New Delhi: The Reserve Bank of India (RBI) is looking to simplify cross-border payment approvals and reduce regulatory friction for businesses and exporters as part of its Payments Vision 2028, according to an EY report, which identified cross-border payments as a key strategic priority for the next phase of India's digital payments growth.
In its report, Payments Vision 2028: Preparing to Shape India's Payment Frontier, EY said the RBI is moving beyond the earlier focus on expanding digital payment adoption and is now seeking to improve the efficiency of cross-border transactions and strengthen India's position in global payments.
"Cross-border payments appear as a strategic priority, with proposed simplification of authorizations -- potentially through a single-window approach -- along with a comprehensive ecosystem review," the report said.
According to the report, the RBI plans a detailed review of the cross-border payments ecosystem to remove regulatory and operational bottlenecks, particularly for businesses engaged in international trade.
"The approach for 2028 is highly structured and efficiency-driven. The RBI plans a comprehensive review of the cross-border ecosystem to remove regulatory and operational frictions, specifically to aid MSME exporters," EY said.
The report noted that one of the key proposals under the Payments Vision 2028 framework is to examine the introduction of a "single-window application process" for cross-border payment authorisations under both the Payment and Settlement Systems (PSS) Act and the Foreign Exchange Management Act (FEMA).
"The focus in the last round was on the initial global outreach of domestic systems like UPI, RuPay and NEFT/RTGS," the report said. (ANI)
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