Delay in receiving money from abroad will reduce soon after RBI’s major decision. Moreover the Reserve Bank of India directed banks to credit foreign transfers on the same day. This step aims to improve customer convenience and strengthen India’s global payment system.
Earlier Delays Caused Problems
Earlier when someone sent money from abroad it often took one or two days. Sometimes the delay extended even longer which created inconvenience for users. Many people depended on this money for family needs and business activities. Therefore RBI introduced this rule to address these issues.
New Rule Defines Clear Timeline
Under the new rule banks must credit inward remittances on the same day. This applies when banks receive funds during foreign exchange market hours. However if funds arrive after market hours banks must credit them on the next working day. Additionally all transactions will follow FEMA regulations.
Banks Must Inform Customers Quickly
Meanwhile RBI directed banks to inform customers immediately after receiving foreign funds. If banks receive information after working hours they must inform customers the next working day. This ensures customers stay updated about their transaction status.
Real Time Processing Gets Focus
Moreover RBI asked banks to improve operational systems for faster processing. Earlier many banks matched accounts at day end which caused delays. Now banks must update records in real time or at least every hour. This will help faster credit of funds into accounts.
Technology Upgrade Becomes Essential
Furthermore RBI instructed banks to strengthen digital platforms for customers. These platforms should allow tracking transactions and submitting documents easily. Customers should also view real time status of their transfers. Additionally RBI advised banks to adopt automated systems like STP. This reduces manual work and minimizes errors.
Rule Implementation Timeline Set
The new rule will take effect six months after its announcement. This timeline allows banks to upgrade their systems accordingly. RBI issued this directive under the Payment and Settlement Systems Act 2007. Therefore this move will benefit millions receiving money from abroad. It will improve speed transparency and trust in banking services.
