Master Direction on Bharat Bill Payment System Directions, 2024
Master Direction on Reserve Bank of India (Bharat Bill Payment System) Directions, 2024
The current regulations covering Bharat Bill Payment System (BBPS) (RBI Circular DPSS.CO.PD.No.940/02.27.020/2014-15 dated November 28, 2014) provide for a tiered structure with (a) NPCI Bharat Bill Pay Ltd (NBBL) as a Central Unit (BBPCU) (b) Bharat Bill Payment Operating Units (BBPOUs) and (c) Agent network/s of the BBPOUs.
2. In view of significant developments in the payments landscape, a need was felt to review and update these regulations. Accordingly, as announced in Statement on Developmental and Regulatory Policies dated June 08, 2023, it has been decided to put in place a revised regulatory framework – Bharat Bill Payment Systems Directions, 2024, as annexed hereto.
3. These Directions seek to streamline the process of bill payments, enable greater participation, and enhance customer protection among other changes.
4. These Directions shall be applicable from April 01, 2024 and shall supersede the regulations cited in para 1. This is issued under Section 18 read with Section 10(2) of the Payment and Settlement Systems (PSS) Act, 2007 (Act 51 of 2007).
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