Consumers will be able to pay all their bills anytime and anywhere under the Bharat Bill Payment System (BBPS), and the companies will provide platforms to offer these services, economictimes.indiatimes.com reports.
Companies with in-principle approvals would have to meet two conditions, including a certification from National Payment Corporation of India (NPCI) for adherence to BBPS standards and system readiness. A system audit would also have to be conducted to evaluate the hardware, software, critical applications and security.
In November 2015, RBI had granted in-principal approval to NPCI to function as Bharat Bill Payment Central Unit. RBI had received 62 applications for authorisation from non-bank entities and 80 requests in all for approvals from banks for operating as a payment operating unit under BBPS. Till now, it has given approvals to 33 applicants including Oxigen, aggregators like BillDesk and banks including SBI, ICICI, HDFC and others.
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