RBI proposes same-day credit for international transfers
The Reserve Bank of India (RBI) just proposed a rule that could make life easier for anyone receiving money from overseas.
If this goes through, banks will have to credit international transfers to your account the same day they arrive—no more waiting around.
Banks would need to check and update their foreign accounts nearly in real time, at least every 30 minutes.
What does the proposal mean for you?
Right now, less than 10% of remittances in India hit your account within an hour—even though most payments reach Indian banks fast via SWIFT.
The hold-up? Manual checks and batch processing slow things down, unlike in the US where about 75% of such payments clear within an hour.
RBI's move is part of a bigger push for faster digital banking and smoother global transfers, with the new rules set to take effect six months after approval.
If you or your family rely on money from abroad, this could mean quicker access when you need it most.