Non-Resident Indians will soon be able to use Bharat Bill Payment System (BBPS) to pay utility bills and education fees on behalf of their family members in India.
Bharat Bill Payment System (BBPS)
• The Bharat Bill Payment System (BBPS) is a Reserve Bank of India (RBI) conceptualised system driven by National Payments Corporation of India (NPCI).
• It is an interoperable platform for standardised bill payments. Over 20,000 billers are part of the system, and more than 8 crore transactions are processed on a monthly basis.
• It has multiple modes of payment and provides instant confirmation of payment via an SMS or receipt. It offers myriad bill collection categories like electricity, telecom, DTH, gas, water bills, etc and also other repetitive payments like insurance premium, mutual funds, school fees, institution fees, credit cards, FASTag recharge, local taxes, housing society payments, etc at one single window.
• BBPS has transformed the bill payment experience for users in India and it is now proposed to enable the system to accept cross-border inward bill payments.
• To facilitate NRIs undertake utility, education and other bill payments on behalf of their families in India, it is proposed to enable BBPS to accept cross-border inward payments. This will also benefit payment of bills of any biller onboarded on the BBPS platform in an interoperable manner.
• The RBI said the decision will also benefit payment of bills of any biller onboarded on the BBPS platform in an interoperable manner.
• The central bank will be shortly issuing necessary instructions in this regard.