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Showing posts with label #friendofBBPS. Show all posts
Showing posts with label #friendofBBPS. Show all posts

Sunday, April 21, 2024

NPCI Bharat BillPay Partners with SBI for NCMC Recharge

 Revolutionizing Transit Payments: NPCI Bharat BillPay Partners with SBI for NCMC Recharge

In a significant stride towards enhancing commuter convenience, NPCI Bharat BillPay Limited (NBBL), a subsidiary of the National Payments Corporation of India (NPCI), has teamed up with State Bank of India (SBI) to introduce National Common Mobility Card (NCMC) recharge as a new biller category. This collaboration aims to streamline transit payments, particularly for users of SBI NCMC cards.



          Multiple banks in India offer NCMC cards as part of their business strategy. However, it was a pain for the card holders to top up their NCMC cards. This pain minimised the plus points of NCMC cards.  Now, a beginning has been made with SBI NCMC getting onboarded on to the BBPS platform.

 

About NCMC - The National Common Mobility Card, launched by the Ministry of Housing and Urban Affairs of the Government of India, is an inter-operable transport card enabling users to pay for travel, toll duties, retail shopping, and withdraw money.

It offers contactless smart card technology and was launched on March 4, 2019, by NPCI.

 

The initiative, which went live on April 18, 2024, encompasses various metro networks including Noida, Nagpur, Chennai, and Kanpur, along with specific lines of the Mumbai Metropolitan Region Development Authority (MMRDA) and even services at the Parliament Canteen.

Initially available through SBI's Bharat BillPay-enabled application, SBI Unipay, this service will soon extend to other Bharat BillPay-enabled frontend platforms.

 

The introduction of NCMC recharge as a biller category offers a seamless online solution for commuters to conveniently top-up their cards, eliminating the need for long queues and ensuring a hassle-free experience.

With the flexibility to recharge up to INR 10,000 online via Bharat BillPay-enabled platforms, customers can use various payment methods including prepaid, debit, and credit cards.

After a successful recharge, users simply need to tap their NCMC cards on terminals to update their balance. This is a prerequisite for the actual balance up dation in the NCMC card to happen. So, folks do remember this and do not forget.

 

Ms. Noopur Chaturvedi, CEO of NPCI Bharat BillPay, expressed gratitude towards SBI for co-creating and launching this new category, emphasizing the enhancement it brings to the daily transit experience of NCMC cardholders. This move underscores NPCI's commitment to easing digital payments with the reliability and safety of the Bharat BillPay platform.

 

Mr. Mahesh Kumar Sharma, DMD (Transaction Banking & New Initiatives) at State Bank of India, echoed the sentiment, highlighting the industry-first offering's potential to revolutionize commuter experiences. By leveraging SBI Unipay and other Bharat BillPay-enabled platforms, SBI NCMC cardholders can enjoy instant and secure top-up options, bypassing long queues and ensuring a smooth transit experience.

 

The process for recharging NCMC cards via Bharat BillPay-enabled platforms is straightforward:

1. Open SBI Unipay (or other Bharat BillPay enabled frontend platforms)

2. Choose the NCMC category

3. Select the biller

4. Input mobile number & last 4 digits of NCMC card number

5. Enter the recharge amount

6. Make the payment

7. Tap the card on terminals to update the balance on the NCMC card.

 

About SBI Unipay - SBI Unipay is an online bill payment system launched by SBI, offering convenient and accessible services across all banking channels. With the facility to pay bills anytime, anywhere, and support for multiple payment modes, SBI Unipay ensures instant and verifiable confirmation of payments, along with standardized complaint and dispute management processes.

Well, this is an eye opener for me. I did not know that SBI had a separate Bill Payment Portal / APP.

**Multiple Biller Categories Supported**

SBI Unipay supports bill payments for various categories, including recharge & utility bills such as mobile, electricity, DTH, broadband, gas, cable TV, and FasTag, as well as institution fees for schools, colleges, subscriptions, and other categories like life, general, and health insurance, and municipality taxes.

