Introducing BPS: Bill Payment at Source

A committee in the RBI has circulated a paper on a wonderful new idea of an Indian Bill Payment System through Government Internal Revenue Order system, i.e., IBPS-GIRO

Imagine a brave new world where you will pay every bill through IRCTC. IBPS-GIRO will be just like that, only better – because you can avoid travelling by trains, but how far will you go without paying your electricity bill?

May I be bold as to suggest a better idea? BPS: Bill Payment at Source. Instead of you first getting your salary and then logging onto IBPS-GIRO, and then paying your bill, the RBI should direct all utility providers to submit your bills directly to your employer who will automatically deduct the amount at source. This way, it will be one more hassle that the government will free you from.

In fact, the RBI can go two steps further and directly deposit the remaining amount, if you have any, into the National Pension Scheme (NPS.) After all, what is left after income tax, utility bills, EMI and saving for retirement?

Read the whole thing here: Report of the Committee to Study the Feasibility of Implementation of Giro Based Payment System in India They even have a logo mocked-up.


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