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<ul><li>NRIs can now pay utility bills on behalf of their families in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>. </li><li><keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> has enabled NRIs to make bill payments using the Bharat Bill Payment System which has 20,000 billers on it. </li><li>Charges and convenience fees to be uniform across the platform and better complaint redressal mechanism.</li></ul> Sitting in the comfort of their homes, <keyword id="324391" type="General" weightage="20" keywordseo="non-resident-indians" source="Orion">non-resident Indians</keyword> will soon be able to pay utility bills on behalf of their parents in India. The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>’s Governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Friday announced that the central bank would enable the Bharat Bill Payment System (<keyword id="6443838" type="General" weightage="80" keywordseo="bbps" source="Orion">BBPS</keyword>) to process inbound cross-border payments. Governor Das said that the Bharat Bill Payment System (BBPS) was an interoperable platform for standardized bill payments. He said, “It is now proposed to enable BBPS to accept cross-border inward bill payments. This will enable Non-Resident Indians (NRIs) to undertake bill payments for utility, education and other such payments on behalf of their families in India. This will greatly benefit the senior citizens in particular.” The bill payment system has made bill payments relatively easy for users in India. Currently, 20,000 billers are part of the system, and more than 80 million transactions are processed on a monthly basis. This will help senior citizens in India with children working abroad. The scope of offering has now been expanded to non-resident Indians too, who can now pay for children’s school fees and utility bills using this platform. The BBPS offers a reliable payment mechanism with predictable and uniform convenience fees across billers. Explains <keyword id="14143061" type="General" weightage="50" keywordseo="muralidharan-srinivasan" source="Orion">Muralidharan Srinivasan</keyword>, head of payments, APMEA Region, FIS, “NRIs will now be able to enjoy various offerings of BBPS such as a reliable bill payment experience, centralized customer grievances redress mechanism, and uniform customer convenience fee, while paying utility bills, education-related payments and other cross-border transactions.” The RBI has taken several measures to improve cross-border transactions, especially inbound. The central bank has been testing different models of cross-border payments through the regulatory sandbox route. In September 2021, the RBI received 27 applications from 26 entities, of which eight entities have been selected for the ‘test phase’. The entities began testing their products from the third week of September 2021 to offer a variety of cross-border payment solutions for Indians and NRIs. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/ransomware-a-growing-business-threat-for-organisations-in-the-new-normal/articleshow/93368022.cms">Ransomware: A growing business threat for organisations in the new normal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/research/news/5-reasons-why-the-4-day-week-wont-work-according-to-an-economic-professor/articleshow/93363736.cms">5 reasons why the 4-day week won't work, according to an economic professor</a>

