Wednesday, 31 August 2016

RBI Processes Requests of Entities applying for Bharat Bill

Reserve Bank has processed requests of applicants who had applied to operate as a Bharat Bill Payment Operating Unit (BBPOU). "The applications received from banks and non-banks for authorisation to operate as a BBPOU have been processed," RBI said in a release. 


Decisions on approval or grant of extension of time till December 31, 2016, for achievement of networth or return of the application, as applicable, have been communicated to these entities, RBI said. The non-bank entities whose applications were returned for want of one year domain experience at the time of applying, can seek extension of time up to December 31, 2016 for meeting the eligibility criteria given that they had commenced billing business at the time of making application. 


Entities undertaking the business of billing under the current scope of Bharat Bill Payment System (BBPS) would be required to become an agent of an authorised BBPOUs, RBI said. "Those entities that fail to comply with the above requirements will become liable for action under the Payment and Settlement Systems Act, 2007."


RBI said, after operationalisation of BBPS and based on the experience gained, it will review the need for fresh applications for authorisation to operate as a BBPOU. 


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