New Delhi: The Reserve Bank of India, today, February 29, 2024, announced updated rules to make bill payments easier. The newly launched move boosts participation and protects customers better. These rules, named ‘Reserve Bank of India (Bharat Bill Payment System) Directions, 2024,’ aim to modernize existing regulations due to significant changes in payment methods.
What Did The Changes Mean?
The new guidelines aim to simplify bill payments, encourage more involvement, and improve customer safety. The RBI believes these adjustments will enhance the overall bill payment process. (Also Read: BIG Bonanza To Farmers Ahead Of Kharif Season! Centre Clears Rs 24,400 Crore Fertiliser Subsidy)
Effective Date And Applicability
Starting from April 1, 2024, these rules will apply to banks, NPCI Bharat BillPay Limited, and other non-bank payment participants. This means that all involved parties must adhere to the new regulations. (Also Read: India’s GDP Grows At 8.4% In Q3; Economy To Expand At 7.6% In FY24: Govt Data)
About Bharat Bill Payment System (BBPS)
BBPS is a unified platform for paying or collecting bills using various payment methods such as UPI, internet banking, cards, cash, and prepaid instruments. It allows users to make payments through mobile apps, mobile banking, physical agents, and bank branches.
Key Players And Their Responsibilities
The Bharat Bill Pay Central Unit (BBPCU) will establish rules and standards for participation in the system, along with managing operational aspects.
The Biller Operating Unit (BOU) will onboard billers onto BBPS and ensure they comply with necessary regulations. The Customer Operating Unit (COU) will provide customers with digital or physical interfaces and ensure access to all billers on BBPS.
