28.1 C
New Delhi
Tuesday, August 16, 2022
HomeBusinessBharat Bill Payment System to process cross border inward bill payments

Bharat Bill Payment System to process cross border inward bill payments


In a positive development for the non-resident Indian (NRI) community, the Reserve Bank of India (RBI) has decided to allow Bharat Bill Payment System (BBPS) to process cross-border inbound bill payments.

The measure had been taken for the convenience of NRIs and their families staying in India, especially senior citizens, the RBI said.

“The BBPS is an interoperable platform for standardised bill payments. This has transformed the bill payment experience for users in India,” the regulator said. “Over 20,000 billers are part of the system, and more than 8 crore transactions are processed on a monthly basis,” the RBI said in the monetary policy statement.

“It is now proposed to enable BBPS to accept cross-border inward bill payments. This will enable NRIs to undertake bill payments for utility, education and other such payments on behalf of their families in India. This will greatly benefit senior citizens in particular,” it said.



Source link

- Advertisment -
- Advertisment -
- Advertisment -

Our Archieves

- Advertisment -