New Payment System For NRIs: The BBPS

The Reserve Bank of India (RBI) proposed to allow non-resident Indians (NRIs) to make utility, education and other bill payments on behalf of their family members living in India. The payments will be processed through Bharat Bill Payment System’s (BBPS) cross-border inward bill payments facility.

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What Is BBPS:

BBPS is a payments system conceptualized by RBI and run by National Payments Corporation of India(NPCI) to help customers make bill payments both digitally and physically, say, through bank branches and business correspondents.

It’s Benefits:

Experts said the move will be convenient for NRIs who make regular payments in India. The move was announced by RBI governor Shaktikanta Das in his monetary policy statement. The central bank will soon be issuing instructions to put this into effect.

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