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Bharat Bill Payment to facilitate inward gross payments for NRIs to pay bills in India

New Delhi, June 08 (ANI): Reserve Bank of India (RBI) Governor Shaktikanta Das announces to increase the policy repo rate by 50 basic points, in Delhi on Wednesday. (ANI Photo) (ANI)Premium
New Delhi, June 08 (ANI): Reserve Bank of India (RBI) Governor Shaktikanta Das announces to increase the policy repo rate by 50 basic points, in Delhi on Wednesday. (ANI Photo) (ANI)

  • Reserve Bank of India (RBI) Governor Shaktikanta Das on 5 August said that Bharat Bill Payment System to facilitate inward gross payments for NRIs to pay bills in India.

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Reserve Bank of India (RBI) Governor Shaktikanta Das on 5 August said that Bharat Bill Payment System (BBPS) to facilitate inward gross payments for NRIs to pay bills in India. 

This facility will also help senior citizens, he said.

“It is now proposed to unable Bharat Bill Payment System system to accept cross-border inward bill payments. This will enable non resident Indian i.e. Non-Resident Indians (NRIs) to undertake bill payments for utility, education and other such payments on behalf of their families in India. This measure will greatly benefit the senior citizens in particular," the governor of the central bank said.

"This will also benefit payment of bills of any biller onboarded on the BBPS platform in an interoperable manner. Necessary instructions will be issued shortly, the Governor added.

The BBPS which is owned and operated by NPCI Bharat BillPay Ltd. (NBBL), has transformed the bill payment experience in the country.

It is an interoperable platform for standardised bill payments, centralised customer grievance redress mechanism, uniform customer convenience fee etc.

Over 20,000 billers are part of this system and more than 8 crore transactions are processed on a monthly basis, he said.

Also see our live blog on RBI Monetary Policy

Apart from this, the monetary policy committee of Reserve Bank of India (RBI) has also decided to increase repo rate, the main lending rates to banks, by 50 basis points to 5.4% with immediate effect. 

The central bank also retained its GDP growth outlook for this fiscal. 

To curb inflationary pressures, the Reserve Bank of India has so far raised the repo rate by 140 basis points since embarking on a tightening cycle at an unscheduled policy meeting in May this year. The repo rate before the pandemic came was 5.15%.

  

(More details awaited)

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