 

**Multiple Payment Modes Supported**

BBPS facilitates a plethora of payment modes including cash, wallet, credit cards, debit cards, UPI, prepaid cards, net banking, and ATM transactions.

 

**Multiple Payment Channels Supported**

Customers can access multiple channels for bill payment, including net banking, YONO, mobile banking, BHIM SBI PAY, RRB, FIGS, agents, business correspondents, and ATMs.

 

**Nation First Transit Card by SBI**

State Bank of India's Nation First Transit Card is a contactless dual-interface prepaid card designed for safe, secure, and seamless payments. Apart from transit usage in NCMC-enabled modes, it offers extended usability for retail payments and e-commerce transactions. The card features chip protection for enhanced security, tap-and-pay functionality, and convenient top-up/recharge options.

 

With a minimum top-up amount of Rs. 100 and a maximum limit of Rs. 2000, the Nation First Transit Card ensures cashless travels in metros, buses, ferries, and offers ease of use at designated SBI branches and metro stations.

 

**About BBPS**

Bharat BillPay is a platform conceptualized by the RBI to simplify collections and settlements by connecting businesses and customers across India.

With technological solutions facilitating payments via physical outlets and digital channels, BBPS offers fast settlements, supports multiple payment modes, and provides access to over 21,000 billers nationwide.

The collaboration between NPCI Bharat BillPay and SBI marks a significant milestone in the realm of digital payments, particularly in transit systems, promising enhanced convenience, efficiency, and security for commuters across India.

As more platforms and biller categories come onboard, the landscape of digital payments continues to evolve, offering greater accessibility and ease of use for consumers nationwide.

Kudos to State Bank of India for taking the first step, this step will motivate other NCMC Issuer Banks to quickly onboard BBPS.

Eagerly waiting for other NCMS Issuer Banks to follow SBI.

 

 

 

 

 

 

 

 

 

Disclaimer: These are my personal thoughts only. The bottom line is Spreading the Joy of Safe ePayments.

 

Safe and Stylish: Unveiling World SafeePay and Blouse Day Delights

 

The need for observing World SafeePay Day and World Blouse Day arises from the absence of dedicated global celebrations for these concepts.

World SafeePay Day aims to celebrate the joy of safe electronic payments in all financial transactions, representing an abstract celebration that highlights the significance of secure and efficient digital financial interactions.

As the world increasingly relies on electronic payment systems, having a designated day for SafeePay emphasizes the importance of secure and reliable digital financial transactions.

 

On the other hand, World Blouse Day seeks to celebrate the joys of wearing blouses in a more lively and visually impactful manner.

The concept involves a powerful display of togetherness, with millions of people stepping out wearing blouses based on a chosen theme.

This display celebration not only promotes a sense of unity but also serves as a unique and creative expression of shared identity through clothing.

 

The introduction of these days aligns with the United Nations' approach to designating specific days to raise awareness, promote action, and celebrate achievements related to various global issues.

While international days often focus on serious matters, World SafeePay Day and World Blouse Day offer a mix of abstract and lively celebrations, catering to the diverse interests and aspects of modern life.

In a world where electronic transactions and cultural expressions are integral parts of daily living, these designated days would contribute to fostering awareness and appreciation for safe ePayments and the joy of wearing blouses.

 

 

SafeePay's joy, transactions secure,

World Blouse Day, colors allure.

Digits dance, a digital delight,

Blouse themes bloom, in unity's light.

 

 

Tuesday, February 20, 2024

Beyond March 15: Navigating BBPS with Paytm Payments Bank


 Mastering BBPS: Tips  to Paytm Payments Bank's Post-2024 Services



Introduction:

As Paytm Payments Bank undergoes transformative changes mandated by the Reserve Bank of India (RBI), the below tips serves as a navigational tool for users, addressing key questions related to various Paytm services after March 15, 2024.

