HomeNewsBankingRBI allows BBPS to process cross-border inbound remittances

RBI allows BBPS to process cross-border inbound remittances

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.

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