RBI New Rules: The method of credit card bill payment will change, new rules will be implemented from July 1

New Delhi (Weekend Report): RBI New Rules: There are only a few days left for the month of June to end and the month of July is about to begin. As soon as the month of July starts, there is big news for those who make bill payments through credit cards. From July 1, RBI is going to implement some new rules regarding credit card bill payment. This rule will affect those who use bill payment through credit card. Its purpose is to streamline the payment process and increase its security. One may face difficulties in credit card bill payment through some platforms. These include some major fintechs like Cred, PhonePe, BillDesk.

Actually, the Reserve Bank of India has issued instructions that after June 30, all credit card payments should be processed through Bharat Bill Payment System. The report has told that till now HDFC Bank, ICICI Bank and Axis Bank have not activated BBPS. All these banks are not following any instructions.

RBI New Rules: Bharat Bill Payment System is an integrated system of bill payment, which allows customers to make online bill payments. It is an interoperable platform for bill payment. Bharat Bill-Pay is an interface, which is available on apps like Cred, PhonePe, BillDesk, Bhim, Paytm, Mobikwik. By using it, all bills can be paid on a single platform.

So far 26 banks have not enabled it. The payment industry has demanded to extend its time limit by 90 days. The Payments Council of India has filed a petition with RBI in this matter. So far no decision has come from the regulator on this.