TNN | Nov 29, 2014, 03.13AM IST | Times of India
Anywhere, anytime bill payment will soon be available for all citizens for all utilities under the Bharat Bill Payment System (BBPS).
MUMBAI: Anywhere, anytime bill payment — currently available to only a section of Indians with access to netbanking and that, too, restricted to a handful of utilities — will soon be available for all citizens for all utilities under the Bharat Bill Payment System (BBPS).
The Reserve Bank of India (RBI) on Friday outlined the final guidelines for the system, which envisages a central entity setting standards and rules, and a host of registered service providers who will aggregate biller information to facilitate anytime and anywhere bill payment. In other words, an individual can collect all his bills — telephone, electricity, water supply, insurance, etc — and pay them through one window.
This will be made possible by creating a network of agents, enabling multiple payment modes and providing instant confirmation of payment. The BBPS will also include existing players in the online commerce segment catering to the requirements of bill payments as well as aggregation of payment services in relation to bill payments.
To facilitate BBPS, the RBI will give recognition to a central entity Bharat Bill Payment Central Unit (BBPCU), which will set the necessary operational, technical and business standards for the entire system and its participants. It will undertake clearing and settlement activities.
Banks will operate as Bharat Bill Payment Operating Units (BBPOUs), which will be the authorized operational units, working in adherence to the standards set by the BBPCU. Besides banks, firms that currently operate as bill payment aggregators can also be part of the system.
“The tiered structure could be further strengthened through an effective agent network/s of the BBPOUs. While there will be a single BBPCU, there could be multiple BBPOUs operating under the BBPS,” RBI said.
Source : http://goo.gl/oYAooX