Reserve Bank of India expands scope of Bharat Bill Payment System, allows payment of all recurring bills

BBPS is an integrated bill payment system which offers interoperable bill payment service to customers online as well as through a network of agents on the ground

Press Trust of India September 17, 2019 07:46:07 IST
Reserve Bank of India expands scope of Bharat Bill Payment System, allows payment of all recurring bills
  • BBPS functions under the aegis of National Payments Corporation of India (NPCI)

  • The system will provide multiple payment modes and instant confirmation of payment

  • Expansion of biller categories would increase the user base of Bharat Bill Pay along with providing an efficient, cost-effective alternative to the existing systems

Mumbai: In a consumer-friendly initiative, the RBI on Monday expanded the scope of Bharat Bill Payment System (BBPS) to cover all repetitive bill payments, which may include school fees, insurance premiums and municipal taxes. Currently, the facility of payment of recurring bills through BBPS is available only in five segments—direct to home (DTH), electricity, gas, telecom and water.

"...it has been decided to expand the scope and coverage of BBPS to include all categories of billers who raise recurring bills (except prepaid recharges) as eligible participants, on a voluntary basis," the RBI said in a circular.

Reserve Bank of India expands scope of Bharat Bill Payment System allows payment of all recurring bills

Representational image. Reuters.

BBPS functions under the aegis of National Payments Corporation of India (NPCI).

As per BBPS website, the facility would be expanded to include other types of repetitive payments like insurance premium, mutual funds, school fees, EMIs, and municipal taxes, among others.

Commenting on RBI's decision, DGM of Taxmann Rachit Sharma said expansion of biller categories would increase the user base of Bharat Bill Pay along with providing an efficient, cost-effective alternative to the existing systems and enhance consumer confidence and experience.

BBPS is an integrated bill payment system which offers interoperable bill payment service to customers online as well as through a network of agents on the ground. The system will provide multiple payment modes and instant confirmation of payment.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

BHIM app review: App for cashless payments launched by Prime Minister Narendra Modi
News & Analysis

BHIM app review: App for cashless payments launched by Prime Minister Narendra Modi

The application can be set up in a manner of seconds, and allows for safe, secure and simple cashless transactions.

Fraud-wary banks tell customers to change ATM pins
Business

Fraud-wary banks tell customers to change ATM pins

High-tech ATM frauds have been rising of late.

Digital payments: Over 400 mn UPI transactions worth Rs 59,835 cr clocked in September; up 30% over August
Business

Digital payments: Over 400 mn UPI transactions worth Rs 59,835 cr clocked in September; up 30% over August

Monthly transactions through unified payments interface (UPI) increased by more than 30 percent month-on-month to 405.87 million in September, totalling over Rs 59,835 crore in value, according to the National Payments Corporation of India (NPCI) data.