New Delhi, June 13 -- The Reserve Bank of India (RBI) is set to simplify cross-border payment approvals and cut regulatory friction for businesses and exporters under its Payments Vision 2028, according to a report by EY.

The report, titled 'Payments Vision 2028: Preparing to Shape India's Payment Frontier', identifies cross-border payments as a key strategic priority for the next phase of India's digital payments growth.

Shift in Focus

EY noted that the RBI is moving beyond its earlier emphasis on expanding digital payment adoption and is now aiming to improve the efficiency of cross-border transactions while strengthening India's position in global payments, ANI reported, citing the report.

The report describes cross-border payments...