Apr 29, 2024

RBI Issues Revised Regulatory Framework – Bharat Bill Payments Systems Directions, 2024

With a view to streamline Bharat Bill Payment System (‘BBPS’) processes and membership criteria, the RBI released the revised Bharat Bill Payments Systems Directions, 2024 (‘BBPS Master Directions’), effective from April 1, 2024. The key highlights of the BBPS Master Directions are as follows: (i) indicative roles and responsibilities of the Bharat Bill Pay Central Unit (‘BBPCU’) (i.e., the entity which operates the BBPS) and Bharat Bill Payment Operating Units (‘BBPOUs’), have been provided. BBPOUs may function either as biller operating units (‘BOUs’) (i.e., entity that onboards billers for collection of its bills) and/ or customer operating units (‘COUs’) (i.e., entity which provides its customers with an interface to pay bills); (ii) non-bank BBPOUs must open an escrow account exclusively for BBPS transactions. The list of eligible credits and debits to the escrow account of COUs and BOUs is also provided.




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