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Business News/ Industry / Banking/  RBI streamlines Bharat Bill Payment System norms, customer protection in focus
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RBI streamlines Bharat Bill Payment System norms, customer protection in focus

The Reserve Bank of India (RBI) on Thursday issued the revised regulatory framework of the Bharat Bill Payment directions to streamline the bill payments process, enable greater participation, and enhance customer protection

The revised framework will apply from April 1, 2024 to banks, NPCI Bharat BillPay Limited and other non-bank payment system participants, the RBI said (Photo: Mint)Premium
The revised framework will apply from April 1, 2024 to banks, NPCI Bharat BillPay Limited and other non-bank payment system participants, the RBI said (Photo: Mint)

The Reserve Bank of India (RBI) on Thursday issued the revised regulatory framework of the Bharat Bill Payment directions to streamline the bill payments process, enable greater participation, and enhance customer protection.

"These directions seek to streamline the process of bill payments, enable greater participation, and enhance customer protection among other changes," the apex bank said.

The revised framework will apply from April 1, 2024 to banks, NPCI Bharat BillPay Limited and other non-bank payment system participants, the release read.

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It is important to note that Bharat Bill Payment System is an integrated bill payment platform which enables payment or collection of bills through multiple channels—mobile apps, mobile banking, physical agents, and bank branches—using various payment modes, like UPI, internet banking, cards, cash, and prepaid payment instruments. 

The transactions facilitated through this platform will require the bill to be fetched before payment initiation. In case of transactions involving payments for prepaid services, the customer relationship with the biller will be validated through the platform.

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According to the upgraded regulations, Bharat Bill Pay Central Unit (BBPCU), will set the rules and regulations governing participation criteria and system operations, in addition to the technical standards for participation in the system.

The BBPCU will not only be the nodal agency for providing a framework for the redressal of consumer disputes but also provide guaranteed settlement of all transactions routed through NBBL and will ensure all transactions have BBPS reference number from the payment initiation stage.

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Biller Operating Unit (BOU) will be responsible for onboarding billers to BBPS, and ensuring compliance with due diligence of the billers onboarded through biller aggregators.

The Customer Operating Unit (COU) has been tasked to provide digital or physical interface to their customers directly or through agent institutions, and also ensure that customers (including customers of their agent institutions) have access to all billers onboarded on BBPS.

 

 

 

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Published: 29 Feb 2024, 07:33 PM IST
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