 

Continuity of Bharat Bill Payment System (BBPS) Services

Please note that Paytm Bank Account holders can continue to make payments through BBPS using their Paytm Payments Bank account, emphasizing uninterrupted access to the service within the available account balance.

 

Future Funding Adjustments

Post March 15, 2024, as Paytm Bank Accounts cannot be funded, please note to make alternative arrangements with another bank account.

 

Unveiling BBPS as a One-Stop Ecosystem

BBPS is  a one-stop ecosystem for various bill payments. Highlights its broad spectrum, covering electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education fees, credit card bills, and municipal taxes.

Call-to-Action: Stay Connected

Account holders to stay informed by checking official Paytm communications regularly. Assures them that Paytm is dedicated to providing seamless services during this transition.

 

 

 

Disclaimer: The provided insights are personal views, and stakeholders are encouraged to verify the information with the relevant authorities.

The focus remains on facilitating secure ePayments and navigating the regulatory landscape with prudence.

 

Safe and Stylish: Unveiling World SafeePay and Blouse Day Delights

 

The need for observing World SafeePay Day and World Blouse Day arises from the absence of dedicated global celebrations for these concepts.

World SafeePay Day aims to celebrate the joy of safe electronic payments in all financial transactions, representing an abstract celebration that highlights the significance of secure and efficient digital financial interactions.

As the world increasingly relies on electronic payment systems, having a designated day for SafeePay emphasizes the importance of secure and reliable digital financial transactions.

 

On the other hand, World Blouse Day seeks to celebrate the joys of wearing blouses in a more lively and visually impactful manner.

The concept involves a powerful display of togetherness, with millions of people stepping out wearing blouses based on a chosen theme.

This display celebration not only promotes a sense of unity but also serves as a unique and creative expression of shared identity through clothing.

 

The introduction of these days aligns with the United Nations' approach to designating specific days to raise awareness, promote action, and celebrate achievements related to various global issues.

While international days often focus on serious matters, World SafeePay Day and World Blouse Day offer a mix of abstract and lively celebrations, catering to the diverse interests and aspects of modern life.

In a world where electronic transactions and cultural expressions are integral parts of daily living, these designated days would contribute to fostering awareness and appreciation for safe ePayments and the joy of wearing blouses.

 

 

SafeePay's joy, transactions secure,

World Blouse Day, colors allure.

Digits dance, a digital delight,

Blouse themes bloom, in unity's light.

 

 

Monday, December 11, 2023

🗓️ Day 16 of PM Modi's 30-Day Challenge: UPI Revolutionizing BBPS Processes! 🌐💳

A Digital Symphony:  In this digital chapter of the 30-day challenge, Day 16 marks a significant turn as UPI steps up to smoothen the Bharat Bill Payment System (BBPS) processes. 🚀

 


🤖 Unveiling BBPS: BBPS, orchestrated by the National Payments Corporation of India (NPCI), stands as an integrated online ecosystem. With over 35 lakh offline collection centers and 150+ digital payment channels, including prominent UPI apps like Google Pay, PhonePe, and Paytm, BBPS serves as a comprehensive platform for diverse bill payments. 📲💻

 

💳 Agent Institution - Guiding the Digital Symphony: Acting as conductors in this digital symphony are agent institutions, ranging from UPI apps like Google Pay to physical outlets such as banks. These entities play a crucial role in facilitating seamless BBPS transactions, making major UPI apps integral participants. 🎻📱

 

💰 Consumer Benefits in Digital Harmony: Consumers reap the rewards of this digital integration with easy payment options like UPI and net banking. BBPS offers versatile payment modes both online and offline, ensuring instant confirmation of transactions and digital-first grievance resolution to enhance the user experience. 💡💳

 

📈 Biller's Vision - Digitizing the Bill Collection Landscape: For billers integrated into BBPS, the digital vision encompasses collecting recurring payments, minimizing costs associated with diverse UPI apps, and reducing manual efforts in reconciliation. This transformation aims to reshape the bill collection process for the next generation of digital bill payers. 🔄💡

 

In the harmonious marriage of UPI and BBPS on Day 16, the digital landscape witnesses a transformation.

