RBI Enables Bharat Bill Payment System to Let Cross-Border Inbound Payments

The Reserve Bank of India (RBI) has enabled the Bharat Bill Payment System (BBPS) to course of cross-border inbound funds for the non-resident Indians (NRIs). After the enabling of the inbound cost course of, the NRIs now not have to ship cash to the India-based accounts of their relations to pay utility payments in India. Now, they are going to have the ability to pay these utility payments straight by BBPS. It was earlier reported that the RBI has been planning to allow the inbound funds.

In a press release issued on Thursday, the RBI introduced to let NRIs pay utility payments and schooling charges of their relations in India utilizing the BBPS, a cost portal of National Payments Corporation of India (NPCI).

NPCI is an initiative taken by the RBI and Indian Banks’ Association (IBA) to facilitate digital funds and settlement programs within the nation.

The RBI Governor Shaktikanta Das made an announcement on this regard final month. Back then, he stated, “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.”

To recall, the BBPS is an interoperable platform to make funds and pay payments. The system reportedly has over 20,000 billers are a part of the system, accounting for greater than 8 crore transactions every month.