home Uncategorized RBI Enables Cross-Border Bill Payments Via Bharat Bill Payment System Gargi Sarkar

RBI Enables Cross-Border Bill Payments Via Bharat Bill Payment System Gargi Sarkar

The Reserve Bank of India (RBI) has allowed the Bharat Bill Payment System (BBPS) to process cross-border inbound payments to facilitate payment of utility bills by non-resident Indians (NRIs).

In a circular, the RBI said, “…it has been decided to allow foreign inward remittances received under the Rupee Drawing Arrangement (RDA), to be transferred to the KYC-compliant bank account of the biller (beneficiary) through Bharat Bill Payment System (BBPS).” 

Currently, foreign inward remittances received under the RDA are allowed to be transferred to the KYC compliant beneficiary bank accounts through electronic moded, such as, NEFT, IMPS, among others.

The BBPS, conceptualised by the RBI and driven by the National Payments Corporation of India (NPCI), is a one-stop destination for payment of various bills like electricity, gas, water, DTH, among others. It offers an interoperable platform for standarised bill payment experience, centralised customer grievance redress mechanism, uniform customer convenience fee, among others.

Last month, the central bank proposed enabling BBPS to accept cross-border inward payments to facilitate NRIs to undertake utility, education and other bill payments on behalf of their families in India.

Announcing the measure, RBI Governor Shaktikanta Das said that the move will benefit the senior citizens in particular.

Over 20,000 billers have been onboarded on the BBPS and more than 8 Cr transactions are processed on a monthly basis. 

It was reported earlier this month that the government wants to keep transactions through BBPS free of cost and has directed Indian Banks’ Association and the NPCI to act against players charging fees for such transactions.

Bharat Bill Payment System (BBPS) is owned and operated by NPCI Bharat BillPay Ltd. (NBBL). BBPS offers an interoperable platform for standardised bill payment experience, centralised customer grievance redress mechanism, uniform customer convenience fee, etc. 

Over 20,000 billers have been onboarded on the system and more than eight crore transactions are processed on a monthly basis, RBI said in a statement earlier. 

While BBPS was only accessible only for residents in India, RBI proposed to enable BBPS to accept cross-border inward payments to facilitate NRIs to undertake utility, education and other bill payments on behalf of their families in India. 

“This will enable Non-Resident Indians (NRIs) to undertake bill payments for utility, education and other such payments on behalf of their families in India. This will greatly benefit the senior citizens in particular,” RBI governor Shaktikanta Das said earlier.

The post RBI Enables Cross-Border Bill Payments Via Bharat Bill Payment System appeared first on Inc42 Media.

The Reserve Bank of India (RBI) has allowed the Bharat Bill Payment System (BBPS) to process cross-border inbound payments to… News, B2GInc42 Media

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