Reserve Bank Of India: Axis Bank, HDFC Bank, IDFC First Bank, Indian Bank, Indian Overseas Bank and Yes Bank have not integrated Bharat Bill Payment System. Secondly, now card payments cannot be made through PhonePe, Amazon Pay and Paytm.
Bharat Bill Payment System: There has been a change in the rules related to credit card from July 1, four days ago. Now the Reserve Bank of India (RBI) has made a slight change in the method of payment of credit card outstanding bill under this recent change. According to the new rule of the central bank, credit card bill payment cannot be made through all third party apps like PhonePe, Amazon Pay and Paytm. If you have also been making payments through these third party apps till now, then now you will have to use Bharat Bill Payment System (BBPS). It is managed by the National Payments Corporation of India (NPCI).
Crores of credit card customers will be affected
It is going to have the biggest impact on crores of credit card customers of HDFC Bank and Axis Bank. Actually, the credit card holders of both these big banks will no longer be able to pay their bills through apps like CRED, PhonePe, Amazon Pay, and Paytm. This change has been made because HDFC Bank and Axis Bank are not yet connected to the Bharat Bill Payment System (BBPS) platform.
What is BBPS platform
Bharat Bill Payment System (BBPS) has been developed by the Reserve Bank. Its purpose is to simplify the process of collecting payments for businessmen and customers. Due to BBPS, customers can easily make payments through bank branches and payment collecting shops or through digital methods through apps and websites. This system assures quick payment. It accepts many types of payment modes, making it more convenient.
Facility available in these banks
As of July 1, 2024, SBI, Kotak Bank, IndusInd Bank, IDBI Bank, AU Small Finance Bank, Canara Bank, Bank of Baroda, Federal Bank, ICICI Bank, Union Bank, Punjab National Bank and Saraswat Bank are live on BBPS.
Integration of these banks is in the pipeline
Apart from this, Axis Bank, HDFC Bank, IDFC First Bank, Indian Bank, Indian Overseas Bank and YES Bank are working on the process of integration with BBPS.
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