By BI MPC Decision: Reserve Bank of India on Friday which is proposed to allow the Bharat Bill Payment System to receive payment of bills into the border to help Indians or NRI who are not residents to make bills payment for utilities, education and other payments in the name of the name of the name Their families and parents who live in India. The decision was revealed during the announcement of the RBI’s Moneter Policy Meet (MPC) by the Governor of the Central Bank Shaktikanta Das on Friday, August 5.
Announced the decision, Shaktikanta Das said that the move would greatly help senior citizens who live in the country. “Now it is proposed to activate the Bharat bill payment system to receive payment of bills into the border. This will allow Indians who are not residents, namely Nris, to make utilities of payment of bills, education and other payments in their family name in India. This step will be very beneficial for senior citizens in particular, “said Governor RBI.
According to the RBI statement regarding the Dvelopmental policy issued later, “BBPS is currently only accessed for residents in India. To facilitate Indians who are not populated (NRI) to make utilities, education, and other billing payments on behalf of their family in India, it is proposed to allow BBP to receive payments into cross -border. This will also benefit the bill payment from each billing that is displayed on the BBPS platform interoperable. The required instructions will be issued immediately. “
Explain the This has changed the bill payment experience for users in India. “More than 20,000 billing is part of the system, and more than eight crore transactions are processed every month, he added.
What is the Bharat Bill Payment System?
In accordance with the Bharat Bill Payment System website, BBPS is an ecosystem conceptualized by RBI driven by the National Payments Corporation of India (NPCI). “This is a one -stop ecosystem for all recurring bills that provide repeated” recurring payment services for all customers throughout India with certainty, reliability, and transaction security. “
Bharat bill payment system has many payment modes and provides instant payment confirmation via SMS or receipts with insured symbols. It offers repeated payments of all types such as electricity, telecommunications, DTH, gas, water bills, insurance premiums, loan payments, cables, fastag re -filling, education costs, credit cards, city taxes, subscription fees for reciprocity, housing, etc. Through one window, according to the website.
Bharat Bill Payment System (BBPS), owned and operated by NPCI Bharat Billpay Ltd. (NBBL), offering platforms that can be operated for the experience of payment of standard bills, mechanisms for recovery of centralized customer complaints, uniform customer comfort costs, etc. Payment mode options on BBPS in BBPS are uniform, etc. Payment modes on BBPS on BBPS are centered, are cash, cards (credit, debit and prepaid), IMPS, UPI, AEPS, Internet Banking and UPI, Wallet