Authorisation to operate as a Bharat Bill Payment Operating Unit (BBPOU)

The Reserve Bank of India advises that the applications received from banks and non-banks for authorisation to operate as a BBPOU have been processed and decisions on approval or grant of extension of time till December 31, 2016 for achievement of net worth or return of the application, as applicable, have been communicated to these entities.Non-bank entities whose applications were returned for want of one year domain experience at the time of applying, can seek extension of time up to December 31, 2016 for meeting this eligibility criteria provided they had commenced billing business at the time of making the application.Entities undertaking the business of billing under the current scope of BBPS would be required to become an agent of an authorised BBPOUs or exit the business of bill payments covered under the scope of Bharat Bill Payment System (BBPS) by May 31, 2017 in cases where they -did not apply for authorization as a BBPOU, ortheir application for BBPOU has been returned by RBI, orwere granted extension of time by RBI but are not able to achieve and report the required networth by December 31, 2016.Those entities that fail to comply with the above requirements will become liable for action under the Payment and Settlement Systems Act, 2007.After operationalisation of BBPS and based on the experience gained, RBI will review the need for fresh applications for authorisation to operate as a BBPOU and also consider expanding the scope of domain experience for eligibility purposes and type of bill payments covered.Ajit Prasad

Assistant AdviserPress Release : 2016-2017/536Related Circulars and Press ReleasesMay 13, 2016Applications for authorising BBPOUs: StatusNovember 24, 2015RBI grants ‘in-principle’ approval to NPCI to function as the central unit for Bharat Bill Payment Systems (BBPS)November 13, 2015RBI extends last date for receipt of applications for authorising Bharat Bill Payment System Operating Units (BBPOUs)October 20, 2015RBI invites Applications for authorising Bharat Bill Payment System Operating Units (BBPOUs)November 28, 2014Implementation of Bharat Bill Payment System (BBPS) – GuidelinesThe post Authorisation to operate as a Bharat Bill Payment Operating Unit (BBPOU) appeared first on Central bank news.Запись Authorisation to operate as a Bharat Bill Payment Operating Unit (BBPOU) впервые появилась Forex.