RBI requires banks to notify customers of incoming international payments
The Reserve Bank of India (RBI) just dropped new rules to make getting money from abroad a lot quicker and less stressful.
Now, banks have to tell you right away when your international payment comes in, even if it arrives after hours (they will update you the next business day).
It is all about cutting delays and making global money transfers more transparent.
Banks must check nostro accounts hourly
Banks will need to check their foreign-currency (nostro) accounts at intervals not exceeding one hour once the new framework takes effect after six months, so payments do not get stuck waiting.
RBI also wants banks to credit your account the same day if the money arrives during foreign exchange market hours, or on the next business day if it arrives after market hours.
Plus, they are encouraging more digital tools so everything moves faster and smoother.