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Brief
Summary:
The Reserve Bank of India (RBI) has issued the Master Direction - Reserve Bank of India (Bharat Bill Payment System) Directions, 2024, superseding earlier guidelines and circulars. The new directions aim to streamline the process of bill payments, enable greater participation, and enhance customer protection.
Key highlights:
The Bharat Bill Payment System (BBPS) is a tiered structure with NPCI Bharat Bill Pay Ltd (NBBL) as the Central Unit, Bharat Bill Payment Operating Units (BBPOUs), and Agent network/s of the BBPOUs.
The directions apply to NPCI BBPL, all BBPOUs, and Non-bank Payment System Participants.
The roles and responsibilities of the system operator (NBBL) and system participants (BBPOUs) are outlined, including setting technical standards, ensuring settlement of transactions, and providing a framework for redressal of consumer disputes.
Escrow account operations for BBPOUs have been specified, and all participating entities must integrate with the centralised dispute resolution system.
* The directions supersede earlier guidelines and circulars related to BBPS.
Note: This summary is a brief overview of the Master Direction - Reserve Bank of India (Bharat Bill Payment System) Directions, 2024. Please refer to the original document for detailed information and regulations.
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