The Reserve Bank of India is looking to make cross-border payments faster and less cumbersome by simplifying approval processes and reducing regulatory hurdles, according to an EY report that identified international transactions as a major focus area under the central bank’s Payments Vision 2028.
In its report, Payments Vision 2028: Preparing to Shape India’s Payment Frontier, EY said the RBI is shifting its attention from merely expanding digital payment adoption to improving the efficiency of global transactions and strengthening India’s role in the international payments ecosystem.
“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 EY, the RBI intends to undertake a detailed review of the existing cross-border payments framework to identify and eliminate regulatory and operational bottlenecks, particularly those affecting 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,” the report noted.
One of the key proposals under Payments Vision 2028 is the possible introduction of a single-window mechanism for obtaining approvals related to cross-border payment services.
Under the proposed framework, businesses may be able to seek authorisations through a unified process covering requirements under both the Payment and Settlement Systems (PSS) Act and the Foreign Exchange Management Act (FEMA).
“Crucially, to promote the ease of doing business, the RBI is looking to examine introducing a ‘single-window application process’ for cross-border payment authorization under both the PSS Act and FEMA,” EY said.
The report noted that this marks an evolution from the RBI’s previous payments strategy, which focused largely on taking India’s domestic payment systems to international markets.
“The focus in the last round was on the initial global outreach of domestic systems like UPI, RuPay and NEFT/RTGS,” the report said.
The latest vision, however, is aimed at improving transparency, reducing approval timelines, and creating a more efficient payment environment for exporters, businesses, and MSMEs.
Beyond cross-border transactions, Payments Vision 2028 also places significant emphasis on strengthening the overall resilience of India’s digital payments ecosystem.
According to EY, the RBI intends to sharpen its focus on user protection, fraud prevention, interoperability, and data-led supervision.
The report highlighted the central bank’s growing interest in leveraging artificial intelligence and advanced analytics to improve oversight.
“A key focus is the shift toward AI-led and data-driven oversight, including AI-queriable payments databases, to improve risk monitoring, fraud detection and policymaking,” it said.
Summing up the broader policy direction, EY said the next phase of reforms aims to elevate India’s standing in the global payments landscape.
“Payments Vision 2028 seeks to address these gaps and reposition India from a leader in payment volumes to a leader in payment system design, standards and global payment innovation,” the report said.
