Bharat Bill Payment System
Recently, the Reserve Bank of India (RBI) decided to expand the scope of the Bharat Bill Payment System (BBPS).
Need
- BBPS currently does not enable non-recurring payments or collection requirements of individuals even if they are recurring in nature.
- Consequently, some categories of payments/collections remain outside the ambit of the BBPS — professional service fee payments, education fees, tax payments, rent collections, etc.
- Therefore, RBI decided to expand the scope of BBPS.
Impact
- Transparency and Uniformity: This will make the platform accessible to a wider set of individuals and businesses that can benefit from the transparent and uniform payments experience, faster ....
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