RBI's Master Direction On Bharat Bill Payment System

The RBI released the 'Master Direction – RBI (Bharat Bill Payment System ("BBPS")) Directions, 2024' on February 29, 2024 ("BBPS Master Directions"). With effect from April 1, 2024, the BBPS Master Directions will supersede the extant BBPS Guidelines and the applicable circulars. The BBPS Master Directions will govern the BBPS which regulates the payment system participants in the bill payments ecosystem involving payment and collection of bills through multiple channels using various forms of payment.

Key points under the BBPS Master Directions are set out below:

1. Scope and Applicability
   
   The BBPS Master Directions will apply to the following:
   1. Bharat Bill Pay Central Unit ("BBPCU") which is NPCI Bharat Bill Pay Limited, a wholly owned subsidiary of National Payments Corporation of India;