Friday, October 7

Tag: Rupee Drawing Arrangement (RDA).

Category-I Banks to Follow Cross-Border Bill Payments per RBI
Business, India

Category-I Banks to Follow Cross-Border Bill Payments per RBI

On September 15, 2022, The Reserve Bank of India (RBI) instructed all Category-I authorized banks to implement the new Bharat Bill Payment System (BBPS) for cross-border bill payments. On August 31, 2016, RBI began piloting the BBPS service, and on October 17, 2017, the service went live for the general public. Transactions initiated through the Bharat Bill Payment System (BBPS) are cleared and settled by the National Payments Corporation of India (NPCI), the legally designated body for the Bharat Bill Payment Central Unit (BBPCU). Data from the NPCI shows that in August 2022, BBPS handled 87.46 million transactions worth roughly Rs 16,000 crore. When BBPS opened its doors in August 2021, it could handle 58.88M transactions worth roughly Rs 10,000 crore. Customers who use the ...
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