Bharat Bill Payment System (BBPS) - Extension of timeline- (Reserve Bank of India) (09 May 2017)

MANU/RPRL/0080/2017

Banking

The Reserve Bank of India has decided to extend the last date, from May 31, 2017 to December 31, 2017, for entities undertaking billing business under the current scope of BBPS, to either become an agent of an authorised BBPOU or exit the business of bill payments. This time-line is applicable to the entities,

i. which did not apply for authorization as a BBPOU, or

ii. whose application for BBPOU has been returned by RBI, or

iii. which were granted extension of time by RBI but were not able to achieve and report the required networth by December 31, 2016.

2. This extension is in view of the difficulties expressed by various entities in meeting the deadline.

3. Depending on the developments, growth and expansion in the scope of BBPS, the Reserve Bank may consider re-opening the process of granting of approvals/ authorisation to operate as BBPOUs by inviting fresh applications at a future date.

Background

It may be recalled that as per the Guidelines for implementation of BBPS dated November 28, 2014, banks and non-bank entities presently engaged in the bill payment activities covered under the current scope of BBPS can participate in BBPS either as Bharat Bill Payment Operating Units (BBPOUs) or as an agent of an authorised BBPOU.

Tags : TIME EXTENSION BHARAT BILL