The uniform Bharat Bill Payment System will also help track all payments being made in economy, including cash payments to utilities, schools, and telcos among others
The Reserve Bank of India has issued final guidelines for the Bharat Bill Payment System (BBPS), which will help consumers pay multiple bills like electricity, telephone and school fees at a single point of transaction.
“The BBPS is an integrated bill payment system offering inter-operable and accessible bill payment service to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment,” the RBI said in a notification last week.
The RBI-promoted payment retail gateway and the issuer of the Rupay debit Cards, the National Payment Corporation of India (NPCI) has been appointed as the nodal body.
The apex banks has set a Rs100-crore net worth and domestic registration as qualifying conditions for those seeking to be authorised collection agents. RBI Governor Raghuram Rajan had first announced the central bank’s intention to set up BBPS in the second quarterly monetary policy review last year, after which a committee was constituted to suggest the way forward.
Based on the recommendations, it posted the draft guidelines on the same on 7th August.
The move will help track all the payments being made in economy, including cash payments to utilities, schools, and telcos among others.
Stressing on the need to have such a system in place, the RBI pointed to a 2013 estimate, which said over 30,800 million bills amounting to Rs6.22 lakh crore are generated each year in the top 20 cities alone.
The final guidelines came a day after the RBI came out with the final guidelines for licensing of payment and small banks.
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1. "track all payments made in economy" should read as "track all payments made in THE economy". The absence of "THE" changes the meaning of the sentence.
2. "The apex banks has set a Rs100-crore" should read "The apex bank has set a Rs100-crore"
Urvish