Now, NRIs can pay parents' utility bills and children's school fees in India

Are you an avid credit card user? Are you up to speed with all the changes that have come into effect starting today, which is all set to impact your credit card usage, and your pocket. Here's a quick snapshot of all the changes that you should be well aware of: <h2><keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> </h2>Starting today, ICICI bank has done away with fees for many services, which include request for a charge slip, which was earlier chargeable at Rs 100/slip and cash and cheque pick up, which also carried a fee of Rs 100 earlier. Earlier, for outstation cheque processing and duplicate bank statement (for three months), a fee of Rs 100 was payable. Now, all those charges have been waived. However, going ahead, you'll have to dish out Rs 200 instead of Rs 100, if you wish to get your credit card replaced. <h2><keyword id="19952948" type="General" weightage="20" keywordseo="Axis-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Axis Bank" meta.hostid="261" meta.entityid="Axis Bank">Axis Bank</keyword></h2>If you hold a <keyword id="19941660" type="General" weightage="20" keywordseo="Citibank" source="keywords" meta.keywordsubtype="org" meta.entityname="Citibank" meta.hostid="261" meta.entityid="Citibank">Citibank</keyword> credit card, this is for you. The migration of all Citibank <keyword id="19953671" type="General" weightage="100" keywordseo="credit-cards" source="keywords">credit cards</keyword> to Axis bank will be complete by 15th July, 2024. Post that, you will receive new credit cards from Axis bank .However, until then, your existing Citibank cards will continue to work just fine. All your unredeemed points will be converted into EDGE miles. After migration, they will have an expiration period of 3 years. Starting today, RBIs new rules mandate that all credit card transactions in the country be processed through <keyword id="20779381" type="General" weightage="20" keywordseo="Bharat-Bill-Payment-System" source="keywords">Bharat Bill Payment System</keyword> (BBPS). This means that if your bank has not come on board with BBPS, you will not be able to make payment through their credit card on other third-party platforms. Out of 34 banks that can issue credit cards, 12 banks have come onboard the BBPS. These include SBI, <keyword id="19938728" type="General" weightage="20" keywordseo="kotak-mahindra" source="keywords">Kotak Mahindra</keyword>, IndusInd, Federal, HDFC, ICICI and IDFC bank. Indian Overseas bank and <keyword id="45660" type="General" weightage="20" keywordseo="yes-bank" source="Orion">YES Bank</keyword> are expected to go live soon. <h2>SBI Bank</h2>Starting July 15th, if you hold one of the 22 specified SBI credit cards, you will no longer accrue any reward points while making certain transactions, particularly if they are related to government services. These include Air India SBI Platinum Card, Air India SBI Signature Card, Central SBI Select+ Card, Chennai Metro SBI Card, Etihad Guest SBI Card, Fabindia SBI Card SELECT, IRCTC SBI Card, Mumbai Metro SBI Card and more. <h2>YES Bank </h2>If you hold a YES Bank credit card, the criteria for you to qualify for complimentary lounge access has changed. Starting today, you will have to spend at least Rs 35,000 from your credit card in the previous quarter, in order to be able to get a complimentary access to domestic airport lounges in the next quarter. Earlier, this threshold was set at Rs 10,000. This will impact YES Marquee, YES SELECT, YES Reserv, YES First Preferred, YES Bank ELITE, YES BYOC, and YES Wellness Plus cards. <h2>HDFC Bank</h2>Starting August 1st, if you make rent, or education related payments via platforms like Cred and Paytm, you will have to pay a fee of upto 1% of the transaction, which will be a maximum of Rs 3,000. However, if you make the payment directly through your school or college's website, you will be able to save on this charge. Similarly, on all fuel expenses of over Rs 15,000, a 1% fee will be applied, which can be a maximum of Rs 3,000.

What has changed for your credit cards, starting today?

<ul><li>India is now being recognized as one of the largest fintech unicorn ecosystems, home to 21 fintech unicorns.</li><li>Growing adaptation of technology, higher disposable income and young population is aiding the growth of financial technology which has big players like <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, <keyword id="1763236" type="General" weightage="20" keywordseo="cred" source="Orion">Cred</keyword>, <keyword id="3711711" type="General" weightage="20" keywordseo="simpl" source="Orion">Simpl</keyword> etc.</li><li>Fintech growth in sectors like agriculture, retail, health and property technology will also accelerate the growth.</li></ul>The Indian fintech market is expected to grow ten times and have assets to the tune of $1 trillion asset under management by 2030, says a report by Chiratae Ventures and EY. This growth will come on the back of government initiatives such as Digital India, Smart City, the development of UPI, the report says. Growth will be driven by the digital lending market, which is expected to grow to $515 billion in book size by 2030 and a revenue of $200 billion. “India is now being recognized as one of the largest fintech unicorn ecosystems, home to 21 fintech unicorns as of March 2022,” says the report titled ‘$1 Tn India FinTech Opportunity’. Growing adaptation of technology, higher disposable income and young population is aiding the growth of financial technology which has big players like Paytm, Cred, Simpl, <keyword id="2777173" type="General" weightage="20" keywordseo="razorpay" source="Orion">Razorpay</keyword>, Instamojo, Lendingkart and many others. Popularity of ‘<keyword id="4585897" type="General" weightage="20" keywordseo="buy-now-pay-later" source="Orion">buy now pay later</keyword>’ <a href="https://www.businessinsider.in/personal-finance/news/how-does-buy-now-pay-later-schemes-work-and-what-are-the-penalties-here/articleshow/87788629.cms">(BNPL) </a>products and services has also fueled the growth of the industry both in B2C and B2B payments space. Just like credit cards, <a href="https://www.businessinsider.in/personal-finance/news/how-does-buy-now-pay-later-schemes-work-and-what-are-the-penalties-here/articleshow/87788629.cms">BNPL schemes </a>allow you to buy products beforehand and pay the total amount in installments. According to TC Meenakshi Sundaram, co-founder and vice chairperson at Chiratae Ventures, fintechs have innovated for the underserved financial markets. The ecosystem has been supportive too. “These include fast-growing digital adoption and mobile penetration on the back of the cheapest data rates in the world offered by private telecom players, to enabling regulatory environment coupled with world-leading digital infrastructure (Aadhar, UPI, BBPS etc), and structural reforms and initiatives (GST, TReDSetc.),” said Sundaram. Fintech has also been growing in sectors like agriculture, retail, health and property technology. The report states that payments, digital lending, wealthtech, insurtech, and neo-banking will all be contributing to growth in the fintech space with agri+fintech and prop+fintech considered to be big bets. “India is recognized as a strong fintech hub globally and is increasingly becoming a talent destination for fintech businesses,” said Rajiv Memani, chairman and managing partner at EY India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/not-only-foreign-investors-but-indian-retail-investors-also-seem-to-be-losing-faith-in-markets/articleshow/93457258.cms">Although FII flows have reversed, retail investor confidence remains low thanks to macro concerns</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/goa-hotels-had-the-most-occupancies-and-they-earned-more-too-says-report/articleshow/93456193.cms">Goa hotels had the most occupancies and they earned more too, says report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/only-12-delhi-covid-19-cases-are-in-official-records-says-report/articleshow/93446996.cms">Only 12% Delhi Covid-19 cases are in official records, says report</a>

