8SEPTEMBER, 2024RBI UNVEILS BHARAT BILLPAY: A GAME-CHANGER FOR EFFORTLESS B2B PAYMENTSPLUMMETING STEEL PRICES DRIVES MINISTRY TO INCREASE IMPORT TARIFFSRBI Governor Shaktikanta Das launched Bharat BillPay (BBPS) for businesses at the Global FinTech Fest 2024. Developed by the National Payments Corporation of India (NPCI), this product is designed to simplify bill payments for business-to-business (B2B) transactions, providing a unified system that caters to corporations and MSMEs.Following the launch, PayMate, a B2B payments company and fintech platform Enkash, partnered with NPCI Bharat BillPay Limited (NBBL) to introduce their own BBPS-B2B platform. NPCI emphasized that this development would transform business payments nationwide through a centralized, interoperable platform.According to Noopur Chaturvedi, CEO of NPCI Bharat BillPay Limited, many businesses still rely on outdated payment methods, causing delays in payment and goods flow throughout the sales cycle. The Bharat BillPay B2B platform aims to address these challenges by allowing sellers to register as billers so buyers, such as retailers, can easily pay for goods and services through various BBPS-enabled channels.The platform simplifies B2B transactions by digitalizing manual processes and offering features like business onboarding, purchase order creation, invoice management, automated reminders, guaranteed settlement, and online dispute resolution. It aims to streamline the B2B payment process and enhance the services provided by B2B players. India's steel minister announced on Wednesday that he would urge the finance ministry to increase tariffs on steel imports to shield domestic mills from a surge in cheaper imports, particularly from countries like China.India, the world's second-largest producer of crude steel, became a net importer of steel during the fiscal year that ended in March, and this trend persisted during the first four months of the new fiscal year, which began in April.Between April and July, China emerged as the largest exporter of steel to India, shipping around 807,000 metric tons, followed by Japan and South Korea.Speaking at an industry conference, Steel Minister H. D. Kumaraswamy revealed that his ministry had requested the finance ministry to take measures to protect the domestic industry. These measures include supporting the industry's call to increase tariffs on steel imports from 7.5 percent to 10 percent-12 percent."Our steel industry is facing significant challenges. They are struggling," Kumaraswamy told reporters.In response to the situation, the Indian government initiated an anti-dumping investigation in August on certain steel products imported from Vietnam.India's largest steel producers, such as JSW Steel and Tata Steel, have indicated that they are in discussions with the government about trade measures to address the issue.Steel prices in India have plummeted to their lowest in over three years due to rising imports and weakened exports, according to commodities consultancy BigMint. TOP STORIES8SEPTEMBER, 2024
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