Reserve Bank of India has revised regulatory framework for Bharat Bill Payment Systems (BBPS) based on a review of developments in the payments landscape to streamline the bill payments process, enable greater participation, and enhance customer protection.
Banking & Finance
Reserve Bank of India has revised regulatory framework for Bharat Bill Payment Systems (BBPS) based on a review of developments in the payments landscape to streamline the bill payments process, enable greater participation, and enhance customer protection. The new framework, applicable from April 1, 2024, looks to streamline the process of bill payments, enable greater participation, and enhance customer protection, among other changes. These directions seek to streamline the process of bill payments, enable greater participation, and enhance customer protection among other changes. The revised framework will apply from April 1, 2024 to banks, NPCI Bharat BillPay Limited and other non-bank payment system participants.
BBPS is an integrated bill payment platform that enables payment and collection of bills through multiple channels including mobile apps, bank branches, among others.
Founded- 1 April 1935, Kolkata
Deputy Governors- M.D. Patra, M. Rajeshwar, T. Rabi Sankar and Swaminathan J.
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