The Reserve Bank of India (RBI) has enabled the Bharat Bill Payment System (BBPS) to process cross-border inbound payments for Non-Resident Indians (NRIs). After enabling the inbound payment process, NRIs do not need to remit money to their family members’ India-based accounts to pay utility bills in India. Now, they can pay these utility bills directly through BBPS. It was earlier reported that RBI is planning to enable inbound payments.
In a statement issued on Thursday, RBI announced to allow NRIs to pay utility bills and education fees of their family members in India using BBPS, the payment portal of National Payments Corporation of India (NPCI).
NPCI is an initiative taken by RBI and Indian Banks Association (IBA) to facilitate digital payment and settlement system in the country.
RBI Governor Shaktikanta Das made an announcement in this regard last month. Then, he said, “This will enable Non-Resident Indians (NRIs) to make bill payments for utilities, education and other such payments on behalf of their families in India.”
As a reminder, BBPS is an interoperable platform for payment and bill payment. More than 20,000 billers are part of the system, who handle more than 8 crore transactions every month.
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