Payments

The Need for Speed in Cross-Border Payments A recent draft circular from the Reserve Bank of India outlines guidelines to facilitate faster cross-border inward payments. It identifies delays at the beneficiary leg as a significant factor affecting the speed of these payments. To streamline processes, the draft circular proposes that beneficiary banks: Inform their customers immediately upon receiving an inward message. Messages received after operating hours should be commun

On 15 September 2025, the Reserve Bank of India (RBI) issued a consolidated Master Direction on the regulation of Payment Aggregators (PAs), including a significant overhaul of the framework for Payment Aggregators - Cross Border (PA-CBs). Below is a breakdown of some key changes for PA-CBs: Beyond Export and Import Old definition:  PA-CBs are entities that facilitate cross-border payment transactions for import and export of permissible goods and services in online mode. New

In late July, India’s Enforcement Directorate (ED) filed a formal complaint under the Foreign Exchange Management Act against Simpl, a Buy Now Pay Later (BNPL) service provider, for alleged violations of foreign direct investment (FDI) norms. The ED’s press release asserts that Simpl is carrying on business activities (allowing customers to buy products from partner merchants and pay for them later in instalments) which fall under financial service activities and that Simpl