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Bharat Bill Payment System News
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The payment modes options facilitated under the Bharat BillPay are Cards (Credit, Debit and Prepaid), NEFT Internet Banking, UPI, Wallets, Aadhar based Payments and Cash.
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The Reserve Bank of India has mandate that all credit outstanding repayments must be routed through the Bharat Bill Payment System (BBPS)- managed by the National Payments Corporation of India (NPCI). The revised norms to streamline the process of bill payments is applicable from 1 July 2024.
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BBPS is a unified platform for paying or collecting bills.
The revised rule is coming into effect from April 1, 2024.
The new guidelines aim to simplify bill payments.
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BBPS is an integrated bill payment system that offers inter-operable online bill payments to customers.
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The Reserve Bank on Friday came out with the final guidelines for the Bharat Bill Payment System (BBPS), which will help consumers pay multiple bills like electricity, telephone and school fees at a single point of transaction.
For the convenience of people to pay school fees and municipal taxes and utility bills through an integrated platform, the Reserve Bank on Thursday proposed setting up an "anytime anywhere" bill payment system.
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