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RBI Updates BBPS for Efficient Bill Payments and Issues New Supervisory Returns Directive

Published on March 04, 2024
Current Context: The Reserve Bank of India (RBI) has made two significant announcements recently:
RBI Updates BBPS for Efficient Bill Payments and Issues New Supervisory Returns Directive
  • Revision of the BBPS Framework: RBI has put in place a revised regulatory framework for Bharat Bill Payment Systems (BBPS) based on a review of developments in the payments landscape. The new framework, applicable from April 1, 2024, seeks to streamline the process of bill payments, enable greater participation, and enhance customer protection. The revised framework will apply to NPCI Bharat Bill Pay Limited (NBBL) and all Bharat Bill Payment Operating Units (BBPOUs). These directions spell out the roles and responsibilities of the system operator and system participants.
  • Master Direction for Filing of Supervisory Returns: RBI has issued a Master Direction – Reserve Bank of India (Filing of Supervisory Returns) Directions – 2024. This directive aims to standardize the filing of supervisory returns by banks and non-banking financial companies (NBFCs) to bring clarity, brevity, and harmonization to the instructions issued to various supervised entities for return submission. This is part of a series of steps initiated by RBI to reduce the burden of compliance on the regulated entities.

Question:

Q.1 Who are the revised Bharat Bill Payment Systems (BBPS) framework applicable to?
a. Only NPCI Bharat Bill Pay Limited (NBBL)
b. Only Bharat Bill Payment Operating Units (BBPOUs)
c. Both NPCI Bharat Bill Pay Limited (NBBL) and Bharat Bill Payment Operating Units (BBPOUs)
d. None of the above
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