Shaktikanta Das, Governor of the Reserve Bank of India (RBI), stated on August 5 that the Bharat Bill Payment System (BBPS) will make it easier for NRIs to pay bills in India by facilitating inbound gross payments.
He claimed that this facility will also benefit senior persons.
“It is now proposed to unable Bharat Bill Payment System system to accept cross-border inward bill payments. This will enable non resident Indian i.e. Non-Resident Indians (NRIs) to undertake bill payments for utility, education and other such payments on behalf of their families in India. This measure will greatly benefit the senior citizens in particular,” the governor of the central bank said.
“This will also benefit payment of bills of any biller onboarded on the BBPS platform in an interoperable manner. Necessary instructions will be issued shortly,” the Governor added.
The NPCI Bharat BillPay Ltd. (NBBL), which owns and runs the BBPS, has revolutionised bill paying in the nation.
It’s an interoperable framework for things like consistent customer convenience fees, centralised customer grievance redress mechanisms, and standard bill payments.
According to him, this system includes more than 20,000 billers and processes more than 8 crore transactions each month.
In addition, the RBI’s monetary policy committee decided to raise the repo rate—the primary lending rate to banks—by 50 basis points to 5.4 percent with immediate effect.
The central bank also kept its forecast for this fiscal year’s GDP growth.
Since beginning a tightening cycle at an unscheduled policy meeting in May of this year, the Reserve Bank of India has increased the repo rate by a total of 140 basis points to combat inflationary pressures. Prior to the epidemic, the repo rate was 5.15 percent.