Credit card Rule Change: Alert! Many rules related to credit card will change from July 1, RBI has released an update

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Credit card Rule Change: Alert! Many rules related to credit card will change from July 1, RBI has released an update
Credit card Rule Change: Alert! Many rules related to credit card will change from July 1, RBI has released an update

1 July Credit card Rule change: RBI, the bank of banks, keeps changing the rules of banks from time to time so that customers can get a good facility. Let us tell you, there are only a few days left for the month of June to end, after which (latest rule change) as soon as July begins, RBI has announced changes in many rules related to banks.

The most important among these is the rules related to credit card, if you also use credit card (Credit card payment), then let us tell you, soon there is going to be a big change in the rules related to credit card. Let us know about it in detail-

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If you use credit card for bill payment then this news can prove to be useful for you (Credit Card Rule change). Actually, only a few days are left for the month of June to end, after which the month of July (Credit card bill payment) will start. As soon as the month of July starts, big updates are coming for the people who make bill payments through credit card.

Credit card bill payment difficulty

From July 1, some rules of RBI are going to be implemented regarding credit card bill payment, which will directly affect those who use bill payment through credit card (RBI Credit card Rules). Its purpose is to streamline the payment process and increase its security. There may be difficulty in credit card bill payment through some platforms. These include some major fintechs like Cred, PhonePe, BillDesk.

RBI’s new rules will be implemented

Actually, the Reserve Bank of India (RBI new guidelines) has instructed that after June 30, all credit card payments should be processed through Bharat Bill Payment System. According to the report, HDFC Bank, ICICI Bank (ICICI Bank Credit Card) and Axis Bank have not activated BBPS yet. These banks have not even followed the instructions yet. So far only 8 banks have activated bill payment on BBPS.

What is BBPS?

Bharat Bill Payment System is an integrated system of bill payment, which provides online bill payment service to customers. It is an interoperable platform for bill payment (RBI Bill payment rules). This system works under the National Payments Corporation of India i.e. NPCI. Like UPI and RuPay, BBPS has also been created by the National Payments Corporation (NPCI) of India. Bharat Bill-Pay is an interface, which is available on apps like Cred, PhonePe, BillDesk, Bhim, Paytm, Mobikwik. Through this, all bills can be paid on a single platform.

So far 26 banks have not enabled it. The payment industry has demanded an extension of the time limit by 90 days. The Payments Council of India has filed a petition with the RBI in this matter. However, the regulator has not yet taken any decision on this.

 

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