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RBI has issued guidelines to ensure faster credit and improved processing of cross-border inward payments by requiring prompt customer intimation, frequent reconciliation, and quicker credit to beneficiary accounts.
These Guidelines aims to reduce delays at the beneficiary stage, the guidelines require timely customer intimation, faster nostro account reconciliation, same-day or next-day credit of funds, adoption of straight-through processing, and development of digital platforms for foreign exchange transactions.
“Such decision should be left to the commercial wisdom of the Bank whose amount is involved,and it is always to be presumed that Bank shall take a prudent decision whether to grant the benefit under the OTS scheme, having regard to the public interest involved.”
Empowering Financial Inclusion with RBI’s Master Circular.