CENTRE FOR GLOBAL DEVELOPMENT RESEARCH:  A COMMITMENT TO QUALITY RESEARCH, STRATEGIC ANALYTICS AND OBJECTIVE OPINION

The Reserve Bank of India released the final Guidelines for implementation of Bharat Bill Payment System (BBPS).

The Reserve Bank of India has today released the final Guidelines for implementation of Bharat Bill Payment System (BBPS).

In terms of the guidelines, the National Payments Corporation of India (NPCI) will function as the authorised Bharat Bill Payment Central Unit (BBPCU) to set the standards for BBPS processes which need to be adhered to by all operating units (Bharat Bill Payment Operating Units - BBPOUs) under the system. NPCI, as the BBPCU, will also undertake clearing and settlement activities related to the BBPS as outlined in the guidelines.

The prospective participants of the BBPS system are advised to interact with the NPCI to work out the modalities. The prospective BBPOUs may submit applications for authorisation under Payment & Settlement Systems Act, 2007 to the Reserve Bank of India from the first quarter of 2015. The exact date from which/format in which such applications for authorisation/approval can be submitted will be notified in due course.

RBI Press Release : 2014-2015/1108


Date

:

2014_November

Sector

:

Payments System

Source

:

Reserve Bank of India

RBI_BBPS28112014CIRFNL.pdf