Hello friends today we will talking about Bharat Bill Payment System. Shaktikanta Das, the governor of the Reserve Bank of India, issued a statement on Friday that would assist non-resident Indians in paying expenses for relatives who reside in India.
According to the RBI’s plan, NRIs would not be allowed to use online services offered by the Bharat Bill Payment System to settle all types of bills, including energy bills, education bills, and similar payments (BBPS).
BHARAT BILL PAYMENT SYSTEM (BBPS)
The Bharat Bill Payment System, which was implemented nine years ago, was a turning point in India’s history of online payments and settlements. A safe, user-friendly one-stop payment option is provided by BBPS and may be used to pay all types of invoices from any location in India. All service providers, including banks, agent institutions, and payment systems, were gathered under one roof by National Payment Corporation of India, BBPS’s owner, in order to do this.
With the latest RBI announcement, Bharat Bill Payment System’s operational region will now be expanded outside of India. The processing of all bill payments will now be handled by a cross-border inbound bull payment system run by BBPS. Regarding the NRI transaction processes, not much information is readily available.
Currently, an NRI must transfer funds to an Indian bank account in order to pay bills for their relatives who live in India. The bills can then be paid with the funds that have been sent to the Indian bank account. Another is the traditional method, which involves making the payment in person by going straight to the billing office. Senior folks found it difficult to transfer money from a foreign bank account to an Indian account to pay their bills.
The process of sending money to an Indian account may now be fully eliminated thanks to the advent of BBPS for inward settlements of bills, and NRIs can pay their bills straight from a foreign account.
SERVICES AND EXTRA CHARGES UNDER THE NEW SCHEME
Experts believe that, despite the lack of information available about the new system, BBPS for NRIs would also cover the payment of tuition fees, local taxes, and even insurance-related expenses.
Additionally, it is unknown if there would be significant additional fees for transactions between NRIs’ banks and Indian services.
Experts and stakeholders in the online payments sector have praised the action. To make the transaction easier and go without numerous delays, more and more international banks and currency exchanges would have to be involved.
The quick, secure, and safe transactions that employ an SMS system to notify the consumer about all transactions are one of the benchmark features of utilising BBPS for native Indians.