Reserve Bank of India today released
the final guideline for rollout of BBPS. BBPS expands to Bharat Bill Payment
Systems.
NPCI will function as the authorised
Bharat Bill Payment Central Unit (BBPCU) to set the standards for BBPS
processes which need to be adhered to by all operating units (Bharat Bill Payment
Operating Units - BBPOUs) under the system.
At the same time NPCI, as the BBPCU, will
also undertake clearing and settlement activities related to the BBPS as
outlined in the guidelines.
Going ahead interested future participants
of the BBPS system have been advised by RBI to interact with the NPCI to work
out the modalities.
RBI will accept the applications from the
prospective BBPS participants from the first quarter of 2015.
The exact date from which/format in which
such applications for authorisation/approval can be submitted will be notified by
RBI in due course
BBPS or the Indian GIRO in the long run is
expected
01)
to
reduce the waiting time for bills payments across India,
02)to increase the float in the Billers Bank
accounts,
03) to encourage on time payment of bills,
04)to eliminate the activity of bill payments
in the billers outlets
05) to save fuel
06)to introduce a new subset of loyalty points
In the initial phase the share of cash receipts
as compared to electronic receipts will be more. As the consumers and participants
gain knowledge, the share of electronic receipts will increase.
The Payment Systems Vision in India
2012-15 highlighted the existence of a
huge bill payments market with a diverse and a complex biller market structure
with varied national/regional players and private/state owned entities.
In the Second Quarter Review of Monetary
Policy 2012-13, the Reserve Bank of India announced the setting up of a
Committee to finalise the modalities of implementing an electronic GIRO payment
system in India.
The Committee was set up under the
chairmanship of Shri G. Padmanabhan, Executive Director, Reserve Bank of India
to study the feasibility of implementation of an electronic GIRO payment system
in the country. Subsequently, based on the recommendations of the Committee, a
Giro Advisory Group was constituted under the Chairmanship of Prof. Umesh
Bellur, IIT Bombay, with the objective of defining a framework that enables the
creation of pan India touch points for bill payments by customers in the country, irrespective of the
geographical location of the billers.
The Group, which submitted its report on
March 20, 2014, had recommended a tiered structure for bill payments system in
the country – with a central unit setting the standards and various operating
units working in accordance and adherence to the standards set for the BBPS.
Accordingly, the draft guidelines for
implementation of the Bharat Bill Payment System (BBPS) were placed on the
Reserve Bank’s website on August 7, 2014 for public comments. The final
guidelines for implementation of the Bharat Bill Payment System (BBPS) have
been prepared based on public comments received on draft guidelines.
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