The Reserve Bank of India (RBI) has reduced the minimum net worth requirement for nonbank Bharat Bill Payment Operating Units (BBPOUs) from 100 crore rupees to 25 crore rupees.
- This move is aimed at facilitating more bill payments through Bharat Bill Payment System (BBPS) and to encourage participation of nonbank Bharat Bill Payment Operating Units (BBPOUs) in BBPS.
About Bharat Bill Payment System (BBPS)
- BBPS is an RBI conceptualised system driven by the National Payments Corporation of India (NPCI).
- It offers interoperable and accessible bill payment service to consumers via digital (bank channels), as well as through a network of agents and bank branches.
- It provides “Anytime Anywhere” Bill payment service to all customers across India with certainty, reliability and safety of transactions.
- Bharat BillPay has multiple modes of payment and provides instant confirmation of payment via an SMS or receipt.
- Bharat BillPay transaction can be initiated through multiple payment channels like Internet, Internet Banking, Mobile, Mobile-Banking, Mobile Wallets, Kiosk, ATM, Bank Branch, Agents and Business Correspondents, by just looking at the Bharat BillPay logo.
- Bharat Bill Payment Operating Unit (BBPOU) is the entity that is authorized by Reserve Bank of India. It can be a Bank or a Non-Bank. BBPOU may choose to integrate either with the customers, (COU: Customer OU) or with the billers (Biller OU) or may wish to participate as both – which means such BBPOU will be integrated with customers as well as billers.
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