MUMBAI, April 9 -- The Reserve Bank of India (RBI) on Thursday tightened rules governing how banks process inward cross-border payments, seeking to reduce delays in crediting funds to beneficiaries and align India's payments framework with the G20 roadmap for faster and more transparent global transfers.

The central bank said delays often arise at the beneficiary bank stage, after the funds reach the bank but before they are credited to the customer's account, slowing the overall speed of cross-border payments.

"Review of the extant process for inward cross-border payments indicated the need for streamlining the processes at the beneficiary bank for ensuring timely intimation of payment information and credit to the beneficiary's accoun...