As enabled by the Reserve Bank of India (RBI) (NRIs), the Bharat Bill Payment System (BBPS) may now process cross-border inbound payments for non-residents. Moreover, the inbound payment process has been enabled, thus NRIs are no longer required to transfer funds to their family members’ accounts in India in order to pay for household expenses there.
Furthermore, the NRIs can now directly pay these utility bills through BBPS. The RBI has been planning to enable the inbound payments, according to an earlier report. The RBI stated on Thursday that it will permit NRIs to use the BBPS, a payment gateway run by the National Payments Corporation of India, to pay for utilities and school expenses for their family members living in India (NPCI).
NPCI, an initiative taken by the IBA – Indian Banks’ Association and the Reserve Bank Of India. Last month, the RBI Governor Shaktikanta Das made a statement regarding this. He stated, “This will allow Non-Resident Indians (NRIs) to pay utility, educational, and other bills on behalf of their families in India.”
The BBPS is an interoperable platform for making payments and paying bills. As per the data, more than 20,000 users are purportedly a part of the system, which accounts for more than 8 crore transactions per month.
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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).”
Currently, only electronic methods, such as NEFT and IMPS, are available for transferring foreign inward remittances received through the Rupee Drawing Arrangement (RDA) to the recipient bank accounts that comply with KYC. However, now this latest development would ease the process for the NRIs to help their families here.
