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

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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.

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

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


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.

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

  • FONT SIZE
  • SAVE
  • PRINT
  • COMMENT

New Feature
Refer & Earn

Uh-oh! This is an exclusive story available for selected readers only.

Worry not. You’re just a step away.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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