Central bank chief Shaktikanta Das on August 5, proposed enabling the Bharat Bill Payment System to accept cross-border inward payments.
This step is not only going to make payments simpler for NRIs and ease things for their parents living in India but is also a way to deepen the cross-border payment ecosystem for India, said Vivek Iyer, partner, financial services, risk, Grant Thornton Bharat.
Bharat Bill Payment System is a system driven by the National Payments Corporation of India (NPCI), providing an interoperable and accessible "Anytime Anywhere" bill payment service to all customers across India.
"Bharat Bill Payments System change facilitating NRIs to make payments of bills in India should not be looked at independently, but should be looked at as a broader trend of deepening the cross border payment ecosystem. With NPCI looking at broadening the scope, this space is in for a lot of innovation. Payments are the most effective way of monetary transmission," Iyer said.
Commenting on the move, Das said: "This will enable non-resident Indians to undertake utility, education and other such payments on behalf of their families in India." The measure, he said, will benefit senior citizens in particular.