New Delhi, April 9 -- The Reserve Bank of India (RBI) on Thursday issued guidelines to facilitate faster cross-border inward payments, asking banks to streamline processes so that funds sent from abroad reach beneficiaries more quickly.

In a circular issued to all scheduled commercial banks, the central bank said the move is aimed at improving efficiency in cross-border payments and aligning with global targets set by the G20.

"The Reserve Bank's Payments Vision 2025 aims to bring efficiency in the cross-border payments, aligning with the G20 roadmap for cross-border payments that has set targets for achieving cheaper, faster, more transparent, and more accessible cross-border payments," the RBI said.

The RBI noted that delays often oc...