Your NRI child can now pay your energy, water, and other utility bills in India directly. Through the Bharat bill payment system, the Reserve Bank of India (RBI) has made this process possible (BBPS).The ability to process cross-border payments coming in has been enabled on this system.
In an effort to assist family living in India, the RBI has now recommended allowing the Bharat Bill Payment System to receive cross-border inward bill payments on their behalf. This will make it possible for non-resident Indians to pay bills for their relatives in India, including those related to utilities, education, and other services.
“BBPS is currently only available to Indian residents . It is suggested that BBPS be given permission to accept cross-border inward payments in order to make it easier for Non-Resident Indians (NRIs) to pay bills for utilities, education, and other services on behalf of their relatives in India. This will facilitate the interoperable payment of bills by any biller onboarded on the BBPS network,” the RBI stated in a statement announcing the outcomes of its Monetary Policy Committee meeting.
The system includes more than 20,000 billers, and more than eight crore transactions are performed on a monthly basis. All of them will now be accessible to NRIs. The central bank stated that instructions about the operations, applicability, and other topics would likely be released soon.
Bharat Bill Payments System: What Is It?
According to the website of the National Payments Corporation of India (NPCI), the RBI conceptualised and the NPCI implemented the BBPS payment system. It is a one-stop ecosystem for paying all bills, offering clients across India an interoperable and accessible “Anytime Anywhere” bill payment service with certainty, reliability, and transaction safety.
This mode of payment provides a number of payment alternatives and instant SMS or receipt confirmation of bill payment. At a single window, a customer can pay all of their utility bills, including those for electricity, telecom, DTH, gas, and water, as well as other recurring payments, like mutual fund premiums, insurance premiums, school and institution fees, credit card bills, fastag recharges, local taxes, and housing society dues. The BBPS has established a productive system for handling customer complaints in order to assist customers with any bill-related difficulties.
The ecosystem offers a variety of payment mechanisms, including Cash, Cards (Credit, Debit, and Prepaid), Wallets, NEFT Internet Banking, UPI, and Aadhar-based Payments
