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The Reserve Bank of India on Tuesday invited applications for authorisation from entities, including non-banks and banks, currently engaged in bill payments and desirous of operating as Bharat Bill Payment System Operating Units under the Bharat Bill Payment System.
Entities currently engaged in such bill payment activities and desirous of continuing the activity are mandatorily required to apply for authorisation to RBI under the Payment and Settlement Systems (PSS) Act 2007. The applications will be accepted till the close of business on November 20, 2015. The RBI said all entities (including banks) failing to apply for authorisation/approval and continuing to engage in bill payment activities covered under the scope of BBPS would be treated as conducting the business in contravention of the BBPS guidelines issued under the Payment and Settlement System Act 2007, and may invite penal action by the Reserve Bank.
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