RBI gave relief to NRIs, now they can directly pay for services in the country, remittance flow may increase

The payment to be made by the NRI will be completed through the cross border inward payment facility of Bharat Bill Payment System. At present, only Indians can take advantage of the system.

RBI gives relief to NRIs

In the policy review of the Reserve Bank, the central bank has taken several steps which can increase the share of NRIs in the services of the country in the coming times and the flow of remittances can increase. Actually the Reserve Bank has given a proposal according to which non resident indian On behalf of their family members living in India, they will be able to pay the bills for different services including education on their own. According to experts, this step is very beneficial for those NRIs who make regular payments for services in India. More information is yet to come about this and the Reserve Bank can issue rules related to it soon.

What will be the new process of payment

The payment to be made by the NRI will be completed through the cross border inward payment facility of Bharat Bill Payment System. Till now, for any such payment, NRIs first transfer money to the account of their family members residing in India. After which the family members pay the service with this money. These services can range from school college fees to insurance premiums. However, this method is time-consuming and many times it is not easy for the family members living in remote areas to make further payments. For this reason, the Reserve Bank has now given relief to NRIs to pay this fee from their own level. This will also save time and the NRI will also know where his money is being spent.

What will be the benefit of the decision

With the process of payment becoming easier and transparent, it is likely that now more and more NRIs will start paying family bills from abroad, which can increase the flow of remittances in the country. Along with this, this step will also help in promoting Bharat Bill Payment System as its use by NRIs will increase. At present, Bharat Bill Payment System ie BBPS is only for Indians. This is a bill payment system that provides online bill payment facility to the customers. This system works under the National Payments Corporation of India. More than 8 crore transactions take place on this platform every month.