RBI issues revised norms to streamline bill payments process

The Reserve Bank on Thursday issued revised norms to streamline the process of bill payments, enable greater participation, and enhance customer protection..

The central bank has issued the revised 'Reserve Bank of India (Bharat Bill Payment System) Directions, 2024' as it felt there was a need to update the existing regulations in view of significant developments in the payments landscape...

"These directions seek to streamline the process of bill payments, enable greater participation, and enhance customer protection among other changes," RBI said...

These directions will be applicable from April 1, 2024 to banks, NPCI Bharat BillPay Limited and other non-bank payment system participants...

Bharat Bill Payment System (BBPS) is an integrated bill payment platform which enables payment or collection of bills through multiple channels using various payment modes, like UPI, internet banking, cards, cash, and prepaid payment instruments...

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