Reserve Bank of India (RBI) issued revised regulatory framework of the Bharat Bill Payment System (BBPS) | Current Affairs | Vision IAS
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    Reserve Bank of India (RBI) issued revised regulatory framework of the Bharat Bill Payment System (BBPS)

    Posted 01 Mar 2024

    Updated 27 Mar 2024

    2 min read

    • RBI has revised the framework in exercise of powers conferred by the Payment and Settlement Systems Act, of 2007.
    • The revised framework seeks to streamline the process of bill payments, enable greater participation, and enhance customer protection.

     

    • About BBPS: It is an integrated online platform that is being developed by the National Payments Corporation of India(NPCI) for all kinds of bill payments. 
      • It intends to build an interoperable service through a network of agents, enabling multiple payment modes along with instant generation of receipts of payments.
      • Operates as a tiered structure with NPCI Bharat Bill Pay Ltd (NBBL) as a Central Unit (BBPCU), and Bharat Bill Payment Operating Units (BBPOUs) as operational units.
        • A BBPOU may function either as a Biller Operating Unit(BOU) or a Customer Operating Unit(COU) or both.

     

    • Regulatory framework of BBPS
      • Enable non-bank payment aggregators (PAs) to participate in the system as operating units.
      • BBPCU  will set the rules and regulations governing participation criteria and system operations, in addition to the technical standards for participation in the system
      • COU will provide digital or physical interface to their customers
      • BOU will be responsible for onboarding billers to BBPS.
    • Tags :
    • Bharat Bill Payment System
    • Bharat Bill Payment Operating Units (BBPOUs)
    • Payment and Settlement Systems Act, of 2007.
    • National Payments Corporation of India(NPCI)
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