The RBI on Thursday eased norms for non-bank entities to arrange Bharat Bill Payment working items by decreasing the net-worth reqirement to Rs 25 crore, with a view to encourage extra gamers within the section.
At current, a internet price of Rs 100 crore is required to acquire authorisation for a non-bank BBPOU (Bharat Bill Payment Operating Units).
Bharat Bill Payment System (BBPS) is an interoperable platform for invoice funds and the scope and protection of BBPS extends to all classes of billers who increase recurring payments.
“…the minimum net-worth requirement for non-bank Bharat Bill Payment Operating Units (BBPOUs) stands reduced to Rs 25 crore,” the Reserve Bank of India stated in a round.
Users of BBPS get pleasure from advantages like standardised invoice fee expertise, centralised buyer grievance redressal mechanism and prescribed buyer comfort charge.
The discount in net-worth necessities follows an announcement relating to the identical by the central financial institution in April.
The RBI had stated whereas BBPS has seen a rise within the quantity of transactions in addition to variety of onboarded billers, it’s noticed that there has not been a corresponding progress within the variety of non-bank BBPOUs.
The requirement of Rs 100 crore internet price for a non-bank BBPOU to acquire authorisation was considered as a constraint to higher participation, it had stated.
To improve participation, the RBI had determined to align the online price requirement of non-bank BBPOUs with that of different non–financial institution contributors which deal with buyer funds (like fee aggregators) and have the same threat profile.
Source: www.financialexpress.com”