RBI Proposes To Enable BBPS To Accept Cross-Border Inward Payments
Mumbai: Non-Resident Indians will soon be able to make utility, education and other bill payments for their families in India by using the Bharat Bill Payment System – BBPS.
The Reserve bank of India – RBI today proposed to enable BBPS to accept cross-border inward payments.
In its bi-monthly Statement on Developmental and Regulatory Policies, RBI said that BBPS is currently accessible only to the residents of India.
To facilitate the Non-Resident Indians – NRIs undertaking utility, education and other bill payments on behalf of their families in India, it is proposed to enable BBPS to accept cross-border inward payments.
This will also benefit the payment of bills of any biller onboarded on the BBPS platform in an interoperable manner.
RBI has also decided to bring Credit Information Companies under the internal Ombudsman framework.