ECONOMY
RBI revamping cross-border payments ecosystem to boost international trade
- IBJ Bureau
- Jun 15, 2026
The Reserve Bank of India (RBI) is looking to simplify cross-border payment approvals and reduce regulatory friction for businesses and exporters, according to an EY report.
The report adds that the plan is a part of its Payments Vision 2028, which has identified cross-border payments as a key strategic priority for the next phase of India’s digital payments growth.
Citing the report, EY adds that the RBI is moving beyond the earlier focus on expanding adoption of digital payment and 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 authorisations – potentially through a single-window approach – along with a comprehensive review of the ecosystem,” the report notes.
The RBI is looking 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 has added.
The report notes 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 Act and the Foreign Exchange Management Act.
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