Authorised Dealer banks can now partner with digital remittance platforms without prior RBI approval, subject to compliance safeguards.

Authorised Dealer banks can now partner with digital remittance platforms without prior RBI approval, subject to compliance safeguards In addition, the RBI barred the routing of remitter funds through third-party accounts in India Aathira Varier Listen to This Article The Reserve Bank of India (RBI) on Wednesday removed the requirement for prior approval for tie-up arrangements between Authorised Dealer (AD) Category-I banks and non-bank entities offering outward remittance services through digital platforms. Under the revised framework, AD banks can facilitate cross-border outward remittances for non-trade current account transactions through third-party websites, mobile applications, and software interfaces without seeking prior clearance from the RBI. The central bank, however, said AD banks will remain fully responsible for compliance with Foreign Exchange Management Act (FEMA) provisions, know-your-customer (KYC) norms, customer protection standards, grievance redressal, cybersecurity safeguards, and protection of remitter funds. The framework also requires banks and partner entities to provide clear disclosures on exchange rates, charges, timelines for transfers, and beneficiary credits. In addition, the RBI barred the routing of remitter funds through third-party accounts in India. Don't miss the most important news and views of the day. Get them on our Telegram channel First Published: May 13 2026 | 9:56 PM IST

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