RBI: If you use credit card for bill payment then this news is useful for you. From July 1, some new rules of RBI are going to be implemented regarding credit card bill payment.
From the coming month, bill payments will be processed using Bharat Bill Payment System (BBPS) to increase the convenience and security of credit card bill payment. According to the report, HDFC Bank, ICICI Bank and Axis Bank have not yet implemented BBPS. Currently, only eight banks have successfully activated card bill payment through BBPS, including names of banks like SBI, Bank of Baroda, Kotak Mahindra Bank.
What is BBPS?
BBPS or Bharat Bill Payment System is a convenient way to pay bills online. It is a one-stop platform for all your bill payment needs, created by the National Payments Corporation of India. You can access it through apps like PhonePe, Bhim, Paytm, etc., making it easy to pay all your bills at one place. This system will make it easier to monitor and deal with fraudulent transactions.
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What is a Credit Card ?
A credit card, usually issued by a bank, is a form of payment card that enables users to purchase goods or services or withdraw cash on credit. This means that using the card creates a debt that must be repaid later.
These changes will happen after June 30
Banks or lenders that have not complied with the instructions will not be able to pay the credit card bills of the customers of these banks after June 30. According to a report by The Economic Times, the payments industry has requested an extension of the deadline by 90 days.
