These instructions shall be relevant from April 1, 2024 to banks, NPCI Bharat BillPay Limited and different non-financial institution fee system individuals.
These instructions shall be relevant from April 1, 2024 to banks, NPCI Bharat BillPay Limited and different non-financial institution fee system individuals.
The Reserve Bank of India on Thursday issued revised norms to streamline the method of invoice funds, allow higher participation, and improve buyer safety. These instructions will apply from April 1, 2024, to banks, NPCI Bharat BillPay Limited and different non-financial institution fee system individuals.
The central financial institution has issued the revised ‘Reserve Bank of India (Bharat Bill Payment System) Directions, 2024’ because it felt there was a must replace the prevailing rules given vital developments within the funds panorama.
“These directions seek to streamline the process of bill payments, enable greater participation, and enhance customer protection among other changes,” RBI mentioned.
Bharat Bill Payment System (BBPS) is an built-in invoice fee platform that allows fee or assortment of payments via a number of channels utilizing numerous fee modes, like UPI, web banking, playing cards, money, and pay as you go fee devices.
The channels embody cellular apps, cellular banking, bodily brokers, and financial institution branches.
Bharat Bill Pay Central Unit (BBPCU), the up to date rules mentioned, will set the principles and rules governing participation standards and system operations, along with the technical requirements for participation within the system.
The Biller Operating Unit (BOU) shall be liable for onboarding billers to BBPS, and guaranteeing compliance with due diligence necessities in respect of the onboarding of retailers.
The Customer Operating Unit (COU) has been tasked to supply digital or bodily interface to their prospects, and in addition be certain that prospects have entry to all billers onboarded on BBPS.
(With PTI inputs)
