Bharat Bill Payment System https://facebook/examwinner With a view to introduce an ‘anytime anywhere payment system’, the Reserve Bank of India (RBI) issued draft guidelines for the implementation of Bharat Bill Payment System (BPPS). The draft mentions the requirements and the basic framework of operating the BBPS, and stipulates the eligibility criteria, standards for settlement model and customer grievance redressal, roles and responsibilities and scope for entities seeking to be part of BBPS. RBI’s plan to implement an ‘anytime anywhere’ centralized payment system is based on a report submitted by the GIRO (Government Internal Revenue Order) Advisory Group. GIRO Advisory Group (GAG) was constituted by the RBI in October 2013, under the chairmanship of Prof. Umesh Bellur, Indian Institute of Technology, Bombay to implement a national GIRO-based Indian Bill Payment System. The panel had recommended a mechanism for centralized bills payment system in India, mainly by laying out 2 organizations: 1.Bharat Bill Payment Services (BBPS) 2.Bharat Bill Payment Operating Units (BBPOUs)
Posted on: Fri, 29 Aug 2014 08:38:07 +0000
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