The scope of the Bharat Bill Payment System (BBPS) will soon be expanded to include all categories of payments and collections, both recurring and non-recurring in nature, according to RBI.
“This will make the platform accessible to a wider set of individuals and businesses who can benefit from the transparent and uniform payments experience, faster access to funds, and improved efficiency,” as per RBI’s statement on Developmental and Regulatory Policies.
BBPS, an interoperable platform operated by NPCI Bharat BillPay Ltd (NBBL), has been facilitating the bill payment needs of consumers and billers alike.
The statement noted that since its launch in 2017, the RBI has, from time to time, announced various improvements to this platform including all categories of billers who raise recurring bills, facilitating in-bound cross-border bill payments, reducing the eligibility criteria for Operating Units (BBPOUs), etc.
The volume and value of transactions handled on the platform have been increasing steadily.
However, BBPS currently does not enable non-recurring payments or collection requirements of individuals even if they are recurring in nature.
Consequently, some categories of payments/collections remain outside the ambit of the BBPS — professional service fee payments, education fees, tax payments, rent collections, etc. Therefore, RBI decided to expand the scope of BBPS.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.