A committee set up by the Reserve Bank
of India has suggested a
mechanism for centralised bill payment system in the country.
The committee has recommended setting up two organisations-
Bharat Bill Payment Services or BBPS and the Bharat Bill Payment Operating
Units or BBPOUs for the purpose. BBPS will be set up in line with the National
Payment Corporation of India -NPCI. RBI has sought comments on the
recommendations and will issue the final guidelines in due course.
In a press release issued on Wednesday in Mumbai,
the RBI informed that the panel known as GIRO (Government Internal Revenue
Order) Advisory Group or GAG, headed by IIT Bombay professor Umesh Bellur, was set up last October. The panel was looking
into GIRO-based electronic system. It is
a centralised process that allows payments for utility bills, educational fees
and insurance premium by just visiting the bank branch.
The GAG has submitted its report to the central
bank, recommending a tiered structure. According
to the report BBPS will be the 'not for profit' authorised standard setting
body while the BBPOUs will be the authorised operational units, working in
compliance with the standards set by the BBPS.
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