The Reserve Bank of India (RBI) has reduced the minimum networth requirement for non-bank Bharat Bill Payment Operating Units (BBPOUs) from ₹100 crore to ₹25 crore.
This move is aimed at facilitating greater penetration of bill payments through Bharat Bill Payment System (BBPS) and to encourage participation of a greater number of non-bank Bharat Bill Payment Operating Units (BBPOUs) in BBPS.
BBPS is an RBI-conceptualised system driven by the National Payments Corporation of India (NPCI) that offers interoperable and accessible bill payment service to consumers via digital (bank channels), as well as through a network of agents and bank branches.
The objective of the BBPS is to implement an integrated bill payment system that offers interoperable and accessible bill payment services to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment.
In its updated guidelines on implementation of BBPS, the RBI said BBPS will include activities to facilitate collection of repetitive (monthly, bi-monthly, quarterly) payments for everyday utility services provided by utility service providers.
Gradually, the scope of BBPS could be extended to include services facilitating the collection of other types of repetitive payments, such as, school / university fees, municipal taxes/payments etc. as decided from time to time by the Reserve Bank of India.