At the August MPC meet outcome announcement made today, it has been proposed to enable Bharat Bill Payment System or BBPS to accept cross-border inward payments. At present BBPS is accessible only for Indian residents.
Through the facility, NRIs on behalf of their families in India can pay electricity, water and other utility bills in India. "To facilitate Non-Resident Indians (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", said the RBI's Statement on Developmental and Regulatory Policies.
While talking about the move, Governor Das said the move shall mainly be useful for senior citizens.
Bharat Bill Payment System (BBPS), owned and run by NPCI Bharat BillPay Ltd. (NBBL), has transformed the bill payment experience in the country. BBPS offers an interoperable platform for standardised bill payment experience, centralised customer grievance redress mechanism, uniform customer convenience fee, etc. Over 20,000 billers have been onboarded on the system and more than eight crore transactions are processed on a monthly basis.
Necessary inputs on the same shall be released soon