The change has been introduced as these banking institutions are not integrated with the Bharat Bill Payment System (BBPS) platform.
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The Reserve Bank of India has mandate that all credit outstanding repayments must be routed through the Bharat Bill Payment System (BBPS)- managed by the National Payments Corporation of India (NPCI). The revised norms to streamline the process of bill payments is applicable from 1 July 2024.
The change has been introduced as these banking institutions are not integrated with the Bharat Bill Payment System (BBPS) platform.
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Check out the key debit card and credit card rules that are changing in the month of July, 2024.