Millennium Post

RBI finalises uniform bill payment system norms

The Reserve Bank on Friday came out with the 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 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 Rs 100-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 August 7. The move will help track all the payments being made in economy, including cash payments to utilities, schools, and telcos.

Over 30,800 million bills amounting to Rs 6,22,300 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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