RBI Monetary Policy: Central Bank To Allow Inward Cross-Border Transactions On Bharat Bill Payment System
RBI to allow NRIs to pay bills for Indian family members through Bharat Bill Payment System.
India’s central bank said it would allow cross-border inward payments on the Bharat Bill Payment System.
“This will enable non-resident Indians to undertake utility, education and other such payments on behalf of their families in India,” Shaktikanta Das, governor at Reserve Bank of India, said on Friday.
The measure, he said, will benefit senior citizens in particular.
Launched in 2017, BBPS is a bill payment ecosystem conceptualised by the RBI and driven by the National Payments Corporation of India. Currently, there are 20,000 billers forming the ecosystem. More than 8 crore transactions are processed every month. According to data available with the NPCI, transactions worth Rs 15,154 crore were conducted on the BBPS in June.
PhonePe accounts for 4.14 crore transactions on BBPS, with bills worth Rs 6,914 crore paid on it.
The RBI’s decision comes along with the Monetary Policy Committee’s move to hike the repo rate by 50 basis points.