The Reserve Bank of India (RBI) on February 29, 2024, issued the Master Direction – Reserve Bank of India (Bharat Bill Payment System) Directions, 2024.
These Directions seek to streamline the process of bill payments, enable greater participation, and enhance customer protection among other changes.
These Directions shall be applicable with effect from April 01, 2024
The following has been stated namely: -
• This has a reference to the current regulations covering Bharat Bill Payment System 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 as a Central Unit (b) Bharat Bill Payment Operating Units (BBPOUs) and (c) Agent network/s of the BBPOUs.
• It has been decided to put in place a revised regulatory framework - Bharat Bill Payment Systems Directions, 2024 has been attached.
• It further stated that the circular dated November 28, 2014 shall be superseded.
[Notification No. RBI/DPSS/2023-24/111 CO.DPSS.POLC.No.S1114/02-27-020/2023-2024]
