RBI Cuts Minimum Requirement For Bharat Bill Payment Units To ₹ 25 crore – Reserve Bank of India (RBI) has eased norms for non-bank entities to set up Bharat Bill Payment operating units and has reduced the net-worth requirement to ₹ 25 crores, with a view to encouraging more players in the segment.
- Currently, a net worth of ₹100 crores is required to obtain authorisation for a non-bank BBPOU (Bharat Bill Payment Operating Units).
- BBPS’s users will take benefits including a standardised bill payment experience, a centralised customer grievance redressal mechanism and a prescribed customer convenience fee.
Bharat Bill Payment System (BBPS)
- Bharat Bill Payment System (BBPS) is an interoperable platform for bill payments and the scope and coverage extend to all categories of billers who raise recurring bills.
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