RBI opens Bharat Bill Payment System for NRIs to pay utility bills
- The Reserve Bank of India (RBI) has decided to enable Bharat Bill Payment System (BBPS) for non-resident Indians (NRIs), to accept cross-border inward payments.
- This will allow NRIs to pay any bill, like insurance, electricity, and other utilities, for their family in India.
- They will get access to the full suite of more than 20,000 bill collections available on BBPS, which they may not otherwise have access to.
- Also, NRIs will no longer need to have an NRE account in India for making bill payments.
- Earlier the system was accessible to people residing in India only.
- This move will ease bill payment for many families, especially senior citizens who find it difficult to make their payments and whose children reside abroad.
- BBPS is owned and operated by the National Payments Corporation of India (NPCI).
- The payment modes options at BBPS are cash, cards (credit, debit & prepaid), IMPS, UPI, AEPS, internet banking & UPI, wallets.
Source: Business Standard