How allowing Bharat Bill Payment System for cross-border payments boosts economy
Live MintAllowing Bharat Bill Payment System to process cross-border inbound bill payments is a much-needed boost for Non-resident Indians who have been facing challenges in paying utility bills for their family and friends in India. "Bharat Bill Payment System, owned and operated by NPCI Bharat BillPay Ltd., has transformed the bill payment experience in the country," RBI said on August 5 during the policy announcement. Thereby, RBI said, "To facilitate Non-Resident Indians undertake utility, education and other bill payments on behalf of their families in India, it is proposed to enable BBPS to accept cross-border inward payments. George Alexander Muthoot, MD, Muthoot Finance said, "One significant development proposed by the RBI is to enable Bharat Bill Payment System to accept cross-border inward bill payments.
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