RBI Proposes for Cross-Border inward Payments through BBPS

  • Recently, the Reserve Bank of India proposed to allow Bharat Bill Payment System (BBPS) to process cross-border inbound bill payments. This will help the Non-resident Indians (NRIs) who face challenges in paying utility bills in India. If proposal is accepted, it will benefit the NRIs.

Key Points:

  • Cross-border inward payments through BBPS will drive the Indian economy.
  • It will provide a broader market approach for BBPS and boost forex inflow to India.
  • It will further promote adoption of BBPS by global bill payment ecosystems.

Bharat Bill Payment System (BBPS):

  • Bharat Bill Payment System is an integrated bill payment system in India offering interoperable and accessible bill payment service to customers through a network of agents of registered member as Agent Institutions, enabling multiple payment modes, and providing instant confirmation of payment.
  • BBPS system was conceptualised by RBI. It is owned and operated by National Payments Corporation of India (NPCI) Bharat BillPay Ltd (NBBL).
  • NPCI is the specialised division of RBI, under the parent head of Ministry of Finance. It was established in 2008, to operate the retail payments and settlement systems in India.

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