It's not just about payments; it's about forging a path toward seamless, efficient, and cost-effective digital transactions.

🌐💃🚀 #DigitalTransformation #UPIBBPS

 

**Paving the Way for Safe ePayments: Declaring Safe ePayDay! ** 🚀

In the vast realm of digital transactions, the spotlight is now on declaring a special day — Safe ePayDay / Safe ePayments Day! 💳✨

 

🚀 The countdown has begun, and the day is fast approaching when we'll join together in a global celebration of Safe ePayDay.

🌍✨ Imagine a day dedicated to promoting secure, seamless, and responsible electronic transactions, uniting individuals, and businesses alike.

 

Stay tuned for the momentous occasion when we collectively recognize and applaud the significance of secure ePayments in shaping a trustworthy financial landscape. 🎉💼

Let's usher in the era of Safe ePayDay, a day where we celebrate the reliability and resilience of electronic payment systems worldwide! 🌐💳 #SafeePayDay #DigitalTrust #SecureTransactions 🚀

 

 

📢 Disclaimer: These are my personal views only.

🌐 The focus is declaring a Day as Safe ePayDay / Safe ePayments Day.

🚀 Yes, the day is not far off when there will be a celebration of Safe ePayDay / Safe ePayments Day.

Copyrights if any, belong to the original copyright holder only.

 

Additional Readings:

💳✨ Happy RuPay Credit Card User Shares Positive Vibes! ✨💳** @ https://prashantnepayments.blogspot.com/2023/11/happy-rupay-credit-card-user-shares.html

PM Modi Urges Exclusive Use of UPI on Mann Ki Baat: A Month Dedicated to Digital Payments @

https://prashantnepayments.blogspot.com/2023/11/pm-modi-urges-exclusive-use-of-upi-on.html

 

 

  

Saturday, September 24, 2022

Reserve Bank of India focuses on Mahindra & Mahindra Financial Services Ltd Physical Repossession process

 

Reserve Bank of India focuses on Mahindra & Mahindra Financial Services Ltd Physical Repossession process

          The trigger for this blog post is Reserve Bank of India’s Press Release dt Sept22, 2022 @ https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=54414

          The title of the above press release is: Action against Mahindra & Mahindra Financial Services Ltd., under Section 45L(1)(b) of the Reserve Bank of India Act, 1934

          The press release gist is:

The Reserve Bank of India has today, in exercise of its powers under section 45L(1)(b) of the Reserve Bank of India Act, 1934, directed Mahindra & Mahindra Financial Services Ltd. (MMFSL), Mumbai, to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders.

At the same time, Reserve Bank of India made it clear that the said NBFC may continue to carry out recovery or repossession activities, through its own employees.

Reserve Bank of India action is based on certain material supervisory concerns observed by RBI in the said NBFC, with regard to the management of its outsourcing activities.

          My only wish is that ‘Mahindra & Mahindra Financial Services Ltd’ onboards BBPS with live connectivity to it’s borrower accounts.



          Q: What is meant by live connectivity?

          Ans: Live connectivity means the EMI’s due amount in the borrowers accounts in the company’s IT Systems should be picked up and displayed in the BBPS “pay Emi” field.  

          There are a number of tools available in the Indian market for recovery of overdue loans.

          My focus is only on BBPS as a tool to reassure borrowers of their overdue amount, and collection transparency.

          The borrowers should be able to see their pending EMIs amount in any BBPS enabled Application and be able to pay digitally or via Cash at any BBPS Collection Point.

