RBI to streamline BBPS processes, membership criteria, says Governor Shaktikanta Das 

Reserve Bank of India (RBI) governor Shaktikanta Das on Wednesday said that the central bank will streamline processes and membership criteria for Bharat Bill Payment System (BBPS). The RBI will issue revised guidelines regarding the same shortly.  

RBI's statement on development and regulatory policies read: "To enhance efficiency of the system and also to encourage greater participation, the process flow of transactions and membership criteria for onboarding operating units in BBPS will be streamlined. Revised guidelines will be issued shortly".  

The scope of BBPS was earlier expanded in December 2022 to include all categories of payments and collections both recurring and non-recurring in nature, and facilitating in-bound cross-border bill participation. Before this, the RBI had also allowed BBPS cross border inward billing facility for NRIs, through which they can pay bills and make insurance-related payments directly without sending money to a resident Indian bank account.  

RBI Governor Shaktikanta Das officially launched the Bharat BillPay Cross-Border Bill Payments at Global Fintech Fest on September 20, 2022.  

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BBPS has onboarded over 20,500 billers and processes over 9.8 crore transactions every month. Bharat Bill Payment System is an ‘anytime anywhere’ bill payments platform that offers interoperable and accessible bill payment service to customers through a network of agents of registered member as an Agent Institutions (AI). It enables multiple payment modes and provides instant confirmation of payment. BBPS is operational since August 2017.  

Not only this, Das also announced that the central bank is expanding the scope of e-RUPI vouchers by permitting non-bank prepaid payment instrument (PPI) issuers to issue e-RUPI vouchers and enabling issuance of e-RUPI vouchers on behalf of individuals.  

The central bank is also taking measures to facilitate use of e-RUPI vouchers such as modifying reloading of vouchers, authentication process, issuance limits, etc. Das said that this will further increase digital payments in the country. 11 banks along with the National Payments Corporation of India (NPCI) issue purpose-specific e-RUPI vouchers as of now. These banks are Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Indian Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India and Union Bank of India. 

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