RBI now proposes to enable it to accept cross-border inward payments Central bank Governor’s statement here today. Earlier this service was available only to customers in India.
According to the Statement on Developmental and Regulatory Policies, “Bharat Bill Payment System (BBPS), owned and operated by NPCI Bharat BillPay Limited (NBBL), has transformed the bill payment experience in the country. BBPS provides an interoperable platform for standardized billing Payment Experience, Centralized Customer Grievance Redressal Mechanism, Uniform Customer Facilitation Fee, etc. More than 20,000 billers have joined the system and more than eight crore transactions are processed on a monthly basis. BBPS currently only for residents in India To facilitate Non-Resident Indians (NRIs) to make utility, education and other bill payments on behalf of their families in India, BBPS is proposed to be able to accept cross-border inward payments. This will enable any biller onboard BBPS platform in an interoperable manner. Necessary instructions will be issued shortly.”
What is Bharat Bill Payment System?
According to the website of National Payments Corporation of India (NPCI), BBPS is a payment system conceptualized by RBI and operated by NPCI. It is a one-stop ecosystem for all bill payments that provides an interoperable and accessible “anytime anywhere” bill payment service with certainty, reliability and security of transactions to all customers across India.
This payment system offers multiple modes of payment and provides instant confirmation of bill payment through SMS or receipt. A subscriber can pay various utility bills like Electricity, Telecom, DTH, Gas, Water bills etc and other duplication like Insurance premium, Mutual fund, School fees, Institution fee, Credit card, FASTag recharge, Local tax, Housing society can also pay. Payments, etc. at a single window. An effective mechanism for handling consumer complaints has also been put in place in BBPS to assist the consumers with regard to any bill related issues.
The convenient payment mode options under the ecosystem are cards (credit, debit and prepaid), NEFT internet banking, UPI, wallets, Aadhaar-based payments and cash.
NPCI is authorized by RBI as Bharat Bill Payment Central Entity (BBPCU) and is responsible for setting business standards, rules and procedures for technical and business requirements for all participants. BBPCU undertakes the clearing and settlement activities related to the transactions done through Bharat BillPay.