          No physical cash should be collected by the finance company’s employees or agents towards EMI repayments.

           

 

Additional Reading:

RBI directs Mahindra Finance to stop outsourcing its recovery activity through agents @  https://www.livemint.com/companies/news/rbi-directs-mahindra-finance-to-stop-outsourcing-its-recovery-activity-through-agents-11663854933869.html

Pregnant woman crushed to death under tractor wheels by recovery agents, RBI bars Mahindra Finance from loan recovery through 3rd party agents @ https://zeenews.india.com/personal-finance/pregnant-woman-crushed-to-death-under-wheels-of-tractor-by-recovery-agents-rbi-bars-mahindra-finance-from-loan-recovery-through-3rd-party-agents-2513327.html

Mahindra Finance share price tanks 10% after RBI action - what investors should know @ https://www.zeebiz.com/market-news/news-mahindra-finance-share-price-tanks-10-following-rbi-action-what-investors-should-know-200254

Mahindra Finance says number of repossessed vehicles will go down after RBI order @  https://www.businesstoday.in/latest/corporate/story/mahindra-finance-expects-number-of-repossessed-vehicles-to-go-down-after-rbi-order-347997-2022-09-23

 

Why RBI Directed Mahindra & Mahindra Finance To Stop Recoveries Through Third-Party Agents @

https://www.outlookindia.com/business/why-rbi-directed-mahindra-mahindra-finance-to-stop-recoveries-through-third-party-agents-news-225324

 

 

 

 

 

Copyrights if any belong to the original copyright holders only

Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More – Nothing Less.

Monday, August 29, 2022

Bengaluru Metro – Please onboard NPCI BBPS as a Biller

 

Bengaluru Metro – Please onboard NPCI BBPS as a Biller

          The major trigger for this blog post is

Quote

1. Contract with PhonePe for recharge of BMRCL smart cards is closed. Passengers are requested to use “webtopup.bmrc.co.in” web site (or) Namma Metro App (or) Paytm App (or) Amazon Pay App

Unquote

          The minor trigger for this blog post is:

Tender No 4AFC-PPI --- Providing B2C APP Services for QR Code mobile ticketing and Recharge of Contactless Smart Cards (CSCs) in BANGALORE METRO RCL AFC System.



          The popularity of Bangalore Metro can be seen with the ever-increasing passengers waiting to board metro trains across all Bangalore metro stations.

          It will be great if the waiting time at the ticket counter for physical tokens.

          These tokens are necessary for 1 way travel between metro stations.

          Another option for metro passengers is the Smart Cards.

          The Smart Cards have to be loaded with digital currency.

          These smart cards have to swiped at the entry gates of metro alighting stations and again swiped at metro destination stations.

          The stored amount is reduced by the fare between the two metro stations. The main advantage of the smart cards is the speed of the entry to the metro stations. The card holders need not stand in queues to obtain the physical tokens.

         

          In the recent past, Bangalore metro smart card holders have faced challenges to top up their smart cards.

          The tender for BMRCL passenger App is under evaluation .

          Benefits of BMRCL onboarding NPCI BBPS as a Biller

Benefit 01) BMRCL Smart card top-up is equivalent of Mobile Prepaid Top Up / Electricity Meter Prepaid Top up / Cable TV Prepaid Top up / FASTag Top Up.

Each Smart Card has a unique number, which is the key to load digital currency.

Benefit 02) Top of 1 Day / 3 Day Pass can also be thought of. No need of handing over the physical cards at the ticket counters for refund of the security deposit.

Benefit 03) Reduce the physical cash collection at ticket counters and associated risks in physical cash handling

Benefit 04) Increase TAT of passengers travelling in BMRCL trains

Benefit 05) Reduce the tension of passengers waiting at the physical ticket counters of metro trains travelling to their destination, while the queue moves slowly.

Benefit 06) Minimal approvals required as NPCI BBPS exclusively focuses on Billers only.

