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RBI Makes Things Easy: Allows NRIs To Use BBPS To Pay Bills

RBI Makes Things Easy Allows NRIs To Use BBPS To Pay Bills  (1)

Overview

The Reserve Bank of India now permits NRIs to use the Bharat Bill Payment System to pay utility bills. Cross-border inbound payments for non-residents may now be processed using the Bharat Bill Payment System (BBPS).

The BBPS is a platform for bill payment and payment transactions that is interoperable. According to the data, the system reportedly has more than 20,000 users and processes more than 8 billion transactions per month.

NRIs can now easily use BBPS to send money to their Indian relatives. The Bharat Bill Payment System (BBPS) is now ready to process cross-border inbound payments for non-residents thanks to RBI NRIs. NRIs are no longer required to transfer money to their family members’ accounts in India in order to pay for household expenses there because the inbound payment process has been enabled.

Additionally, through BBPS, NRIs can now pay their utility bills directly. According to a previous report, the RBI has been planning to authorise the inbound payments. The National Payments Corporation of India runs the BBPS payment gateway, which the RBI announced on Thursday it will allow NRIs to use to pay for utilities and school costs for their family members residing in India (NPCI). The Indian Banks’ Association (IBA) and the Reserve Bank of India launched the NPCI project. Shaktikanta Das, the governor of the RBI, made a statement about it last month. The ability to pay utility, educational, and other payments on behalf of one’s family members in India will now be available to non-resident Indians (NRIs), he said.

According to the RBI, “it has been agreed to let international inward remittances received under the Rupee Drawing Arrangement (RDA), to be transferred to the biller’s (beneficiary’s) KYC-compliant bank account through Bharat Bill Payment System (BBPS).”

For the time being, the only options for moving foreign inward remittances obtained through the Rupee Drawing Arrangement (RDA) to recipient bank accounts that abide by KYC are electronic ones like NEFT and IMPS. The process for the NRIs to assist their family here would be made easier by this most recent development, nevertheless.

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