The Reserve Bank of India on 26th May 2022, has notified amendments to the guidelines on Bharat Bill Payment System, reducing the minimum net worth requirement for non-bank Bharat Bill Payment operating units to ₹25 crore with a view to encourage more players in the segment.
The objective of the BBPS is to implement an integrated bill payment system in the country that offers interoperable and accessible bill payment services to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment. Hence, it has been decided that the existing players (both banks & non-banks) catering to the requirements of bill payments as well as aggregation of payment services will be a part of BBPS.
BBPS would include activities to facilitate the collection of repetitive (monthly, bi-monthly, quarterly etc.) payments for everyday utility services provided by utility service providers. Gradually, the scope of BBPS could be extended to include services facilitating the collection of other types of repetitive payments, such as, school / university fees, municipal taxes/payments etc. as decided from time to time by the Reserve Bank of India.
