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KK001

KK001

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What do you think are the intension of RBI for making every credit card payment routed through BBPS?

Is it means that RBI wants to monitor people transaction for Tax invasion or want to send notice to them who do not pay tax but pay credit card bills?


I am just asking because everything is working fine with earlier system also( correct me if I am wrong), so what's the need of this mandate?
 
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KK001 said:
What do you think are the intension of RBI for making every credit card payment routed through BBPS?

Is it means that RBI wants to monitor people transaction for Tax invasion or want to send notice to them who do not pay tax but pay credit card bills?


I am just asking because everything is working fine with earlier system also( correct me if I am wrong), so what's the need of this mandate?
Click to expand...
for tracking..rbi has nothing to do with tax! it is to track originator and ensure safety of the systems and prevent unauthorized / security risk usage
 
but with BBPS one good thing is amount is getting credited instantly (except for AXIS for some reason)
earlier had to wait 3-5 days for Bank SMS to confirm the same
 
sri_cc said:
but with BBPS one good thing is amount is getting credited instantly (except for AXIS for some reason)
earlier had to wait 3-5 days for Bank SMS to confirm the same
Click to expand...
Exactly SBI used to take 2-3 working day to settle the paid amount but not I can see it's done within 24hrs
 
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To prevent money laundering, illegal financial transactions, getting accurate data on actual CC use, financial security, - the RBI has a multitude of reasons to do this and in the long run, this will contribute to the stability of our financial economy.
 
KK001 said:
What do you think are the intension of RBI for making every credit card payment routed through BBPS?

Is it means that RBI wants to monitor people transaction for Tax invasion or want to send notice to them who do not pay tax but pay credit card bills?


I am just asking because everything is working fine with earlier system also( correct me if I am wrong), so what's the need of this mandate?
Click to expand...
Go through this Post in thread 'Axis Bank CC Payment via CRED before BBPS onboarding' https://www.technofino.in/community...cred-before-bbps-onboarding.29604/post-730586
 
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