RBI issued Master Direction on RBI (Bharat Bill Payment System) Directions 2024

The Reserve Bank of India (RBI) has issued the Master Direction on Reserve Bank of India (Bharat Bill Payment System) Directions 2024.

The current regulations covering Bharat Bill Payment System (BBPS) (RBI Circular DPSS.CO.PD.No.940/02.27.020/2014-15 dated November 28, 2014) provide for a tiered structure with (a) NPCI Bharat Bill Pay Ltd (NBBL) as a Central Unit (BBPCU) (b) Bharat Bill Payment Operating Units (BBPOUs) and (c) Agent network/s of the BBPOUs.

It was felt that these regulations needed to be reviewed and updated in light of the major changes that have occurred in the payments sector.

Accordingly, as announced in the June 8, 2023, Statement on Developmental and Regulatory Policies, it has been determined to implement the Bharat Bill Payment Systems Directions, 2024 as a new regulatory framework, which is annexed hereto.

Among other things, these Directions aim to improve customer safety, facilitate increased involvement, and expedite the bill payment process.

These Directions shall be applicable from April 01, 2024 and shall supersede the regulations cited in para 1. This is issued under Section 18 read with Section 10(2) of the Payment and Settlement Systems (PSS) Act, 2007 (Act 51 of 2007).

For Official Master Direction Download PDF Given Below: