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RBI ease norms for non-bank entities
May 27, 2022
The RBI on Thursday eased norms for non-bank entities to set up Bharat Bill Payment operating units by reducing the net-worth requirement to ₹25 crore, with a view to encouraging more players in the segment.
At present, a net worth of ₹100 crore is required to obtain authorisation for a non-bank BBPOU (Bharat Bill Payment Operating Units).
Bharat Bill Payment System (BBPS) is an interoperable platform for bill payment and the scope and coverage of BBPS extend to all categories of billers who raise recurring bills.
“The minimum net worth requirement for non-bank Bharat Bill Payment Operating Units (BBPOUs) stands decreased to ₹25 crore,” the Reserve Bank of India said in a roundabout.
Clients of BBPS appreciate benefits like standardized bill payment experience, brought together client complaint redressal instrument, and recommended customer convenience fee.
The decrease in net worth necessities follows a declaration with respect to a similar by the national bank in April.
The RBI had said while BBPS has seen an increase in the volume of transactions as well as a number of onboarded billers, it is observed that there has not been a corresponding growth in the number of non-bank BBPOUs.
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