Indian fintechs to grow 10x and manage assets worth $1 trillion by 2030

<a href="http://www.businessinsider.in/searchresult.cms?query=PayU+India&amp;sortorder=effectivedate">PayU India</a> has become the first non-bank entity among 62 others to get <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">RBI</a> approval to set up and operate <a href="http://www.businessinsider.in/searchresult.cms?query=Bharat+Bill+Payment+System&amp;sortorder=effectivedate">Bharat Bill Payment System</a> (BBPS). 
 <keyword id="3204218" type="UNKNOWN" weightage="60" keywordseo="Shailaz-Nag">Shailaz Nag</keyword>, COO and Co-founder, <a href="http://www.businessinsider.in/searchresult.cms?query=PayU+India&amp;sortorder=effectivedate">PayU India</a> said, “With the provisions of BBPS, PayU believes more serious players will apply for authorization to work as BBPOU with <keyword id="30067" type="ORGANIZATION" weightage="40" keywordseo="RBI">RBI</keyword>. Further admittance of prominent industry players in the business will only enhance the country’s payment ecosystem”. 
 The company believes the BBPS license gives a big boost to its payment ecosystem. In an official statement the company mentions this as getting one step closer to achieve its mission of ‘Simplifying payments and <keyword id="6354241" type="COMPANY" weightage="40" keywordseo="Financial-Services">financial services</keyword> for everyone’. 
 
BBPS is an integrated bill payment system in India, offering inter-operable and accessible bill payment service to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment. This will allow consumers to pay their bills anytime and anywhere in India. 
 
<a href="http://economictimes.indiatimes.com/photo/51441376.cms">Image Source</a>

