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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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