Benefit 07) Elevate ticketing experience to WOW

Yes, minor technical integration between BMRCL Ticketing software and NPCI BBPS platform. However, this is not a show stopper.

As a nation, we have the nation to provide a better travelling experience to BMRCL passengers

 

Looking forward to seamless ticketing experience

Additional reading material: You are in (a pretty long) queue @ https://bangaloremirror.indiatimes.com/bangalore/others/you-are-in-a-pretty-long-queue/articleshow/93623518.cms

 

Bangalore Metro – Looking forward for a WOW Ticketing Experience -Onboard NPCI BHIM @ https://innovationinbanking.blogspot.com/2022/08/bangalore-metro-looking-forward-for-wow.html

 

 

Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More – Nothing Less.

Sunday, July 4, 2021

Will Reliance Jio activate BBPS for repayment of its Emergency Data Loan?

 

Will Reliance Jio activate BBPS for repayment of its Emergency Data Loan?

Reserve Bank of India vide Notification dt.June 14th, 2021  opened up BBPS (Bharat Bill Payments System) for  Mobile Prepaid recharges.

Under the mobile prepaid facility, users pay in advance to the Mobile company to avail its services.

A number of prepaid plans are offered by mobile companies, with plan validity ranging from 1 day to 365 days

There are a number of prepaid combos too i.e Data, Voice, Voice + Data etc

As the validity plans and combos are dynamic, users are advised to visit their mobile provider recharge points for an informed decision.

 


Benefits of Reliance Jio offering BBPS option to its ‘Emergency Data Loan’ customers

01)  Reliance Jio can request friends/family members to clear the ‘Emergency Data Loan’

02)  Reduced TAT in the collection of the EDL outstanding’s

03)  The quicker the repayment, the more possibilities of Reliance Jio users taking fresh ‘Emergency Data Loan’

04)  Increase customer stickiness via process convenience

05)  User need not search for easy ‘Emergency Data Loan’ repayment options

06)  ‘Emergency Data Loan’ can be availed by users who are not comfortable with digital payment options

07)  Low integration costs for Reliance Jio collection team.

08)  Positive feedback of Industry’s first usage case for BBPS Pre- Paid Recharge category

 

Proposed process:

Reliance Jio onboards BBPS for its prepaid recharges and ‘Emergency Data Loan’ payment

‘Emergency Data Loan’ Payment

For every ‘Emergency Data Loan’ availed, a BBPS invoice is created with BBPS Invoice Number being the unique identifier

Jio user or his/her representative visits any BBPS outlet - Physical or Digital, chooses


Mobile Prepaid                       Reliance Jio                 Inputs Reliance Jio Number followed by Reliance Jio ‘Emergency Data Loan’ Invoice Number.

The outstanding amount pops up and the user completes the payment

Alternatively, a Unique repayment BBPS QR Code is generated for each ‘Emergency Data Loan’ and repayment made by scanning on the same.

BBPS is operated by the National Payments Corporation of India (NPCI), which offers an interoperable platform for recurring bill payments.

Drawbacks:

Who will bear the BBPS charges? Reliance Jio or the end customer

 

 

Sunday, April 11, 2021

Kotak Mahindra Bank - BBPS real-time integration for recovery of Overdue Loans

 

            Two recent Press Releases by Kotak Mahindra Bank caught my attention.

Press Release 01) Missed an EMI Payment on Your Kotak Loan? Now, Simply Pay Your Overdue EMI Through Your Preferred Payment App @ https://www.kotak.com/content/dam/Kotak/about-us/media-press-releases/2021/media-release-kotak-overdue-loan-repayments-on-payment-apps-742021.pdf

 



Press Release 02) A Simple but Powerful Message – Kotak Home Loans @ 6.65% p.a. Kotak Launches Multi-media Campaign on its ‘Unbelievably Low’ Home Loan Rate  @ https://www.kotak.com/content/dam/Kotak/about-us/media-press-releases/2021/media-release-hl-campaign-6-65.pdf

 

Press Release 02 focuses on Loan disbursements, Press Release 01 focuses on recovery of Loan overdues.

