* Musandam Exchange becomes the first exchange house to go live on cross-border inbound bill payments to India from Oman
* Last year, the Reserve Bank of India, permitted cross-border inbound Bill Payments to be received under the rupee drawing arrangement (RDA) through the Bharat Bill Payment System (BBPS).
In order to facilitate utility bill payments for Indian Diaspora, Canara Bank, one of India’s largest public sector Bank, has teamed up with BBPS. This tie-up will enable the Indian Diaspora to make payments towards utility bills, school fees, municipal taxes, etc., in India from Oman. This move will provide a convenient and hassle-free payment option for NRIs.
A pioneering facility of its kind has been launched by Canara Bank in co-ordination with Bharat BillPay Limited (NBBL), the wholly owned subsidiary of the National Payments Corporation of India, and Musandam Exchange, Oman on 29th March, 2023.
A comment by K Satyanarayana Raju, MD & CEO at Canara Bank, on the occasion, said, "We are proud and delighted to be the first PSB to introduce this much-awaited facility in collaboration with NBBL and Musandam Exchange for Non-Resident Indian Diaspora in Oman. This initiative is in line with our commitment to provide innovative and customer-centric solutions to our clients. We are confident that this facility will enhance the banking experience of our NRI customers and strengthen our relationship with them.”
Commenting on the launch, Noopur Chaturvedi, CEO, NPCI Bharat BillPay Ltd., said, “We are delighted to announce the launch of our services for NRIs living in Oman. Indians in Oman will now be able to take advantage of the fast and secure bill payments platform offered by BBPS. We are grateful to Canara Bank for being fundamental in bringing this project to fruition. This new initiative will not only provide a convenient bill payment solution but will also have a significant impact on the lives of thousands of Indians living in Oman.”
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC FasTag) and Bharat BillPay.
NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.
For more information, visit: https://www.npci.org.in/
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