The Reserve Bank of India (RBI) has introduced new rules for credit card payments, affecting HDFC Bank, Axis Bank, and Yes Bank customers.
These banks were required to implement changes by June 30, but they have not activated the Bharat Bill Payment System (BBPS) yet.
Delay in Implementation
As of July 5, six major banks, including HDFC Bank and Axis Bank, have not complied with the RBI’s directive to integrate BBPS for credit card bill payments.
They are seeking an extension from the RBI, citing the need for more time to finalize the BBPS activation process.
Delay in Compliance and Expectations
Despite the RBI’s deadline passing on June 30, six major banks, including HDFC Bank and Axis Bank, have not complied with the directive.
Industry sources indicate that these banks are seeking an extension from the RBI, citing ongoing efforts to integrate BBPS into their systems.
The Indian Banks Association (IBA) is currently in discussions with the RBI regarding this matter.
Banks’ Compliance Status
While 12 banks, such as SBI and Kotak Mahindra Bank, have successfully activated BBPS, others are still in the process.
The Indian Banks Association (IBA) is working with the RBI to address these compliance issues.
Payment Options for Non-Compliant Banks
Third-party payment apps like Cred and PhonePe are currently facilitating credit card bill payments for banks that have not yet integrated BBPS. They use methods such as IMPS, NEFT, and UPI for transactions.
RBI’s Objective Behind Centralized Payments
RBI’s decision to mandate centralized payments through BBPS aims to enhance payment transparency,
monitor payment trends more effectively, and improve fraud detection and resolution capabilities across the banking sector.
