RB Governor Shaktikanta Das has announced that Bharat Bill Payment System (BBPS) will facilitate inward gross payments for NRIs to pay bills in India.
What it means
This system will be enabled to accept cross-border inward bill payments.
The purpose is to ease the transaction process for non-resident Indians (NRIs).
They will now be able to pay bills for utility, education and other such payments on behalf of their families in India.
This measure will greatly benefit the senior citizens in particular.
About the platform
The BBPS system is owned and operated by NPCI Bharat BillPay.
It is an interoperable platform for standardised bill payments, centralised customer grievance redress mechanism, uniform customer convenience fee etc.
The platform has on-boarded over 20,000 billers, and more than eight crore transactions are processed on a monthly basis
It is currently accessible by Indian residents and the central bank has now allowed its extension to NRIs.
Currency conversion
The foreign currency permitted to be used on the BBPS ultimately has to be converted into Indian rupee, so forex revenue of the banks is not likely to get affected.
The methodology for conversion from foreign currency to Indian rupees is to be seen – whether it is before remittance, after remittance or at the terminal.
Das has clarified that the feature has been introduced as a convenience tool and should not be interpreted as a measure to invite more remittances into the country.
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