RBI seeks feedback on implementation of Bharat Bill Payment System

The Reserve Bank of India on Thursday sought comments on Draft Guidelines for Implementation of Bharat Bill Payment System (BBPS).

In the Second Quarter Review of Monetary Policy 2012-13, the Reserve Bank had announced the setting up of a committee to finalise the modalities of implementing an electronic GIRO payment system in India.

The Payment Systems Vision for 2012-15 had also highlighted the presence of a huge bill payments market with diverse and complex billing and bill collection market structure which varied across national/regional players and private/state owned entities. Moreover, there was no structured avenue available for smaller players to avail the facility nationally.

The draft guidelines, put up on the website, outline the requirement and the basic tenets of operating the BBPS, and also prescribe the eligibility criteria, standards for settlement model and customer grievance redressal, roles and responsibilities and scope for entities desirous to be part of BBPS.

Dion Global Solutions

Read more about: rbi, bharat bill payment, bbps
Story first published: Friday, August 8, 2014, 12:50 [IST]
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