PayU India becomes first
non-bank entity to get Bharat Bill Payment Unit license

<keyword id="6383459" type="COMPANY" weightage="100" keywordseo="Ujjivan-Small-Finance-Bank">Ujjivan Small Finance Bank</keyword> (SFB) is expecting contraction in interest and fee incomes this fiscal due to business disruptions caused by COVID-19 and ensuing lockdowns, its annual report has said. The bank, however, said that the pandemic situation had a minimal impact on its books in FY 2019-20 as the nationwide lockdown was imposed in the last few days of March, by which time most of bank's collections had already come. The 2019-20 annual report said the lockdown "did impact the typically high year-end growth momentum of March, and our volumes stood lower than that envisaged earlier and significantly lower than that in the previous month, which affected the interest and fee income". The surplus liquidity carried as a buffer for the crisis period has led to a slight increase in finance cost for the last week of March, it said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/wework-gets-funds-from-softbank-while-india-franchise-offers-discounts/articleshow/77540098.cms">WeWork gets a new $1.1 billion cheque from SoftBank while it attempts resurrection – its India franchise is now offering discounts and a global all-access pass</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/wework-gets-funds-from-softbank-while-india-franchise-offers-discounts/articleshow/77540098.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/eicher-motors-registers-first-ever-net-loss-of-55-crores-in-at-least-a-decade/articleshow/77526012.cms">Eicher Motors registers first-ever net loss of ₹55 crores in at least a decade</a> The benefit of RBI dispensation on NPA recognition norms were applied on the <keyword id="117489" type="PERSON" weightage="20" keywordseo="moratorium">moratorium</keyword> portfolio, and it prevented any spike in credit cost, as per the report. "Although we shall continue to accrue interest income on the outstanding portfolio including those accounts that opt for moratorium, there will be an overall contraction in interest income and fee income on account of lower business volumes due to lockdown and adherence to social distancing norms," the bank said in it outlook for 2020-21. However, the bank said it expects a steady reduction in cost of funds due to the several stimulus measures of the RBI to enhance liquidity in the banking system. The lender added that the impact on credit cost remains to be seen at the end of the moratorium and the end of dispensation on NPA (non-performing assets) classification at the end of August 2020. Citing customer surveys, Ujjivan SFB said there have been temporary dip in household income levels in the wake of COVID-19 crisis and addressing the credit needs of this segment would help customers resurrect their businesses and livelihoods. "Given the ongoing crisis situation, we visualise it to be a good time to sensitise our customers and their families on basic savings and banking behaviour and promote goal based deposits, as our deposit rates remain attractive," it said. The bank said as digital payments have increased due to the pandemic, Ujjivan considers it as a good opportunity to expand initiatives and increase adoption to digital channels. "Our continued efforts on contactless and digital banking services will stand us in a good stead to further our outreach and build on this opportunity. Moreover, the volatility in the market yields is expected to help in the growth of institutional deposits," it said. Going forward, bank's strategy would be to manage the effects of lockdown and it will set in motion initiatives such as curtailing credit cost, re-starting business with repeat clients, scaling deposits and Sampoorna banking business. Bank's Sampoorna Family Banking solution was launched to address every household's comprehensive banking requirements, ranging from the youngest member to the senior citizens. The bank said it will also penetrate into new geographies and further push the growth of rural banking. "We will also introduce consumer durable loan, micro loan against property and use an analytics-based model to graduate group loan customers. Additionally, we will simplify our digital pre-approved loan process with the help of data analytics and expand our UPI QR based payment solutions for merchants via UPI acquirer platform and our UPI PSP Mobile app," Ujjivan SFB said in the report. Besides, the lender said that it will step up its cashless repayment further through its Money Mitra initiative and will offer banking services from neighbourhood shops and pilot cash collection points. "We are also planning to launch a voice-, video- and vernacular-based, easily navigable mobile banking app for microfinance customers to drive digital usage," it said. Moving ahead, the bank will expand the product base with new channels of loan EMI payment via popular and easy-to-use platforms -- Popular UPI apps, BBPS, CCAvenue and Billdesk and use of BC and digital pre-approved individual loans via phone banking and mobile app, it said. Also, the bank will concentrate on semi-formal and formal MSME segments, led by its diversified product offering and relationship based approach. Further, the bank said it plans to launch fintech partnerships in supply chain finance domain to provide an additional lead channel and will also introduce digital onboarding platform for improved delivery processes. During 2019-20, Ujjivan SFB registered a 28 per cent growth in its gross advances at Rs 14,153 crore as on March 30, 2020. Deposits of the bank were up by 46 per cent at Rs 10,780 crore while the retail deposits rose 73 per cent to Rs 4,724 crore. Bank's total income in FY20 jumped by 49 per cent to Rs 3,026 crore, earning net profit of Rs 350 crore, which was higher by 76 per cent from a year ago. Ujjivan SFB, which began its operations in Februray 2017, got listed into the capital market in December 2019, which was termed as one of the most subscribed IPOs in 2019. The bank with its branches spanning across 24 states and union territories had a customer base of 54.4 lakh as on March 31, 2020.

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Now, NRIs can pay parents' utility bills and children's school fees in India

Malini Bhupta

What has changed for your credit cards, starting today?

Ira Alok Puranik

Indian fintechs to grow 10x and manage assets worth $1 trillion by 2030

Bhakti Makwana

PayU India becomes first non-bank entity to get Bharat Bill Payment Unit license

BI India Bureau

Ujjivan Small Finance Bank sees shrinking interest and fee incomes due to loan moratorium this year

PTI

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