RBI Enables Bharat Bill Payment System To Process Cross-Border Inbound Bill Payments
The Reserve Bank of India (“RBI”) in its move towards promotion of digital payments, has allowed foreign inward remittances under the Rupee Drawing Arrangement (RDA) into a KYC compliant bank account of the billers (beneficiary) for various bill payments through Bharat Bill Payment System (“BBPS”) via circular dated September 15, 2022.
BBPS was conceptualized by the RBI and run by the National Payments Corporation of India (“NPCI”) for digitized bill payment experience for various bills like electricity, gas, water, DTH, among others.
The circular from the RBI comes as a relief for the Non-Resident Indians as it will enable them to undertake the bill payment relating to utility, education etc. on behalf of their families and it will also encourage onboarding of various other billers on the BBPS platform.
The RBI had earlier permitted the receipt of foreign inward remittances directly into KYC compliant bank accounts of the beneficiaries through electronic mode, such as, NEFT, IMPS, etc. subject to procedure and condition notified by the RBI on April 10, 2014.
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