Bharat Bill Payment System: Reserve Bank of India There is good news for senior citizens whose children live abroad. It often happens that senior citizens and NRI children living in India face issues with respect to payment of bills, utilities and others. reserve Bank of India Now it is proposed to enable Bharat Bill Payment System To help these people accept cross-border inward bill payments on behalf of families living in India. It will enable NRIs to make bill payments, utilities, education and other such payments on behalf of their families in India.
“BBPS is currently available only to residents in India. In order to facilitate Non-Resident Indians (NRIs) for utility, education and other bill payments on behalf of their families in India, BBPS is proposed to be enabled to accept cross-border inward payments. This will benefit the payment of bills of any biller on the BBPS platform in an interoperable manner,” RBI said in a statement announcing the decisions of its Monetary Policy Committee meeting.
More than 20,000 billers are part of the system, and over eight crore transactions are processed on a monthly basis. NRIs will now have access to all of them. The central bank said that the instructions regarding operation, applicability and others will be announced soon.
How will Bharat Bill Payment System help NRIs whose parents live in India?
“The announcement by RBI to allow NRIs to pay bills directly at BBPS for their family members in India marks another liberalization measure on the cross-border payment transaction front. Instead of sending money to Indian accounts and using it to pay such bills, NRIs will be able to pay such bills directly on BBPS. Sudhir Sharma, Senior Partner, DSK Legal, told News18.com that this will ease payments and reduce late payments, which will benefit the entire economic ecosystem.
BBS will act as a bridge between NRIs and their families when it comes to easy payments. “The primary function of BBPS is to enable NRIs to make direct payment of various utilities like water bill, electricity bill or telecom for their respective households in India through the BBPS platform. The BBPS platform will be the facilitator of payments between the individuals using the service, the service providers and the payers.
“Thus, BBPS will be a bridge between NRIs, their families in India and service providers, benefiting all stakeholders,” Suvigya Awasthi, Associate Partner, PSL Advocates & Solicitors told News18.com.
“This is a step to empower and enable the large Indian diaspora to support their families, especially senior citizens, to remove the burden of mundane and recurring bill payments. It is a step in the right direction to continue to grow BBPS with new use case as it may bring additional foreign exchange to the country. We will have to wait for specific instructions in terms of implementation and compliance,” said Pranay Jhaveri, Managing Director – India and South Asia, Euronet Worldwide
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