            Both the activities are bread and butter for any lending financial institution. Both are interlinked for the continuous growth of a lending financial institution.

            BBPS has revolutionised the way for collection of Loan EMIs including overdue EMIs.

            There are few parallels for BBPS in other countries. In majority of the countries there is a fragmented approach for collection of loan EMIs.

            The benefits of BBPS are many and it is very welcome that the numbers of the Billers on the BBPS platform is on the increase.

Q: Why the Press Release 01 is important?

            Kotak Mahindra Bank has real-time integration between BBPS and its Loans module. What the BBPS displays as Amount Due for a particular loan, is the real-time amount. There is no time lag i.e Start of Day balance, or 1-day old balance, or holidays not calculated etc.

            This is a great innovation that drastically reduces customer friction. 100 % assurance for customers, that only the correct overdues are being repaid.

            Customers can choose to pay the full displayed due amounts or part amount. There is no necessity that only the full due amount has to be paid.

            This reduces the pressure on the loan borrowers to pay the full amount. The borrower can repay in small amounts as and when required.

            The payments made via the BBPS channel will reflect in real time in the respective loan accounts.

            This means repayments made on holidays and after banking hours will reflect immediately in the loan account. The issue of delayed accounting is history now.

            BBPS channel is open 24*7, 365 days a year.   

 

Quote

Details of any EMIs that are past the due date will be displayed and the payment will reflect in the

customer’s loan account on a real-time basis.

This repayment facility is available on all KMBL terms loans such as Personal Loan, Home Loan,

Consumer Durable Loan, Business Loan, Gold Loan, Loan against Property as well as Commercial

Vehicle Loan, Tractor Finance Loan, Construction Equipment Loan etc.

Unquote

            At present, Kotak Mahindra Bank offers a real-time facility for overdue EMIs only and not for regular EMIs. Lots more system integration is required for a real-time facility for regular EMIs.

A start is made, and the day is not far off when there will be a real-time facility for regular EMIs. This will be another game-changer for the loan recovery process in India.  

 

Q: What are overdue loans?

Ans: Overdue loans are loans in which borrowers have missed to repay a particular EMI.

Q: What is the traditional collection process of overdue loans?

Ans: NACH(Debit), NEFT, Cash, 3rd party aggregators

Q: What are the drawbacks of the traditional collection process of overdue loans?

Ans: DB 01) High collection costs

DB 02) Delayed reflection of repayment in the loan account

DB 03) Difficult to see the total missed EMIs amount          

DB 04) Difficult to repay part amounts

DB 05) Difficulty in interpreting narration in customer’s accounts at a later date

 

The BBPS channel can be deployed for collection of overdues in the following loan segments i.e Home Loans & LAP, PL, BL, and Consumer Durables, Credit Cards, CV/CE, Agriculture Division and Tractor Finance

 

Disclaimer: These are my personal views only. The bottom line is Mission #LessCashNotCashLess. Nothing More - Nothing Less

 

Reference Articles:

https://www.bharatbillpay.com/ - Pay anytime and from anywhere

This Bank Allows EMI Payment Via Google Pay, PhonePe, Paytm Wallets: How Will This Work?

 

NPCI’s Bharat BillPay, en route to a billion transactions, is set to be the next payments disruption

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Disclaimer

The thoughts in this BLOG are personal, and reflect only my view on the subject.
This are not the views of my Employers.
All images, logos rights rest with the Original TitleHolders

All efforts have been made to make this information as accurate as possible, N Prashant will not be responsible for any loss to any person caused by inaccuracy in the information available on this Website. Relevent Official Gazettes Communications may be consulted for an accurate information. Any discrepancy found may be brought to the notice of N Prashant