Master Direction – Reserve Bank of India (Bharat Bill Payment System) Directions, 2024
The RBI circular issued the “Reserve Bank of India (Bharat Bill Payment System) Directions, 2024” under the Payment and Settlement Systems Act, 2007. Effective from April 1, 2024, the directions primarily apply to NPCI Bharat Bill Pay Limited (NBBL) and all Bharat Bill Payment Operating Units (BBPOUs).
Key provisions include:
Authorization Requirement:
- NPCI Bharat Bill Pay Limited (NBBL) is authorized as the Payment System Provider for Bharat Bill Payment System (BBPS).
- Any entity running bill payment systems outside BBPS needs separate authorization.
Participants:
- BBPS involves three main entities: Bharat Bill Pay Central Unit (BBPCU) represented by NBBL, Biller Operating Units (BOUs) responsible for onboarding billers, and Customer Operating Units (COUs) providing customer interfaces.
- Scheduled Commercial Banks, non-bank Payment Aggregators, and authorized entities can operate as Bharat Bill Payment Operating Units (BBPOUs).
Roles and Responsibilities:
- BBPCU (NBBL) sets criteria, standards, ensures settlement, and handles consumer disputes.
- BOUs onboard billers, ensure due diligence, while COUs provide interfaces and manage customer disputes.
Escrow Account Operations:
- Non-bank BBPOUs must maintain a dedicated escrow account solely for BBPS transactions.
- This account handles credits and debits related to bill payments, settlements, and charges.
Complaint Management:
- NBBL establishes a centralized dispute resolution framework.
- All participating COUs and BOUs are integrated into this system.
- Disputes are resolved using BBPS reference numbers, and failed transactions are addressed within set timelines.
These directions aim to simplify bill payment operations, protect consumers, and improve the efficiency of the Bharat Bill Payment System.
21.03.2024
