Fintech + BFSI
Fintech

RBI new norms give breather to banks. Is this the UPI moment for cross-border payments in India?

RBI new norms give breather to banks. Is this the UPI moment for cross-border payments in India?
Getty Images

Synopsis

Under the new framework, the licensed PA/PG - CB entities will be fully responsible for being compliant with PMLA, including reporting suspicious transactions. The move is an extension of RBI's strategy to bring clarity and regulatory ownership in merchant payments. Also, UPI is now allowed to be used.

By
7 mins read, Last Updated:
If you are a freelancer in India and receive payments in your bank account from overseas clients, you must have faced the pain of high bank fees, unnecessary paperwork, and unclear timelines of when the actual credit to the bank account will happen. Similarly, if you are an Indian consumer buying goods or software from international websites, the lack of payment options like UPI or Netbanking causes a lot of inconvenience and a sub-optimal

To Read the Full Story, Become an ET Prime Member

Access the exclusive Economic Times stories, Editorial and Expert opinion

Subscribe Now

Monsoon Offer

Get flat 20% off

on ETPrime membership

Membership Benefits

Access the exclusive Economic Times

Stories, Editorial & Expert opinion

Complete Access with ET Prime

Experience your Economic Times newspaper, The way you've always liked!

Get to know where the market gurus invest & grow your portfolio.

Stock Report Plus

In-depth stock analysis for 4000+ companies

Stock Analyzer

Instant stock analysis based on Solvency, Profitability, Growth, Valuation, Momentum, Risk & More.

Now Available with ET Prime

Manage your money efficiently with this weekly guide.

Clean experience

with minimal ads

Easy & distraction-free reading with 90% less ads

Sharp Insight-rich,

In-depth stories across 20+ sectors

1500+ Exclusive stories & analysis across sectors to help you stay informed

Get One Year Times Prime Subscription worth ₹1199 for free

Get 1 Year Complimentary Subscription of TOI+ worth Rs.799/-

Enjoy unlimited access to breaking news and thought provoking stories from all around the world.

Get One Year Docubay Subscription worth ₹999 for free

Stream award-winning international documentaries from more than 100 countries.

Offers By Our Partners

Exclusively for ET Prime Members

Members Love Us

The stalwarts of the industry trust ET Prime for insightful analysis & unbiased thought pieces

Gift a story

Your membership includes Story Gifting Credits. Now gift exclusive stories to your friends & peers.

Comment & Engage

with ET Prime community

Communicate & build a connection with great minds of the industry

A trusted team of

Journalists & Analysts

Unbiased perspective & detailed reporting by our team of journalists who have in-depth knowledge and years of experience