April 17, 2024

The Reserve Financial institution of India launched up to date pointers aimed toward enhancing buyer security, growing participation, and streamlining the invoice cost course of. Beginning on April 1, 2024, banks, NPCI Bharat BillPay Restricted, and different non-bank cost system individuals shall be topic to those pointers.

The Reserve Financial institution of India (Bharat Invoice Fee System) Instructions, 2024 have been modified by the central financial institution, which thought of that it was essential to replace the present guidelines in gentle of notable adjustments to the funds business.

In line with RBI, “amongst different adjustments, these instructions goal to streamline the invoice cost course of, allow higher participation, and improve buyer safety.”

A wide range of cost strategies, together with UPI, on-line banking, playing cards, money, and pay as you go cost devices, can be utilized to pay or accumulate payments utilizing the Bharat Invoice Fee System (BBPS), an built-in invoice cost platform. The channels encompass financial institution branches, bodily brokers, cell banking, and cell apps.

The revised laws stated that along with the technical necessities for system participation, the Bharat Invoice Pay Central Unit (BBPCU) will set up the principles and laws controlling participation standards and system operations.

The Biller Working Unit (BOU) shall be in control of integrating billers with BBPS and ensuring that the due diligence procedures for service provider onboarding are adopted.

The Buyer Working Unit (COU) is in control of giving their shoppers a digital or bodily interface and ensuring they’ll entry all billers who’ve been onboarded on the BBPS.

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