RBI governor says relocation will mainly benefit seniors whose children live abroad
A recent move will help NRAs pay energy bills directly in India.
According to the Times of India, the Reserve Bank of India has allowed non-resident Indians to pay bills for their families at home using the Bharat Bill Payment System or BBPS.
“In order to make it possible for non-resident Indians (NRIs) to pay utilities, education and other bills on behalf of their families in India, it is proposed to enable BBPS to accept cross-border incoming payments. This will also benefit the payment of bills from each invoice holder interoperable way on board the BBPS platform,” according to the RBI’s statement on development and regulatory policies.
RBI Governor Shaktikanta Das noted that the move would especially benefit seniors in India whose children are NRIs.
Bharat Bill Payment System (BBPS), owned and operated by NPCI Bharat BillPay Ltd (NBBL), currently has about 20,000 bills on its system. It provides an interoperable platform for standardized bill payments and currently processes more than 80 million transactions per month.