RBI sets panel to implement new bill payment system

Posted By: Religare
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RBI sets panel to implement new bill payment system
The Reserve Bank of India has constituted a GIRO Advisory Group (GAG) to implement a national Indian Bill Payment System enabling households to pay utility bills, school fees and remittances using their bank accounts, said media report.

The nine-member group, headed by Umesh Bellur of the Indian Institute of Technology-Bombay, would give its report by the end of December, RBI said in a statement.

The panel would suggest the nature of the payment platform either an existing one or through a new entity—for Giro (general inter-bank recurring order)-based bill payments. It would also form guidelines for setting up and operating the system.

RBI said the panel felt a new organisation should be created on the lines of the National Payments Corporation of India. It would also recommend the nature of the organisation—identification of a chief executive, location of the headquarters, membership and capital structure, as well as contributions by stakeholders.

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