Monday, February 17th, 2020

RBI proposes to set up anytime anywhere bill payment system under BBPS

Minister of State of Finance, Shri Jayant SinhaINVC NEWS New Delhi, The Reserve Bank of India (RBI) proposes to set up anytime anywhere bill payment system under Bharat Bill Payment System (BBPS). RBI has issued guidelines for implementation of BBPS on November 28, 2014. The BBPS is designed to function as a tiered structure for operating the bill payment system in the country with a single brand image providing convenience of ‘anytime anywhere’ bill payment to customers. The National Payments Corporation of India (NPCI) has been designated as the authorized Bharat Bill Payment Central Unit (BBPCU) to set the standards for BBPS processes which need to be adhered to by all authorized operating units under the system. The applications for authorization can be submitted to the Reserve Bank of India from the first quarter of 2015. This information was given by the Minister of State of Finance, Shri Jayant Sinha

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