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 |
: |
2014-11-30 |
Sector |
: |
Payments System |
Source |
: |
Reserve Bank of India |
|
|
- Post Demonetization Dynamics of Currency Composition in India
- Shadow of COVID-19 on World Economy
- Status of Unaccounted Income/Wealth both inside and outside the Country - A Critical Analysis
- National Education Policy 2020
- Towards Solving Housing Problems of Migrant Workers & Slum Rehabilitation
- Military Expansion of China in Pakistan
- China surpasses U.S. to become largest world economy
- The Reserve Bank of India released the final Guidelines for implementation of Bharat Bill Payment System (BBPS).
- Global Growth Disappoints, Pace of Recovery Uneven and Country-Specific