NEWS
RBI lowers net worth requirement for non-bank Bharat Bill Payment units
RBI reduces to Rs 25 crore the net worth requirement for non-bank entities to set up Bharat Bill Payment operating units; earlier it was Rs 100 crore.
RBI reduces to Rs 25 crore the net worth requirement for non-bank entities to set up Bharat Bill Payment operating units; earlier it was Rs 100 crore.
The Reserve Bank of India (RBI) has reduced to Rs 25 crore the net worth requirement for non-bank entities to set up Bharat Bill Payment operating units so that more players are encouraged to enter the segment.
The current requirement to obtain authorisation for a non-bank Bharat Bill Payment operating unit is Rs 100 crore.
Bharat Bill Payment System (BBPS) is an interoperable platform for bill payments. The scope and coverage of BBPS includes all types of billers who raise recurring bills.
Users of BBPS enjoy benefits like standardised bill payment experience, centralised customer grievance redressal mechanism and prescribed customer convenience fee.
The RBI had said while BBPS has seen an increase in the volume of transactions as well as number of onboarded billers, it is observed that there has not been a corresponding growth in the number of non-bank Bharat Bill Payment operating units (BBPOUs).
The requirement of Rs 100 crore net worth for a non-bank BBPOU to obtain authorisation was viewed as a constraint to greater participation, it had said.
