RBI allows BBPS to process cross-border inbound remittances – The Reserve Bank of India (RBI) has allowed foreign inward remittances received under the Rupee Drawing Arrangement (RDA), to be transferred to the KYC-compliant bank account of the biller (beneficiary) through the Bharat Bill Payment System (BBPS).
- Nowadays, foreign inward remittances can be transferred to KYC-compliant beneficiary bank accounts via electronic mode, such as NEFT, and IMPS.
Rupee Drawing Arrangement (RDA)
- RDA is a channel which receives cross-border remittances from overseas jurisdictions.
- the Authorised Category I banks can partner with the non-resident Exchange Houses in the FATF-compliant countries to open and maintain their Vostro accounts.
What is the Bharat Bill Payment System (BBPS)
- It is an RBI-mandated system, aimed at offering integrated and interoperable bill payment services to customers across geographies with certainty, reliability and safety of transactions.
******** End ********
★★★★ You Can Also Read ★★★★
|Computer Awareness Quiz Questions Set (Banking)|
|Read Daily Current Affairs Topic Wise|
|Daily Current Affairs Quiz (Current GK Test)|
|Static Gk Quiz Questions and Answers|