The Reserve Bank of India (RBI) has issued revised norms to streamline the bill payment process, increase participation and ensure customer protection. These instructions will be applicable to banks, NPCI Bharat Billpay Limited and other non-banking payment systems from April 1, 2024.
The Reserve Bank of India (RBI) has issued revised norms to streamline the bill payment process, increase participation and ensure customer protection. These instructions will be applicable to banks, NPCI Bharat Billpay Limited and other non-banking payment systems from April 1, 2024.
This step has been taken to rationalize the rules in view of significant changes in the existing system. RBI said that these guidelines have been brought to streamline the process of bill payment, increase participation and ensure customer safety amid the changes.
These guidelines will be applicable to banks NPCI Bharat Billpay Limited and other non-bank payment systems from April 1, 2024. Bharat Bill Payment System (BBPS) is an integrated bill payment platform that enables bill payments through multiple modes using UPI, internet banking, cards, cash and prepaid payment instruments. These mediums include mobile apps, mobile banking, deposit agents and bank branches.
