The Reserve Bank of India (RBI) has announced that it is opening up the Bharat Bill Payment System (BBPS) for NRIs to help them pay utility bills and education fees on behalf of their family members in India. Consequently, Indians living abroad will soon be able to pay bills on behalf of their families living in India.
In this regard, RBI Governor Shakti kanta Das has informed that BBPS has transformed the bill payment experience for users in India and it is now proposed to enable the system to accept cross-border inward bill payments. This will enable Non-Resident Indians (NRIs) to undertake bill payments for utility, education and other such payments on behalf of their families in India.
“This will greatly benefit the senior citizens in particular as well as the decision will also benefit payment of bills of any biller on boarded on the BBPS platform in an interoperable manner,” Das said after the conclusion of MPC’s August meet.
BBPS is an interoperable platform for standardised bill payments. Over 20,000 billers are part of the system, and more than 8 crore transactions are processed on a monthly basis. The central bank will be shortly issuing necessary instructions in this regard.