The Reserve Bank of India released updated guidelines aimed at improving customer safety, increasing participation, and streamlining the bill payment process. Starting on April 1, 2024, banks, NPCI Bharat BillPay Limited, and other non-bank payment system participants will be subject to these guidelines.
The Reserve Bank of India (Bharat Bill Payment System) Directions, 2024 have been changed by the central bank, which considered that it was necessary to update the current rules in light of notable changes to the payments industry.
According to RBI, “among other changes, these directions aim to streamline the bill payment process, enable greater participation, and enhance customer protection.”
A variety of payment methods, including UPI, online banking, cards, cash, and prepaid payment instruments, can be used to pay or collect bills using the Bharat Bill Payment System (BBPS), an integrated bill payment platform. The channels consist of bank branches, physical agents, mobile banking, and mobile apps.
The revised regulations said that in addition to the technical requirements for system participation, the Bharat Bill Pay Central Unit (BBPCU) will establish the rules and regulations controlling participation criteria and system operations.
The Biller Operating Unit (BOU) will be in charge of integrating billers with BBPS and making sure that the due diligence procedures for merchant onboarding are followed.
The Customer Operating Unit (COU) is in charge of giving their clients a digital or physical interface and making sure they can access all billers who have been onboarded on the BBPS.
