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RBI Revises Regulatory Framework for ‘Bharat Bill Payment Systems’ Streamlining the Bill Payment Processes

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Bharat Bill Payment Systems

Master Directions No. RBI/DPSS/2023-24/111CO.DPSS.POLC.No.S1114/02-27-020/2023-2024; Dated: 29.02.2024

RBI has put in place a revised regulatory framework for the Bharat Bill Payment Systems (BBPS). The framework aims to streamline the process of bill payments, enable greater participation, and enhance customer protection among other changes. It shall apply to NPCI Bharat Bill Pay Limited (NBBL – a wholly owned subsidiary of National Payments Corporation of India); and all Bharat Bill Payment Operating Units (BBPOUs). The revised framework shall be applicable from April 1, 2024.

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The post RBI Revises Regulatory Framework for ‘Bharat Bill Payment Systems’ Streamlining the Bill Payment Processes appeared first on Taxmann Blog.

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