Fintech Brief — April 16, 2026
Today’s Top Stories
1. RBI Mandates Faster Cross-Border Inward Payments (Effective October 2026)
The Reserve Bank of India has issued a landmark circular dated April 9, 2026, directing all scheduled commercial banks to accelerate inward cross-border payments. Effective October 2026, banks must credit cross-border inward payments on the same day during forex market hours and reconcile nostro accounts hourly. This addresses longstanding friction in the final leg of international fund transfers, ensuring beneficiaries receive foreign remittances faster. The RBI had sought feedback on this subject via a circular on October 29, 2025, and the finalized guidelines represent a significant step toward aligning India’s cross-border payment infrastructure with global standards. [^1]
2. UPI Transactions Now Require Mandatory 2FA (Effective April 1, 2026)
Effective April 1, 2026, RBI’s Authentication Mechanisms for Digital Payment Transactions Directions, 2025, mandate Two-Factor Authentication (2FA), also known as Additional Factor of Authentication (AFA), for every digital payment in India. Additionally, RBI is implementing a 1-hour cooling period for payments above ₹10,000 to new beneficiaries to prevent fraud. Risk-Based Authentication (RBA) has also been introduced, enabling dynamic security based on transaction risk assessment. These rules apply uniformly across UPI, card payments, and mobile wallets, though technical implementation varies. Cross-border card transactions will require 2FA from October 1, 2026. [^2]
3. SEBI Approves REITs and InvITs Reforms (March 23, 2026)
SEBI’s board meeting on March 23, 2026, approved amendments to the SEBI (Infrastructure Investment Trusts) Regulations, 2014, and the SEBI (Real Estate Investment Trusts) Regulations, 2014. Key changes include: InvITs can now continue holding Special Purpose Vehicles (SPVs) after the conclusion or termination of concession agreements, preventing forced exits and associated valuation haircuts. Privately listed InvITs will be permitted to invest up to 10% of their asset value in greenfield (under-construction) infrastructure projects. These measures aim to reduce compliance constraints and provide greater operational flexibility for REITs and InvITs. [^3]
4. KreditBee Joins Unicorn Club with $280M Series E
Bengaluru-based digital lending platform KreditBee has raised $280 million in a Series E funding round, achieving a post-money valuation of $1.5 billion and entering the unicorn club. This makes it India’s 128th unicorn and the second unicorn of 2026. The round was led by Motilal Oswal Alternates, Hornbill Capital, and Dragon Funds, with $220 million in primary capital. Founded in 2016 by Madhusudan E., Karthikeyan Krishnaswamy, and Vivek Veda, KreditBee operates through its RBI-registered NBFC, KrazyBee Services Limited, and has co-lending partnerships with over ten financial institutions. The company plans to leverage AI in its lending stack and is reportedly preparing for an IPO push. [^4]
Sources: [^1] RBI Guidelines for Faster Cross-Border Payments, [^2] RBI New UPI Rules 2026, [^3] SEBI Reforms 2026: REITs and InvITs, [^4] KreditBee Unicorn Status