Rule Change: These big rules are going to change from July 1, it will have a direct impact on your pocket..

If you also use a credit card, then this news is special for you. Actually, after seven days i.e. from July 1, 2024, changes related to credit card payment are going to be implemented. After this, there may be a problem with bill payment through some payment platforms. These platforms include some fintechs like CRED, PhonePe, and BillDesk. Let us know what change has the Reserve Bank of India (RBI) made and what effect will it have on the users.

Big rule will be implemented from July 1
The month of June is about to end and the month of July will start after a week. Meanwhile, like every month, some big changes will happen in the country next month as well and one of the big changes is related to bill payments made through credit cards. According to the report, according to the new regulation of RBI, from July 1, all credit card bill payments should be made through the Bharat Bill Payment System i.e. BBPS. From then on, everyone must do billing through the Bharat Bill Payment System (BBPS).

These 8 banks followed, the rest lagged behind
Even after the deadline set by the central bank, many big banks have not changed their rules under the new change and these include big names like HDFC Bank-ICICI Bank and Axis Bank. According to a report by ET, according to the new regulation of RBI, about 8 banks have taken their steps forward, including the SBI Card, Bank of Baroda Card (BoB Card), Kotak Mahindra Bank, Federal Bank, and IndusInd Bank.

The payment system will be more secure
This new regulation by the Reserve Bank of India has been brought to streamline the payment process and make India's payment system more secure. In collaboration with the National Payments Corporation of India (NPCI), BBPS has set a goal of creating a single platform for different payment services. Now the deadline for its implementation is coming closer and if the banks do not follow it in the stipulated time, then it can become a cause of trouble for them as well as the Fintech platforms dependent on Credit Card Payments.

Know what is BBPS?
It is very important to know here what is this BBPS i.e. Bharat Bill Payment System, so let us tell you that it is an integrated system of bill payment, that provides online bill payment service to customers. It works under the supervision of NPCI. Bharat Bill-Pay is an interface that is present on other Fintech platforms including PhonePe, and Cred, and through this, all types of credit card bill payments can be made on a single platform instead of separately.

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