RBI orders reporting of international card payments

The Reserve Bank of India announced banks must report international credit‑card payments from October 1, 2026, a change officials said may affect outward remittances and prompt near‑term FX volatility.

Reporting starts October 1

The directive requires banks to capture and report details of cross‑border card transactions, the central bank said, but stopped short of prescribing the mechanics of consumer reporting. Industry participants and banks have not yet published standard forms or online processes for collecting itemized receipts and service details, leaving operational questions unaddressed.

The central bank’s framework classifies international card purchases under the Liberalised Remittance Scheme, the guidance shows, which means such payments will feed into existing outward remittance tallies. Market participants said greater scrutiny of these flows could increase short‑term demand for dollars if customers shift to routed remittance channels or delay discretionary spending.

Banks and payment firms are expected to update onboarding and compliance checks ahead of the deadline; officials said coordination with correspondent banks will be necessary to limit frictions in cross‑border settlement. The immediate risk to the rupee is directional but conditional on how strictly banks enforce reporting and how quickly consumers adapt.

Banks must have operational guidance and customer‑facing instructions in place by October 1, 2026; markets will watch any circulars issued before that date.