Credit card users can still use CRED, PhonePe, Amazon Pay, Paytm for repayment
The change has been introduced as these banking institutions are not integrated with the Bharat Bill Payment System (BBPS) platform.
The Reserve Bank of India (RBI) tweaked the repayment of credit card outstanding amount and the changes are effective from July 1. The central bank said that all credit card bill payments via third-party applications must be routed through the Bharat Bill Payment System (BBPS)- managed by the National Payments Corporation of India (NPCI).
Read more: Why this tech boss thanked Sam Altman after building Indian LLM under $5 million: ‘For daring us to dream’
The change has been introduced as these banking institutions are not integrated with the Bharat Bill Payment System (BBPS) platform.
What is BBPS platform?
BBPS was developed by the RBI aiming to provide advanced technological solutions to streamline payment collection process for businesses and customers. BBPS enables customers to conveniently make payments through a network of physical outlets like bank branches and collection stores as well as through various digital channels such as apps and websites. This system ensures prompt settlements and accommodates a variety of payment methods for enhanced flexibility and convenience.
Read more: Koo app shuts down: Read founder Aprameya Radhakrishna’s full ‘final goodbye’ LinkedIn post
Which banks are live on BBPS as of July 1, 2024?
The banks which are live on BBPS are: SBI, Kotak Bank, IndusInd Bank, IDBI Bank, AU Small Finance, Canara Bank, Bank Of Baroda, Federal Bank, ICICI Bank, Union Bank, Punjab National Bank and Saraswat Bank.
Read more: ITR filing for FY2023-24: Authorised banks for tax payments available at e-Pay Tax service
Which banks are working on integration?
The banks which are still working on integration to BBPS are: Axis Bank, HDFC Bank, IDFC First Bank, Indian Bank, Indian Overseas Bank and YES Bank.
