Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: VAT RATES :: Central Excise rule to resale the machines to a new company :: empanelment :: cpt
 
 
« Latest Circulars »
  Withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of ₹ 500 and ₹ 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016
 RBI-Career Opportunities at Reserve Bank Information Technology Pvt Ltd
 RBI-Appointment of Director, National Institute of Bank Management (NIBM), Pune (Revised)
 RBI-Enhancement of withdrawal limits from ATMs and Current Accounts
  Evidence of Import under Import Data Processing and Monitoring System (IDPMS)
 Evidence of Import under Import Data Processing and Monitoring System (IDPMS)
 Issuance of 35 days and 49 days Cash Management Bills under Market Stabilisation Scheme (MSS) on January 13, 2017
 RBI to conduct Overnight Variable Rate Reverse Repo Auction under LAF on January 12, 2017 between 4.00 pm and 4.30 pm
  Macro and Micro Drivers of Business Potential of IFSCs in India (Dr. Urjit R. Patel, Governor – January 11, 2017 – at Gandhinagar, Gujarat)
 Macro and Micro Drivers of Business Potential of IFSCs in India (Dr. Urjit R. Patel, Governor – January 11, 2017 – at Gandhinagar, Gujarat)
 RBI extends Directions issued to The Suri Friends’ Union Co-operative Bank Ltd., Suri, West Bengal

RBI grants in-principle approval to NPCI to function as the central unit for Bharat Bill Payment Systems (BBPS)
November, 25th 2015

The Reserve Bank of India has today decided to grant ‘in principle’ approval to the National Payments Corporation of India (NPCI) to function as the Bharat Bill Payment Central Unit (BBPCU) in BBPS.

The Bharat Bill Payment System (BBPS), an integrated bill payment system, will function as a tiered structure for operating the bill payment system in the country with a single brand image providing convenience of ‘anytime anywhere’ bill payment to customers. As the central unit, NPCI will set necessary operational, technical and business standards for the entire system and its participants, and also undertake clearing and settlement activities. The present scope of BBPS will include utility bill payments, such as, electricity, water, gas, telephone and Direct-to-Home (DTH). Based on the experience, this would be extended to include other types of repetitive payments, like school / university fees, municipal taxes etc. in future.

The Operating Units will function as entities facilitating collection of bills/repetitive payments. Reserve Bank had invited applications for authorisation/approval to function as Operating Unit from non-banks/banks. The last date for receipt of such applications/approval requests was November 20, 2015. This had been extended to December 18, 2015.

As at the close of business on November 20, 2015, the Bank has received 12 applications for authorisation from non-bank entities and 18 requests for approval from banks for operating as a BBPOU. Reserve Bank would continue to receive further applications for authorisation/approval as Operating Units till close of business on Friday, December 18, 2015.

It may be recalled that the Reserve Bank of India had, vide circular dated November 28, 2014 issued guidelines for setting up the Bharat Bill Payment System (BBPS), wherein it was indicated that NPCI will function as BBPCU and there could be multiple Bharat Bill Payment Operating Units-BBPOUs (Operating Unit) under BBPS.

Anirudha D. Jadhav
Assistant Manager

Press Release : 2015-2016/1234

Related Circulars and Press Releases
November 13, 2015 RBI extends last date for receipt of applications for authorising Bharat Bill Payment System Operating Units (BBPOUs)
October 20, 2015 RBI invites Applications for authorising Bharat Bill Payment System Operating Units (BBPOUs)
November 28, 2014 Implementation of Bharat Bill Payment System (BBPS) - Guidelines
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions