RBI draft norms aim to speed up cross-border remittances, mandate same-day credit

The Reserve Bank of India has proposed measures to speed up cross-border inward remittances, aiming for same-day credit to beneficiaries’ accounts. Banks will be required to reconcile nostro accounts near real-time and implement straight-through processing for faster settlements, with new guidelines taking effect six months after finalization.

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FPIs withdraw Rs 48,056 cr from D-St in Oct

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