These changes aren't just technical tweaks—they're part of a bigger push by RBI for better oversight and smoother compliance in cross-border payments.
If you've ever waited ages for money from abroad or worried about where your transfer is stuck, these updates could make life a lot easier.