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To enhance the scope of cross-border remittances to India, the long-awaited Bharat Bill Payment System (BBPS) has been activated for Indian diaspora residing in the GCC region.
Commonwealth Bank, one of India’s leading private sector banks, has launched the facility in partnership with Bharat BillPay Limited (NBBL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI) and Lulu Financial Group, at the Global Fintech Festival Held earlier this week, Mumbai.
The arrangement – considered a long-pending claim to the NRI – will now allow Indians residing in the GCC to send money directly to pay their utility bills home through any LuLu Exchange branch, as well as digital money transfer app LuLu Money.
Inward Remittance
Currently receiving inward remittances in a cost-effective and convenient way through the LuLu Exchange network covering more than 20,000 bills in 20 categories.
Commenting on the historic launch, Commonwealth Bank Executive Director Shalini Warrier said, “We are delighted to be the first movers to launch this long-awaited facility for non-resident Indians in partnership with NBBL and Lulu International Exchange at Global Fin tech. Mumbai Section. The direct payment facility in cross-border transactions optimizes the digital payments ecosystem and will likewise delight beneficiaries as seamless bill payments are enabled.”
Adeeb Ahamed, MD, LuLu Financial Group, said: “The BBPS facility gives the Indian diaspora more control over hard-earned remittances to pay back home. The facility has huge applications in expanding the reach of cross-border payments, beyond Building on its traditional role, Lulu Exchange is proud to partner with Commonwealth Bank and NBBL to make this happen for Indians living in the GCC region.”
The arrangement follows a recent decision by the Reserve Bank of India to allow the receipt of foreign inward remittances through the Bharat Bill Payment System (BBPS) under the Rupee Withdrawal Arrangement (RDA). arab trade news agency
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